The Federal Aviation Administration has issued sweeping changes concerning the re-registration and renewal of all aircraft. Beginning October 1, 2010, the FAA will terminate over a three-year period the registration of all aircraft registered on or prior to that date. Going forward, the FAA will require the re-registration of aircraft and a renewal of such registration every three years. (more…)
Banking and Financial Industry Blog
FAA Aircraft Registration Changes to Affect Lenders
Wednesday, July 28th, 2010Documenting Delivery of the Initial Financing Statement to the Debtor in Indiana
Tuesday, July 27th, 2010Indiana’s version of the Uniform Commercial Code includes a provision not contained in the Ohio, Illinois or Kentucky versions of revised Article 9. This provision in Indiana relates to the delivery of the initial financing statement to the debtor. No later than thirty days after the financing statement is filed, the creditor must furnish a copy of the financing statement to the debtor. (more…)
New Changes to Indiana Foreclosure Law
Tuesday, July 20th, 2010New changes to Indiana’s foreclosure law took effect July 1, 2010. Some of the more notable changes are as follows.
1) Pre-suit Foreclosure Notice. Under the new law, the 30-day pre-suit foreclosure notice (which was previously required to be sent in all foreclosure cases), is now only required in cases involving the debtor’s primary residence. The new law serves to clarify an ambiguity under prior law, which should help to reduce costs and delays in commercial foreclosure actions while still protecting consumers at risk of losing their homes. (more…)
Assets Purchased from Failed Financial Institutions
Tuesday, June 15th, 2010Well over 100 financial institutions failed in 2009, and so far this year, over 40 financial institutions have failed. Failed bank assets are frequently purchased by the Federal Deposit Insurance Corporation (“FDIC”) and other banks. Congress has passed powerful legislation in order to protect the FDIC and to incent other banks to purchase these assets.
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Impairment of Collateral: What are the Costs?
Thursday, June 3rd, 2010The Indiana Supreme Court has ruled that the failure of a secured creditor to file a financing statement is considered an “impairment of collateral” which subjects the guarantor to unpredicted liability. (more…)
Your Right to Pursue Monies Owed To You Might Be Expiring
Wednesday, May 12th, 2010The Indiana Court of Appeals recently concluded that creditors pursuing monies owed to them pursuant to an agreement must do so within six years of either the last payment or the date the last payment was due. The specific case involved a credit card holder. The court examined the credit card agreement in Jason Smither vs. Asset Acceptance, LLC and held that these types of agreements for lines of credit are contracts. As such under Indiana law, a lawsuit must be filed within six years of the breach of contract. If the creditor fails to do so, it has waived its opportunity to pursue the debtor for the debt.
If you have any questions about your attempts to collect an outstanding accounts receivable or monies due to you under (more…)
Slander of Title
Wednesday, May 5th, 2010When taking a lien on real estate, you should be wary of the concept of “slander of title.” Slander of title results when a false and malicious statement is made against a person’s title to real property. In some circumstances, a mortgage lien could be the subject of a slander of title lawsuit. (more…)
Notice: Change in Bamberger Blog Subscription Provider
Wednesday, April 21st, 2010As the Bamberger Blog subscriber list continues to grow, we have decided to upgrade our Blog’s email and RSS service from Google Feedburner to the more enhanced Google FeedBlitz. (more…)
Notice and Recorded Documents
Wednesday, April 14th, 2010Recorded real estate documents provide notice to subsequent purchasers, tenants and mortgagees. There are two types of notice- constructive and actual. Constructive notice is provided when a document is properly signed, notarized and recorded by the County Recorder where the real estate is located. If a document is not entitled to be recorded or is improperly recorded, the document does not provide constructive notice and may not be binding upon third parties. (more…)
Automatic Judgment Liens in Indiana
Wednesday, April 7th, 2010Under Indiana law, a final judgment for the recovery of money or costs constitutes a lien on the judgment debtor’s real property located in the county where the judgment has been entered and indexed in the judgment docket. The lien attaches automatically when the judgment is entered and indexed. (more…)