10 More Courthouses Close Due to Increased Budget Cuts.
On November 14, 2012, officials announced more sweeping cuts in the L.A. County court system, including the closure of courtrooms across the region. Faced with steep budget cuts, officials said all courtrooms would be closed in 10 courthouses including Beverly Hills, West Los Angeles, Malibu, Huntington Park, Whittier, Pomona and San Pedro. Officials said an unspecified number of layoffs will occur. These cuts will result in delays in some cases. We are watching closely to assess the impact and to minimize delays for our clients.
This month, in our second installment of our Article 9 compliance series, we discuss frequently asked questions about the Article 9 'timely notice' requirement, including what information the notice should contain, whether the notice must be executed, and whether an interested party can waive notice. 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.
Wishing you and yours a happy and healthy Thanksgiving
Warmest regards,
Marshall Goldberg
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In our current economic climate, many lenders are seeking to recover non-real estate collateral to recoup some of the cash lost to commercial and consumer loan defaults. While secured lenders are in a better position than unsecured lenders, they are required to comply with Article 9 of the Uniform Commercial Code (UCC) to correctly dispose of the collateral. Failure to properly comply with Article 9 procedures could prevent the recovery of a loan deficiency after disposition of the collateral, or give another party grounds to bring an action for damages. Read More
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Tips for Perfecting Your Purchase Money Security Interests On Inventory
As we've discussed recently in other articles, UCC Article 9 governs security interests, including purchase money security interests, or PMSIs. A PMSI is an interest in goods purchased from the secured party, or with money borrowed from a secured party for that purpose, and can be secured by inventory, goods, livestock, or other personal property. UCC Section 9-102(a)(48) provides that 'inventory' can include works in progress. Read More
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UCC Financing Statements and the 'Seriously Misleading' Standard - When a Typo Can Break the Bank
This question arises under UCC Article 9 and the requirement that a debtor named on a financing statement must be listed with particular specificity and attention to detail. If a debtor's name is misspelled or otherwise incorrectly listed, even a relatively minor difference can result in significant losses for a lender.
When a dispute arises over the sufficiency of an individual debtor's name on a financing statement, courts Read More
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Personal Property Tax Liens Have the Same Effect and Priority as a Judgment Lien, Which Is Subordinate to Senior Perfected Liens
Personal property tax liens differ from real property tax liens in that personal property tax liens do not automatically attach to the property assessed. Read More
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What's in a Name? Naming Conventions, Securing Your Security, and the Art of Further Complicating the Complicated
Prior to 2010, Article 9 simply required a secured party to use the "name of the debtor" on its financing statement. That may sound simple enough, but problems such as nicknames, changing names due to marriage, etc., and cultural differences in naming conventions have vexed secured parties for decades. Read More
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When the Change in the Couch Cushions Won't Do - Where to Look for Sources of Capital Funding
Finding capital funding for a new business or to grow an existing business can be a daunting job, but growth and progress often go hand in hand. As the nation works to shake off the effects of the recession, businesses are scrambling for positions at the front of the pack. Commercial lenders and venture capital firms alike stand to benefit from the rise in demand for capital. These are some of the most common sources of money for business start-ups and expansions: Read More |
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Good News for Commercial Lenders: Business Bankruptcies on a Downward Trend
Reports show business bankruptcies fell 22 percent in the first three quarters of 2012, compared to the volume of business bankruptcies filed in the first three quarters of 2011. If the current trend continues through this quarter, we will likely end the year with the lowest total bankruptcy filings nationwide since 2008. Read More
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Dodd-Frank Remittance Rule Finalized and Slated to Take Effect February 7, 2013 - Money Transmitters, Banks, Credit Unions and Others Need to Plan for Compliance
Companies who transfer funds to other countries have a new rule to live by. The Consumer Financial Protection Bureau (CFPB) issued the final remittance rule on August 20, 2012 to implement another facet of the Dodd-Frank Act. The rule is directed to companies that send money abroad for consumers, as well as other organizations that work with or represent consumers who send money abroad, including agents, software providers, foreign banks and others involved in international fund transfers from the United States.
The remittance rule is scheduled to take effect on February 7, 2013.Read More
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November 2012
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