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. The decision and justification for abandoning the collateral, including the basis for the Recoverable Value estimate, must be documented in the loan file. Liquidation Methods. 679.609(2)(b), Fla.
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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.
Debt Free Colorado
MARCH 3, 2023
Every case is unique, and every case merits the careful consideration of a law firm dedicated to providing specialized bankruptcy solutions. The main disadvantage of Chapter 7 bankruptcy is that anything subject to a security interest is not exempt (home, automobile) and can be seized to satisfy the debt connected to the specific item.
Collection Industry News
SEPTEMBER 29, 2020
Creditors will also benefit from the lower costs, quicker proceedings, and increased certainty about the outcome of the process, if at the expense of some leverage. The opinions and statements made herein are for scholarship purposes only and do not necessarily reflect the opinions of the author or his law firm.
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