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Compelling Arbitration In Multi-Document Transactions

Financial institutions play a vital role in the purchase of consumer goods. Many products can only be purchased by consumers with financial assistance. In these situations, the consumer is usually required to execute multiple documents with the retailer. One or more documents will govern the sale of the product and may contain a clause mandating…

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Check Twice, File Once –The Bill Dollar Mistake

Imagine the scene. You are a loan officer for the lead bank in a series of nine figure syndicated loans. Each loan facility has a large portfolio of properties. The Collateral in the portfolio changes seemingly every day, and always under a tight deadline. Just yesterday the CFO called at five o’clock. “Hey Jim, what’s…

How are the Leases? What Your Counsel Can Do For You.

As every lender knows, leases are the economic life’s blood of a project and are often the single most important determinate as to a borrower’s ability to repay a loan. A lender will often call on its counsel to review the lease or leases (“lease” or “leases”) that affect the property securing the loan to…

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It’s Only Fair – Recent Case Reasserts Limits on Chapter 7 Trustee Commissions

When a debtor files a Chapter 7 bankruptcy case, all of the debtor’s property, subject to certain exemptions and exceptions, becomes property of the “bankruptcy estate”. A Chapter 7 Trustee is then appointed to collect the property of the estate, liquidate it, and distribute the proceeds among the debtor’s unsecured creditors. While a Trustee has…

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Lender Liability Under Maryland’s CLEC Statute

The most popular statute these days for the pro-consumer plaintiffs’ bar in Maryland is the state’s Credit Grantor Closed End Credit law, which is commonly referred to as CLEC. It is the statute of choice for those seeking to make a living by suing lenders who finance, either directly or by assignment, consumer purchases, such…

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Oop$!: Termination Statement Filed By Mistake Terminates Security Interest Under Uniform Commercial Code

For the first four decades in which the Uniform Commercial Code (UCC) was in effect, a financing statement filed in public record to perfect a security interest in a debtor’s assets had to be signed by the debtor and a termination statement extinguishing the security interest had to be signed by the secured lender. However,…

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The Economics (and Nostalgia) of Dead Malls

This article in the New York Times discussing the decline of Owings Mills Mall in suburban Baltimore County is the latest of many articles ruefully documenting the scores of shopping malls that have shuttered across the country over the last 10-15 years. The article identifies many of the forces contributing to the increase of so-called “dead malls,”…

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VOTING RIGHTS OF BANKRUPT LLC MEMBERS – ARE THEY DIVESTED OR NOT?

An operating agreement (“Operating Agreement”) is the formal agreement between members (individually, a “Member” and collectively, the “Members”) of a limited liability company (the “LLC”) governing the business of the LLC, as well as the financial and managerial rights and obligations of the Members of the LLC. Members of the LLC can choose to appoint…

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Rest Easy: Trustees Can Still Be Trusted

By: Harris W. Eisenstein and Joshua D. Bradley Trustees under Deeds of Trust have a unique relationship with both those who give (lenders) and those who get (obligors) loans. In Maryland, obligors are typically required to grant trustees an interest in real property to secure loans extended by lenders. Trustees must then manage this collateral…

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