Banking and Financial Industry Blog
Wednesday, May 12th, 2010
The 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…)
Tags: breach of contract, credit card agreements, James Gentry
Posted in Banking and Financial Industry | No Comments »
Wednesday, May 5th, 2010
When 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…)
Tags: Jason Lueking, real estate lien, real property, title insurance
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Wednesday, April 21st, 2010
As 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…)
Tags: Bamberger Blog, subscription service
Posted in Banking and Financial Industry, Construction Law, Corporate and Business, Employment Law, Estate Planning and Personal Services, Family Law, Healthcare Industry Law, Litigation, Real Estate Law | No Comments »
Wednesday, April 14th, 2010
Recorded 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…)
Tags: actual notices, constructive notices, Jason Lueking, recorded real estate documents
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Wednesday, April 7th, 2010
Under 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…)
Tags: Jason Lueking, judgment docket, real property
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Friday, April 2nd, 2010
The use of standby letters of credit in commercial transactions continues to grow. In the case of a commercial letter of credit, it is intended by the parties that the credit under the letter will be drawn in the completion of a transaction. In the case of a standby letter, the credit will be drawn only after some party has failed to meet its obligations. Obtaining a letter of credit in lieu of a cash bond or collateral is viewed with increasing favor by businesses, governments, and the courts. The attractiveness is due to the essential nature of a letter of credit transaction. With a letter of credit, the lender’s credit, rather than the credit of the borrower, is on the line. This provides parties with certain advantages in bankruptcy and greatly increases the probability of ultimate payment. (more…)
Tags: commercial transactions, Jason Lueking, line of credit
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Thursday, March 25th, 2010
On March 22, 2009, the United States Circuit Court of Appeals for the Third Circuit filed it opinion in In Re: Philadelphia Newspapers, LLC, et al. Case No. 09-44266. In that case, a Debtor who owned and operated newspapers and other assets specifically sought to have an auction of its assets and prevent secured creditors from credit bidding at the sale. (more…)
Tags: 363 Sales, Andrew C. Ozete, credit bidding, secured creditor
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Wednesday, March 17th, 2010
The Perishable Agricultural Commodities Act (PACA) promotes fair trading in the fresh and frozen fruits and vegetables industries. One of the aspects of PACA is that it imposes a statutory trust on all produce related assets held by agricultural merchants, dealers, and brokers in order to better assure that suppliers of produce are paid. (more…)
Tags: fair trading, fruits and vegetables industries, laura scott, Perishable Agricultural Commoditites Act
Posted in Banking and Financial Industry | 1 Comment »
Friday, March 12th, 2010
In a case recently decided by the U.S. 7th Circuit Court of Appeals, the Court upheld that a bank was not liable for breach of contract or fraud for pointing out that the note was payable on demand to the borrower. In this case, a development company obtained a line of credit. The line of credit was a demand note, meaning that the bank could demand payment in full at any time of the outstanding balance. Although the note was not in default, the Bank asked the Borrower to term out a portion of the note with a loan to a related entity and to reduce the remaining availability on the line of credit. The Borrower was not expecting this request and asked about the consequences if it did not make these changes. The Bank responded by pointing out to the Borrower that this was a demand note and that it was possible that the Bank could demand payment in full at any time. (more…)
Tags: breach of contract, demand note, laura scott, line of credit
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