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Our Subscribers Say...
Credit Today's Resource Directory and their online e-mail forum (ListServ) provide information on almost any credit-related topic you can think of. It is a great way to exchange information with other credit professionals. As the saying goes, "You don't know what you don't know."
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Credit Manager, Big Lots Stores, Inc., Wholesale Division
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"Being a part of the Credit Today online community is like having the expertise of hundreds of credit managers at your fingertips. These credit execs are willing to help you solve topical business issues as they arise. In the current environment of ever increasing competing priorities which reduce our opportunities to meet peers out of the office face-to-face, this is the most valuable tool you can have on your desktop! It's important that we have a mechanism to reach out to our counterparts quickly to exchange knowledge as well as to stay on top of industry trends."
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"Over the last 10 years I've seen Credit Today evolve from a monthly credit publication into a quality source of information and guidance for the B2B credit community. The website, with its user friendly form downloads, will take you from examples of new account credit applications to bankruptcy forms and everything in between.
The Credit Today ListServ has become the pre-imminent online forum, providing an opportunity for discussion and comments (and occasional humor) from an impressive list of credit professionals."
David Dungan, Director of Credit
Justin Brands, Inc. (A Berkshire Hathaway company)
Fort Worth, Texas
"There are numerous credit periodicals available to the credit professional today. How good is Credit Today? Is it relevant? I always have to read it late, or online because my credit analysts want to read it the minute it comes in. When my staff wants to read a publication before I have a chance to read it then something is working in that publication. We have cancelled our other subscriptions. When you have the best you do not need the rest."
Ron Woods
Corporate Credit Manager-World Wide
Thales Navigation, Inc.
"The newsletter, coupled with the website and the ListServ, are to us, more valuable than any other credit publication, bar none. I try to use at least one article out of each newsletter for departmental training/discussion sessions."
D. Mark Constantine
Corporate Credit Mgr
Fulton Paper Company
"I love Credit Today and read every issue cover to cover. For me, the greatest perk of a subscription is ListServ. I believe Credit Today's ListServ members may be the most knowledgeable Credit brain trust in existence today. I have saved and categorized hundreds of contributions on a wide variety of topics which I refer to often. It's an easy and cost effective way to network and learn."
Doug M. Thomas
Kimberly-Clark Customer Financial Services |
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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!
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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
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keep reading
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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
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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
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keep reading
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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
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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
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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
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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
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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 . . .
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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 . . .
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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
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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 . . .
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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
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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
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Escheatment: What are you obligated to report to the state?
By Scott E. Blakeley Esq
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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This month's topic: Credit Card Usage
Click here to participate!
We're examining:
- What percentage of credit departments are currently accepting credit cards
- What percentage of sales are paid via credit card
- The various ways by which credit cards can be accepted (phone, web interface, etc.)
- Which merchant accounts are most popular
- What discount rates are being charged
- Lessons-learned when setting up an account
- ... and much more!
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September 2010
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