Now You Can Levy Accounts at One Location.
Finally, finally, banks will now be required to designate a specific location for levy with the California Department of Financial Institutions. No longer will you need to guess at which branch the accounts are located.
We are answering your questions in our monthly newsletter and keeping you abreast of changes. Please keep your questions coming. In this issue, we begin a series of articles on how to make sure you have complied with the Commercial Code in disposing of personal property collateral. For our complete road map and checklist of the procedures, timelines and safe harbor forms for proper notice of disposition, please feel free to give us a call or email us and we will send them to you.
Warmest regards,
Marshall Goldberg
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Finding a Way to Execute Your Judgment Just Got a Whole Lot Easier -- California Adopts AB 2364 Requiring Most Banks to Designate a Central Location for Services of Levies, Attachments, and Garnishments.
Effective January 1, 2013, AB 2364 requires banks and other financial institutions with more than nine branch offices in California to designate at least one central location to receive service of legal process within the state by filing a designation with the California Department of Financial Institutions (DFI). One obvious advantage to judgment-creditors is that they will no longer have to ascertain and serve the correct branch of a bank holding the judgment-debtor's account. Identifying the right branch office for service of levies, attachments and garnishments under existing law has been an onerous, costly task for judgment-creditors, often reserved only for larger judgments that are deemed most likely to be collectible. Read More
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Though many economists say the recession is over and the economy is slowly improving, most lenders are still dealing with the financial fallout of defaulted commercial and consumer loans. Lenders who have a secured interest in a borrower's personal property are in a far better position than unsecured lenders, but only if they comply with Article 9 of the Uniform Commercial Code (UCC). Read More
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California requires strict compliance with its finance lenders law, and you might be surprised to learn who is subject to the law. Found in Division 9 of the California Financial Code, the California Finance Lenders Law (CFLL) defines a finance lender as "any person who is engaged in the business of making consumer loans and making commercial loans."
What's the big deal? For one thing, a lender who complies with CFLL gets a license exempting the lender from California's restrictive lending law - the usury provisions. Read More
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| Will the Real Debtor Please Stand Up? Substituting an Alter-Ego Buyer as the True Judgment Debtor
Few things frustrate a creditor more than winning a judgment in court and then finding the judgment debtor sold its assets before the creditor could collect. As often happens, the larger the judgment, the more savvy the players, particularly when the judgment debtor is a commercial entity. Thus begins the shell game. In California, at least, the game is not over if the judgment creditor can locate the sold assets and determine who in fact is the buyer or new owner. If the creditor finds that the assets were sold to another commercial entity with essentially the same ownership structure as the old judgment debtor, then the creditor may be able to use California Code of Civil Procedure section 187 to substitute the 'alter-ego' buyer for the old judgment debtor for purposes of enforcing the judgment. Read More
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Student loan debt is in the news again - topping $1 trillion in the U.S. For the first time ever, Americans owe more student loan debt than credit card debt. That's not necessarily good news for students - and certainly not good news for the credit card industry, considering the likely interplay of several predictable factors. Read More
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Secured Lenders Risk Sanctions for Failing to Record a Timely Satisfaction of Mortgage
Secured lenders in California must carefully track satisfaction of mortgages and file a certificate of discharge, or risk being liable for damages for failure to file a release. California Civil Code sets out the requirement and potential consequences in section 2941, as follows: Read More
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October 2012
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