John J. Hall and Larry E. Parres at Lewis Rice, LLC highlight the importance of having a correct and inclusive language identifying collateral in your UCC Financing Statement in light of a ruling in First Midwest Bank v. Jeana K. Reinbold, Chapter 7 Trustee (In re 180 Equipment, LLC), No. 17-81749, Adv. No. 18-8003 (Bankr. C.D. Ill., Aug. 20, 2018).
The UCC-1 financing statement, despite having just a few boxes to complete and check, is essential to a secured financing transaction. Most lenders…
Source: Bank loses its $7.6 million lien due to ineffective financing statement – Lexology
On June 10, 2016, the Office of the Comptroller of the Currency (OCC) released a bulletin stating that the extended protections of the Servicemembers Civil Relief Act’s (SCRA), enacted by the Foreclosure Relief and Extension for Servicemembers Act of 2015, are extended through December 31, 2017. SCRA, as well as the Foreclosure Relief and Extension for Servicemembers Act of 2015, protects active servicemembers as well as those servicemembers out of active duty for up to one year, in matters relating “to the sale, foreclosure, or seizure of the servicemember’s mortgaged property, or the filing of a legal action to enforce a mortgage obligation or other similarly secured obligation.”
This bulletin informs national banks, federal savings associations, and federal branches and agencies of foreign banks of the temporary extension of certain protections under the Servicemembers Civil Relief Act enacted by the Foreclosure Relief and Extension for Servicemembers Act of 2015.
Source: OCC: Servicemembers Civil Relief Act: Extension of Time Period for Certain Protections
On May 18, 2016, the Seventh Circuit ruled that debt collectors do not need to have an intention to go to trial upon the filing of a lawsuit. This holding solidifies that a plaintiff, even a debt collector, has open access to court and the ability to review the merits and costs at every stage of the litigation. Read more on this opinion in the below blog:
On May 18, 2016, the Seventh Circuit ruled in St. John v. CACH, LLC, Nos. 14-2760, 14-3724, & 15-1101, 2016 U.S. App. LEXIS 9117 (7th Cir. 2016)…
Source: Guest Post: Seventh Circuit Holds Debt Collectors “Are No Different than Any Other Plaintiff” – Lexology