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Home | Legal Issues Search 
Budgets Are Tight! Legal Issues
Legal Issues Today

That the law governing credit is complicated comes as no surprise to credit managers. Credit Today is unsurpassed in explaining complex legal issues and translating often obscure legal language into terms that shed light instead of shadow. Here's what you need to know about liens, contracts, personal and corporate guarantees, UCC issues, security interests, PMSIs, battles of forms, managing lawsuits, antitrust issues and much more!

Was This Asset Sale Commercially Reasonable?
This easy-to-ready legal case study explores the concept of a "commercially reasonable" price for collateral that is seized and sold by a creditor. Sometimes, for whatever reason, a creditor may not get the best price for an asset, which raises the question of whether or not that sale price was fair, or "commercially reasonable." Learn the implications for both debtor and creditor under UCC Section 9-404, as well as:
  • Steps a creditor should take to ensure they get a commercially reasonable price, and how that protects against claims by the debtor
  • Why private sales create more problems than public sales
. . .
keep reading
Why I Declined to Serve on a Creditor's Committee
By Michael Dennis
To my surprise a few years ago, I was recently invited to a consider joining a Creditors' Committee in a Chapter 11 bankruptcy. Along with the invitation, The United States Trustee in thc case sent along a fairly detailed description of the rights an . . . keep reading
Attorney Fees for International Collections
Legal case study on foreign attorney collection fees. A credit exec gets sticker shock when learning the cost options on a foreign collection action. What are his options and what are the norms out there? This case covers...
  • the challenges of retaining foreign collection attorneys
  • why attorneys in many countries do not work on a contingency basis
  • typical practices in some countries
. . .
keep reading
Monitoring Auction Sales of Assets
In this legal Case Study, our hero creditor finds his unpaid-for equipment gone and resurfaced at a simliar business 300 miles away. The new business is owned by the son of the owner of the business he'd sold the equipment to, who says he bought the equipment from the company who purchased it at the going out of business auction. Does our creditor have any recouse? This case examines that question, as well as...
  • The legal ramifications auctions to sell a debtor's remaining assets for the benefit of a creditor or creditors
  • A step-by-step breakdown of how the auction process proceeds
  • How much a sheriff is typically paid in these circumstances
  • How unscrupulous debtors sometimes use a "friendly creditor" to get a lien and bid on the assets -- and what you should do if you suspect this to be the case
  • Keyword defined: Document of execution
. . .
keep reading
Repossession - Who Owns the Collateral?
When Tom Sorley arranged financing for a new van for his home decorating business, the bank insisted that he execute a personal guarantee. Less than a year later Tom and Audrey, his wife and business partner, were divorced. The court awarded Audrey the van, but at the same time ordered Tom to make the remaining payments. Tom continued to do so for some time, but when he could no longer single handedly keep Sorley Decorating in business, he was forced to default. The bank was patient for awhile, but when the payments were not forthcoming from either Tom or Audrey, they had no alternative but to repossess the van. After the repossession, but before any sale or disposition, Tom filed a petition in bankruptcy under Chapter 13 of the Bankruptcy Code. Tom's counsel immediately requested that the van be returned to Tom. The bank, of course, refused. At this time Audrey bought a proceeding in the bankruptcy court asking the court to direct the bank to turn the van over to her. The bank argued before the court that when they repossessed the truck, they effectively became the owner and since ownership was transferred to the secured party, the van was really not subject to a turnover proceeding. Who's entitled to the van--the bank, Tom, or Audrey? . . . keep reading
How to be an Effective Witness at Trial
This legal study covers:
  • The key differences between a jury trial and one before a judge
  • How to testify effectively in a civil collection case
  • The keys to success in a collection trial
  • Specific language to use - and avoid - when answering questions
  • Sample lines of questioning and proper ways to answer (given the facts of your unique situation)
  • 14 tips for effective testimony at a trial
. . .
