Jimerson Firm

NOVEMBER 23, 2020

Repossession efforts may be lawful, provided the debtor does not object, and the collateral is taken from unenclosed parts of the debtor’s property, such as the driveway. If a secured creditor breaches the peace, it may be liable to the debtor for damage done to the debtor or its premises during an unauthorized entry.

Collateral 98

Collateral Loans Secured Creditor Lender 98

Jimerson Firm

NOVEMBER 16, 2020

Florida courts have established a two-part test to determine if a secured creditor “breached the peace” within the meaning of Section 679.609(2)(b) of the Florida Statutes: “(1) whether there was entry by the creditor upon the debtor’s premises; and (2) whether the debtor or one acting on his behalf consented to the entry and repossession.”

Secured Creditor 69

Secured Creditor Collateral Repossession Creditors 69

Jimerson Firm

NOVEMBER 13, 2020

The court can also order a deficiency judgment against the debtor—that is, a money judgment—to the extent the foreclosure sale does not produce sufficient funds to pay the debt owed to lender on the SBA loan. However, foreclosures (particularly contested foreclosures) can be expensive and less efficient than other liquidation methods.

Loans 98

Loans Collateral Foreclosure Lender 98

Jimerson Firm

DECEMBER 30, 2020

The borrower’s current financial information allows the lender or CDC to make prudent lending decisions regarding the feasibility and structure of the workout agreement. 3) a complete copy of the borrower’s personal federal income tax returns from the past two years, or a written explanation as to why a copy is not available.

Loans 98

Loans Collateral Lender Foreclosure 98

Jimerson Firm

JANUARY 27, 2021

2) SBA Form 770 (Financial Statement of Debtor) , or other current financial statement, signed under penalty of perjury, showing the borrower’s assets, liabilities, income, and expenses. If the borrower is a going concern, the borrower must include their last year-end financial statements.

Loans 96

Loans Lender Collateral Creditors 96

Jimerson Firm

AUGUST 7, 2020

The receiver will also be required to post with the court a bond that is conditioned on the faithful discharge of the receiver’s duties, is issued by one or more sureties approved by the court, is in an amount specified by the court, and is effective as of the date of the receiver’s appointment. 1), Fla.

Foreclosure 98

Foreclosure Lender Judgment Creditors 98

Jimerson Firm

JULY 30, 2020

5th DCA 1980) (“Since the appellees unconditionally guaranteed payment of the debt to the bank, clearly the bank could obtain a judgment for the deficiency against each of the guarantors and the debtor. However, the indebtedness can be collected only once, and any payment on any of the judgments must be credited to the others.”).

Lender 98

Lender Loans Foreclosure Judgment 98