Collateral Debtor Law Firms 
Account Recovery
APRIL 6, 2025
The debtor filed an FDCPA case in federal court, alleging Midland tried to collect a debt without owning it. The court considered the issue based on the collateral estoppel defense. In 2018, the Defendant-law firm was hired to liquidate the judgment. A collection case was filed and a default judgment awarded.
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.
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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. Entry Upon the Debtor’s Premises.
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. Short Sale.
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
AUGUST 10, 2020
Honorees are selected through a process of law firm submissions, journalistic research and editorial vetting from a board of legal peers. Derek is the chair of the firm’s Creditors’ Rights and Bankruptcy practice group and a Fellow in the American College of Bankruptcy. Bankruptcy and Restructuring Lawyers.
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