| Kentucky Law Places Burden of Proof on Debtor Suing Creditor for Commercially Unreasonable Sale |
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October 20, 2009 Link
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In Pivnick v. White, Getgey & Meyer Co., 572 F.3d 479 (6th Cir. 2009), the federal district court was affirmed by the 6th Circuit Court of Appeals on placement of the burden of proof involving allegations of a commercially unreasonable sale of collateral. Submitted by Denise H. McClelland.
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| Lien Filings By The IRS – What Is The Standard? |
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October 20, 2009 Link
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Some of us remember and some younger folks have read about the days when a Uniform Commercial Code (“UCC”) security interest filing could be successfully made using a variation of the debtor’s name so long as that variation was “close enough.” Revised UCC Article 9 changed that rule to a requirement that the filing use the debtor’s exact legal name. See, i.e., Mich. Comp. Laws Section 440.9503(1). Submitted by Vincent E. Mauer.
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| Retailers and Credit Card Issuers Continue to Fight Over Interchange Fees |
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October 16, 2009 Link
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With the recent passing by Congress of credit card legislation limiting credit card fees and interest rates, retailers are hoping Congress will also pass legislation regulating interchange fees. Interchange fees, which are the fees credit card issuers charge retailers every time a customer pays for purchases with a credit or debit card, range from two to three percent of the amount of the charge. Submitted by LeAnders L. Jones.
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| Alexander v. Wells Fargo Financial Ohio 1, Inc. |
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October 12, 2009 Link
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In June of 2009, the Ohio Supreme Court, in the case of Alexander v. Wells Fargo Financial Ohio 1, Inc.,1 held that a borrower’s claim against a lender for failing to record satisfaction of the borrower’s debt within the legal deadline is subject to the agreement between the parties that they will arbitrate all disputes “arising out of” their contractual relationship. Submitted by Erica F. O'Brien.
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| Bank and Judgment Creditor Slug it Out Over Priority Interest in Bank Account |
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October 5, 2009 Link
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The United States District Court for the Northern District of Illinois, Eastern Division, recently analyzed the priorities of the competing interests of a judgment creditor and a bank in a debtor’s bank account. See One CW, LLC v. Cartridge World North America, LLC, 2009 WL 3055337 (N.D. Ill. September 18, 2009). One CW recovered a judgment in the amount of $359,279.00 against Cartridge World Midwest, LLC (“Midwest”). Seven days later, Midwest pledged all of its assets to Signature Bank as a guarantee on two pre-existing personal loans made by the president of Midwest in the amount of $500,000 and $150,000 respectively. Signature Bank filed a UCC-1 Financing Statement with the Minnesota Secretary of State’s Office perfecting the security interest in Midwest’s assets. Submitted by Daniel P. King.
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