New UCC Article 9 Amendments to Become Effective July 1, 2013-Are You Ready? 
In our coming E-Newsletter issues, we will be discussing the new Amendments to UCC Article 9, including revised filing forms. In the meantime, here in California, the courts are still struggling to address the significant budget shortfall. The Los Angeles Superior Court has reorganizing its operations by implementing a Court Consolidation Plan. Changes are being implemented in phases, which commenced this month and will continue through June 30, 2013. Effective March 18, 2013, Los Angeles Superior Court personal injury cases must be filed in the downtown courthouse. All new civil collection cases under $25,000 must be filed in the Chatsworth or Norwalk Courthouses. All Los Angeles Superior Court small claims cases must be filed in a regional 'hub' courthouse: downtown Los Angeles, Alhambra, Antelope Valley, Downey, Inglewood, and Van Nuys (East building). All Los Angeles Superior Court unlawful detainer cases, where damages do not exceed $25,000 must be filed in a regional 'hub' courthouse: downtown Los Angeles, Pasadena, Long Beach, Santa Monica and Antelope Valley.
If you have missed any of our earlier Newsletters, you can find them on the left side of the Home Page of our Blog Site located at www.glassgoldbergblog.com
Warmest regards,
Marshall Goldberg |
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Properly disposing of non-real estate property held as collateral is a matter of concern for lenders seeking to recoup cash lost in the multitude of commercial and consumer loan defaults sustained in the recent economic recession. In this fifth installment of our series discussing frequently asked UCC Article 9 compliance questions, we will discuss the often misunderstood standard of "commercial reasonableness" and its Article 9 application. Read More |
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Pt. 3-Enforcing Electronic Signatures in Commercial Contracts-Background, Current Law, and Practice
We've recently been discussing the use of electronic signatures in commercial transactions, including federal enactment of the E-Sign act, which grew out of the Uniform Electronic Transactions Act, basic tenets of the federal E-Sign law, and adoption of the law by forty-seven states and some U.S. Territories. This article will review California's E-Sign law, and our next article will highlight practice tips when it's necessary to prove electronic signatures. Read More |
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Recapping the Biggest Business Bankruptcies in 2012
The downward trend for business bankruptcies we reported a couple of months ago continued through the end of 2012. Though there were fewer business bankruptcies overall in 2012 than 2011, some very large companies finally succumbed to the economic recession felt by most Americans during the last few years. Read More |
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Bankruptcy Judge Approves Settlement Agreements Between Le-Nature's and CIT and Krones AG
Not long ago, a Pennsylvania bankruptcy judge approved a $30 million settlement between bottling company Le-Nature's and CIT and Krones AG. CIT and Krones alleged they were drawn into the equipment-financing portion of the $668 million accounting scam that pushed Le-Nature's beverage bottling company into bankruptcy.Read More |
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Be Sure to Follow Instructions and Avoid Pitfalls When Filing a Proof of Claim
Receiving a notice from a bankruptcy court that your debtor filed a petition seeking bankruptcy protection is not cause for celebration, but it is a normal part of business. Creditors should follow through with filing an appropriate proof of claim to establish a right to recover money in the event the bankrupt estate contains assets for distribution to unsecured creditors. Read More |
GE Capital Aviation Services Limited (GECAS) recently announced plans to lease five new Airbus A320 aircraft and two new A321 aircraft to Juneyao Airlines. At last count, GECAS was the world's top owner of airliners with 1,732 planes. Read More |
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The IT sector appears to be in the middle of a significant platform shift toward cloud computing and mobile devices, according to industry expert, Joseph Pucciarelli. While growth rates in core IT categories (infrastructure, storage and equipment) are flat, the good news is that the IT sector did not suffer as harsh a blow as other industries during the recession. Now that the economy is slowly recovering, Pucciarelli expects to continue seeing modest growth in overall spending for all sectors, including IT. Read More |
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Recent Events Indicate the Light at the End of the Tunnel for Big Banks May Not Be a Freight Train After All
Recently, Bank of America reached a $10.3 billion agreement with Fannie Mae and Freddie Mac to resolve claims over questionable Countrywide home loans that led to billions of dollars in losses for Fannie Mae when homeowners defaulted. A separate $8.5 billion settlement between 10 giant banks and regulators over shady lending practices will compensate victims. Participants included Bank of America, Wells Fargo, and JPMorgan Chase. Read More |
Small Business May Be Missing Out On Big Savings if Not Utilizing the Tax Credit Available Under the Affordable Care Act
Under the Affordable Care Act, many small businesses are eligible for a tax credit equaling up to 35 percent of health insurance premiums paid on behalf of employees. The purpose of the tax credit is to encourage small businesses to offer health insurance benefits to lower income and moderate income employees on a cost-share basis, under the rationale that reducing health insurance costs for those employees will allow them to enroll in a health insurance plan for the first time or allow low-income employees to maintain existing health insurance coverage. Read More
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March 2013
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