Posts Tagged ‘Laura A. Scott’

Insight from the Regulators: Board Policies

Monday, May 20th, 2013

At the Indiana Bankers Conference held on May 14 and May 15, 2013, a panel of representatives from the Federal Reserve Bank of Chicago, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Indiana Department of Financial Institutions provided their insights on what some of the hot button issues would be for regulators on upcoming examinations.  (more…)

Get Your Head Out of the Cloud: Legal Considerations for Computing in “The Cloud”

Thursday, May 2nd, 2013

We have all heard the names “Drop Box,” “Google docs” and “iCloud”—the cloud service providers who tout their products as being the next technological revolution.  To put it simply, cloud computing is the use of hardware and software delivered as a service over the Internet.  It has become a popular option for providing offsite backup services for a business’s data, as well as providing a storage option for data that can be accessed by multiple users from multiple locations.  However, with each new technology comes a new set of legal considerations.  A user’s legal protections (or lack thereof) will be found in the contract between the cloud service provider and the user, known as the “terms of service agreement.”  A prudent user should actually review the terms of service (and not just click on the “I Agree” button), and think through and understand the risks associated with putting their business’s data “on the cloud.”  (more…)

What Counts as “Doing Business” in a Foreign State?

Thursday, April 4th, 2013

In previous Bamberger blog articles, we have discussed generally what it means for a business to be qualified to do business in a foreign state, the process for becoming qualified and the consequences of failing to qualify.  While the requirements for what constitutes “doing business” differs from state to state, this article will give some specific examples by industry of activities that might require a business to obtain foreign qualification if the business is engaging in these activities outside of its home state. (more…)

Is Your Registered Agent Up to Date?

Thursday, March 7th, 2013

One of the requirements for incorporating the business in Indiana, and in many other states, is to designate a registered agent with the Secretary of State.  All business owners must designate a registered agent upon the initial incorporation of their business, but many do not review their registered agent information to make sure that the name and address are current.  Business owners should pay particular attention to making sure that their registered agent information is current, as failing to comply with the registered agent requirements can have disastrous consequences for the business. (more…)

Real Life “Storage Wars,” or, How You Can Learn About Creditor’s Rights by Watching TV

Tuesday, January 29th, 2013

Fans of the reality television show “Storage Wars” are familiar with the format.  Treasure hunters attend an auction of the contents of a self-storage facility unit when the renter of the unit has failed to pay his bill to the self-storage facility.  The contents of the self-storage unit are sold as a group, and the prospective bidders are not allowed to enter the unit or touch the contents.  Part of the fun comes as the prospective bidders try to guess the contents of the self-storage unit either by what they can observe by looking at the objects that are in plain sight, or trying to guess what might be in the cardboard box labeled “antiques,” or the ornately decorated vintage jewelry box.  Prospective bidders speculate about the contents of the unit, and the fun really starts once their competitive juices get flowing as the bidding skyrockets.  The anticipation builds until the moment of truth when the winning bidder pays their money (usually with a big wad of cash) and then gets to finally inspect their treasures.  Did they overpay?  Or do they end up with a storage unit full of junk?  Did they end up with treasure trove full of antiques and valuables that made their purchase price all worth it? (more…)

Indiana Court of Appeals Chooses Winner of the Battle of the Lenders

Thursday, August 16th, 2012

As a result of the economic downturn, many people have refinanced their home multiple times to avoid foreclosure. Thus, when foreclosure happens, and multiple lenders are involved, those lenders have a tougher time seeking recovery when they are busy fighting the Battle of the Lenders to get their piece of the foreclosure pie. However, thanks to a recent decision by the Indiana Court of Appeals, the Court offered a clear answer for a subsequent lender who was fighting for priority against a junior lienholder. (more…)

Avoiding Nasty Surprises: Understanding Federal Tax Liens

Tuesday, August 7th, 2012

Typically, lenders understand the need for proper due diligence prior to making a loan to a borrower, including the need to discover the existence of any federal tax liens.  However, lenders might not be aware that ongoing due diligence may be necessary to avoid a situation where a federal tax lien can take priority over a loan made as part of a revolving line of credit.  An understanding of how federal tax liens work and their ability to take priority over a lender’s loan is important so that the lender can avoid nasty surprises and end up in a situation with unintended consequences for the lender.  (more…)

Lapsed Filings of Financing Statements

Tuesday, July 31st, 2012

Occasionally, a secured creditor may find itself in a situation where a UCC financing statement has expired, and the secured party has failed to file a continuation statement.  Unfortunately, the Uniform Commercial Code does not allow for any exceptions for filing a continuation statement once the original financing statement has expired. (more…)

Down on the Farm – Taking a Security Interest in Motor Vehicles

Thursday, July 19th, 2012

When making an agricultural loan, questions often arise about how to properly take a security interest in collateral typically associated with such a loan.  Commonly, questions arise when taking a security interest in motor vehicles owned by a farmer. (more…)

Business Divorce

Tuesday, July 10th, 2012

Emotions run high; dirty laundry is aired; expenses soar. These are not just the characteristics of a break-up of a marriage, but they can also be the consequence of a business divorce. (more…)