Jimerson Firm
NOVEMBER 16, 2020
When a borrower applies for a loan, most lenders require the borrower to pledge an asset as security for the repayment of the loan, i.e. collateral. In the event the borrower defaults, usually by failing to make loan payments, a secured creditor has a right to take possession of the collateral. 679.609, Fla.
Jimerson Firm
NOVEMBER 23, 2020
When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. Lenders must liquidate all personal property that has a Recoverable Value over $5,000. In Florida, the lender can choose from the following methods: UCC Sale. See SOP 50 57. 679.609(2)(b), Fla.
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Jimerson Firm
FEBRUARY 2, 2021
If a borrower defaults on a SBA loan, the lender or CDC must assess the environmental risk of contamination before conducting any liquidation action that could result in a loss, or otherwise increase the risk of loss, due to the actual or alleged presence of contamination. SOP 50 10 5(E), Appendix 2. SOP 50 57 2 ; SOP 50 55.
Hudson Weir
SEPTEMBER 11, 2023
Secured loans or unsecured loans are crucial for many businesses, providing the investment they need to achieve their objectives and grow. According to the British Business Bank , there was a 12.8% increase in gross bank lending to SMEs between 2021 and 2022. But what’s the difference between secured loans and unsecured ones?
ABI
JANUARY 19, 2024
John’s University School of Law American Bankruptcy Institute Law Review Staff An unpaid secured lender with a prepetition mortgage does not have a right to receive payment of proceeds from a postpetition sale of real property. In 2017, Allegiance Bank loaned Burts Construction, Inc. Gabriel Eckstein St.
Hudson Weir
FEBRUARY 28, 2023
Once a firm enters administration, it must pay every creditor group entirely, save for ‘prescribed part’ secured creditors, before funds are distributed to the subsequent creditor. Secured creditors include leasing companies and banks.
Jimerson Firm
JULY 1, 2020
When lenders take life insurance policies as collateral for loans, they need to be aware of what needs to occur to place a claim in the event their borrower dies. Therefore, it is critical for lenders to confirm that no prior assignment exists on life insurance collateral prior to taking the collateral on as security for a loan.
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