keep reading
Withholding Payment for Defective Goods
By Ann Morales Olazábal, MBA, JD
The distribution agreement between Federal Aluminum Company (FA C) and Lincoln Fence, Inc. gave Lincoln exclusive rights to distribute FA C's aluminum fence products, while obligating Lincoln to meet certain minimum purchasing requirements. . . . keep reading
Filing Financing Statements Under Revised Article 9
Ann Morales Olazábal
Artesian Co. manufactures a wide range of small kitchen appliances, which for the most part it sells directly to retailers. One exception on its customer list is Larchmont, Inc., a family-owned corporation that sells gourmet food and kitchen product . . . keep reading
Bankruptcy and the Fair Debt Collection Practices Act
Illinois resident Deborah Wagner received a discharge of her debts, including her home mortgage obligation, in a Chapter 7 Bankruptcy proceeding in 1997. Thereafter, the mortgage and promissory note were assigned to Ocwen Federal Bank, which is in t . . . keep reading
Implied Waiver of Contract Provisions
Ann Morales Olazábal, MBA, JD
Until recently, Podella, Inc. had been an exclusive distributor for Hydra Industries, a manufacturer of refrigeration systems for industrial use. And even though Podella's exclusive distribution contract had terminated, the companies still continued . . . keep reading
Creditors' Claims Against Deceased Debtors: A Brief NC Guide
By William H. Pate & Craig G. Dalton June 13, 2010
In most cases, the rights of creditors against debtors are enforced through traditional collection suits, foreclosures, or other like actions. However, when the debtor is deceased, the procedures for creditors hoping to collect are different than the traditional avenues of collection. This article provides a brief outline of the remedies available to creditors and highlights some of the newest changes to North Carolina law with respect to claims against a decedent's estate. . . . keep reading
A Warehousemen's Lien: Why Should I Sign This?
By Ann Morales Olazábal, MBA, JD
Dreike Specialties has warehoused its inventory for many years. The warehouse changed ownership two years ago, and, so far, Dreike has been impressed with the new management. But last week, Dreike's contact at the warehouse sent Dreike's credit . . . keep reading
Enforceability of Preliminary Agreements
Ann Morales Olazábal, MBA, JD
Corrigan Plumbing Supply is a national wholesaler of plumbing supply products. Jack Flynn, a senior buyer from Tremain Hardware recently contacted a Corrigan regional manager, Martina Wasser, with a proposed purchase of more than $500,000 in product . . . keep reading
Final and Binding Arbitration
by David Greenberg
Move your receivable disputes out of the courtroom and into the conference room -- and you could drastically cut your international litigation budget! Opting to go with Final and Binding Arbitration not only reduces expenses -- it can speed up your recoveries as well. . . . keep reading
Does This Case Constitute a TILA disclosure violation?
Sally March bought a satellite dish from Torrey Vision based on a newspaper ad that stated the monthly charge would be $39.95. Financing of the dish was provided by Torrey and Switzer Finance. When she discovered that the monthly bill was, in fact, . . . keep reading
Security Interests In and Transfer of "Proceeds" Outside the Ordinary Course of Business
Ann Morales Olazábal
Fenester, Inc., a manufacturer of aluminum shutters, borrowed in excess of $300,000 dollars from First Bank. As collateral for the loan, Fenester signed a security agreement, giving First Bank a lien in all of its accounts receivable. First Bank p . . . keep reading
Rejection of Nonconforming Installments and Revocation of Acceptance Under the UCC
Ann Morales Olazabal
In May, Tretone Fabrics entered into an agreement to supply Woman's Trend Corp. with a novelty fabric called "pucker" for the immediate manufacture of ladies' blouses for the following year's spring season. Bolts of pucker began to be shipped and in . . . keep reading
Requirements Contracts and the Buyer's Obligation of Good Faith
Ann Morales Olazabal, MBA, JD
Due to rising gasoline prices, American Bakeries Company (ABC) considered converting its fleet of more than 3,000 delivery trucks to a much less costly propane fuel system. After ABC's Sid Sanders had researched all options and conducted extensive n . . . keep reading
Sharing Financial Skills with New or Small Customers to Help Collections
"If you're having trouble collecting from new and/or small customers, consider sharing some of your management and financial skills to assist them in their efforts," urges one New Jersey credit manager. "I often find out during personal visits that c . . . keep reading
Escheatment: What are you obligated to report to the state?
By Scott E. Blakeley Esq
Escheatment: What are you obligated to report to the state? Is your corporation setting itself up to an unwanted or unclaimed credit audit? State regulator are enforcing escheatment laws more than ever today to offset budget shortfalls brought on by tax cuts, diminished fee collections and additional expenses associated with combating terrorism. If your company is not aware of the states' unclaimed property laws, or if they have largely ignored them hoping they would not get audited by the government - be aware as states are cracking down on enforcing escheatment laws today. . . . keep reading
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