Publications for Patricia J. Scott
There is nothing quite like obtaining a new customer or getting a new big sale - the prospect of recurring revenue from a new source, the validation of business strategy, or the culmination of a successful negotiation. However, there is nothing more disheartening than when a new customer is unable or unwilling to pay for the product you just shipped or services you just provided. Perhaps there is one thing that is worse, when a long-term customer fails to pay.
The Ag industry continues to face financial challenges. The potential of a bankruptcy notice remains ever present. Ignore a bankruptcy notice at your own peril.
On June 12, 2017, the Supreme Court decided Henson v. Santander Consumer USA Inc., No. 16–349, a case that considered the issue of whether a party that holds debt should be held to the same standards as a party that seeks to collect the debt owed to another party under the Fair Debt Collection Practices Act (the “FDCPA”).
What happens when: (i) a mortgagor, who has defaulted, assigns her rights to any surplus proceeds from the foreclosure sale to a third party, (ii) the mortgagee submits a partial credit bid, and (iii) the property sells for more than the credit bid, but less than the amount due under the mortgage? Is the assignee entitled to the proceeds in excess of the partial credit bid, or should those excess funds go to the mortgagee?
Lenders who place a full credit bid can’t recover a deficiency based on unpaid taxes incurred prior to a foreclosure sale according to the decision in Citizens Bank v Boggs.
The foreclosure of a mortgage is “debt collection” under the Fair Debt Collection Practices Act according to the Sixth Circuit Federal Court of Appeals in Glazer v Chase Home Finance, LLC.
The Dodd-Frank Deposit Insurance Provision affords noninterest-bearing transaction accounts unlimited deposit insurance coverage. Absent an extension or further legislation, that provision is scheduled to expire on December 31, 2012.
In a recent opinion, the Michigan Court of Appeals issued a key decision regarding foreclosing by advertisement while concurrently suing guarantors.
More often than not these days, farmers are filing Chapter 11 or Chapter 12 bankruptcy cases. Generally Chapter 11 and 12 bankruptcies are reorganizational, which means the debtor (farmer) will file a plan and pay back creditors.
In most instances absent an agreement with its secured creditors, the debtor will petition the court for permission to use cash collateral at the same time it files for bankruptcy.
Effective December 1, 2011, the Federal Rules of Bankruptcy Procedure (FRBP) that govern filing a proof of claim will change dramatically.
As you likely know, Michigan's new texting ban went into effect July 1, 2010. The new law prohibits...
In recent months, bankruptcy filings have increased dramatically. Though some economic indicators show improvement, data suggests more bankruptcy filings will occur in 2010 than in 2009.
As you may know, Michigan’s new texting ban went into effect July 1, 2010.
Bankruptcies involving individuals and companies are up in 2010. Though some economic indicators show improvement, data suggests more private bankruptcy filings will occur in 2010 than in 2009.
Pursuant to EPA federal regulations, beginning on April 22, 2010 individuals and contractors performing renovations, repairs, or painting activities in homes, child-occupied facilities, and schools built before 1978 must be certified and follow specific work practices to prevent lead-based paint contamination.