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. Northside Motors of Fla.,

Secured Creditor 69

Secured Creditor Collateral Repossession Creditors 69

Jimerson Firm

NOVEMBER 27, 2023

Any secured creditor, large or small, may encounter a situation in which it is preferable to retain or recover the collateral in a transaction without having to sell the collateral itself. However, many will be unaware of the precise procedure and requirements for retaining the collateral itself. 679.609(1).

Secured Creditor 59

Secured Creditor Collateral Creditors Debtor 59

Jimerson Firm

NOVEMBER 23, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. The “Recoverable Value” is “the net dollar amount that a prudent lender could reasonably expect to recover by liquidating a particular piece of collateral.” See SOP 50 57. Liquidation Methods.

Collateral 98

Collateral Loans Secured Creditor Lender 98

Jimerson Firm

NOVEMBER 11, 2020

Site visits allow lenders and CDCs to gain a first-hand impression of the borrower’s business operations, evaluate risks, and inventory the collateral. Frequent site visits help lenders and CDCs make prudent lending decisions by keeping them up-to-date with the condition of the collateral and the borrower’s business operations.

Collateral 98

Collateral Loans Lender Repossession 98

Jimerson Firm

FEBRUARY 3, 2021

Lenders will usually be faced with two situations: (1) the mobile home existed at the time of the mortgage, and is identified in the mortgage documents as collateral; or (2) the mobile home did not exist at the time of the mortgage, and is not identified in the mortgage documents as collateral. (1)

Foreclosure 96

Foreclosure Collateral Lender Repossession 96

Consumer Financial Services Law

DECEMBER 29, 2016

Editor’s Note: On November 3, 2016, Smith Debnam’s Jerry Myers attended a meeting with the CFPB to discuss the proposed rules for third party debt collection. On Thursday November 3, 2016 I joined a group of colleagues for a meeting with the CFPB to discuss its proposed rules for third party debt collection.

Collections 40

Collections Judgment Enforcement Creditor's Rights Creditors 40

Troutman Sanders

DECEMBER 4, 2023

The Senate Banking Committee questioned Chopra on the CFPB’s oversight of financial institutions providing benefits under the Servicemembers Civil Relief Act (SCRA), medical debt collection, so-called “junk fees,” and the increasing popularity of buy now, pay later (BNPL) products. For more information, click here.

Financial services 52

Financial services Collateral Banks Trade 52