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
MAY 24, 2021
How Do Property Taxes Result in Loss of Collateral? If the borrower is delinquent in paying its property taxes, a tax certificate may be sold for the past-due taxes, which could lead to a tax deed sale of the collateral. How to Get a Deficiency Judgment After a Foreclosure Sale.
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Sawin & Shea
NOVEMBER 15, 2023
In broad terms, if a debt is secured, it means it is backed up by collateral property. If a debt is unsecured, no collateral is put up as a guarantee to pay. That means that you must continue to pay on most secured debts to keep or hold onto the collateral. What is the difference? Unsecured Debt What is unsecured debt?
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.
Jimerson Firm
NOVEMBER 13, 2020
When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. If the collateral is real property, the lender must liquidate all parcels of real property that has a Recoverable Value over $10,000. See SOP 50 57.
Jimerson Firm
DECEMBER 30, 2020
Before liquidating any collateral or incurring costs of litigation, Lenders and CDCs should make a good faith effort to first negotiate a “workout agreement” with the borrower. 60 calendar days), the lender/CDC must move forward with liquidating the collateral. SOP 50 57 2; SOP 50 55. See SOP 50 57 2 ; SOP 50 55.
Burr Forman
JANUARY 26, 2022
Much of his practice includes representing various interests in Chapter 11, pursuing claims of commercial lenders against the debtor, the collateral, and guarantors in bankruptcy, federal, state, and receivership courts. Houston IV was named in the Bankruptcy & Financial Restructuring, especially Litigation specialty.
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