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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.
Originally founded in 1993, the National Creditor Bar Association is dedicated to serving lawfirms engaged in the practice of creditorsrightslaw. is a national lawfirm based in Austin, Texas with offices across the United States. About Barron & Newburger, P.C.
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.”
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. The post SBA Loans: How to Maximize Recovery by Liquidating Real Property appeared first on Jimerson Birr LawFirm.
Although this scenario may sound far-fetched, it is an everyday occurrence for creditors’ rights attorneys, who have been targeted by “meaningful attorney involvement” lawsuits for years. If this can happen to creditors’ rights attorneys and their clients, might you and your clients be next? What is the claim?
The post How to Maximize Recovery on a SBA Loan by Negotiating a Workout Agreement appeared first on Jimerson Birr LawFirm. 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.
The post Overview of Florida’s New Uniform Commercial Real Estate Receivership Act appeared first on Jimerson Birr LawFirm. Authors: C. Ryan Maloney, Esq. Melissa Murrin, J.D. Candidate 2021.
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. Bryan, 384 So. 2d 1323, 1324 n.3 This situation is common with guaranties where there are multiple guarantors of the same underlying debt.
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