Business Matters | News & Events

Property Tax Forfeiture

What is Property Tax Forfeiture? Property tax forfeiture is a process where the state takes ownership of real property if property taxes are not paid.  When property taxes are not paid in the year due, the taxes become delinquent as of January 1 of the following year.  Those holding liens… Read more »

2014 Legislative Session Update

This year the Minnesota legislature made some significant changes to laws which affect banking and lending. The following is a brief summary of some noteworthy changes adopted by the legislature during its most recent session: 1. Minnesota Public Benefit Corporation Act Effective January 1, 2015,… Read more »

Important Power of Attorney Alert!

Powers of Attorney – New Statutory Short Form Power of Attorney Effective January 1, 2014  This is a follow-up to our Advisor article sent on June 18, 2013, “Powers of Attorney – What You Need to Know About the Current Requirements and Upcoming Changes.” The full… Read more »

Beyond Building Requirements: Accessibility under The Americans with Disabilities Act

A reference to the Americans with Disabilities Act (ADA) tends to bring to mind building accessibility requirements, like ramps, and other adjustments that make a building more accessible. However, the ADA is really much broader as it prohibits discrimination against persons with all types of… Read more »

Practice Tips for Preserving SBA Guarantees

If an SBA 7(a) loan does not comply with with the applicable SBA Standard Operating Procedures (“SOPs”) and SBA Authorization, and a loss results, the SBA can either deny a request for purchase of its guaranteed portion, or reduce the amount of its purchase by the amount of the loss… Read more »

Powers of Attorney- What You Need to Know About the Current Requirements and Upcoming Changes

The 2013 Minnesota Legislature passed legislation modifying and clarifying the Minnesota Statutory Short Form Power of Attorney (“SSF POA”), which is found in Minnesota Statutes § 523.23. This article will focus on what a power of attorney can and cannot do, the four parts of the… Read more »

Ambiguous Language Can Absolve Liability Under Personal Guaranty

Precise drafting of loan documents is essential when documenting a loan. Clear and unambiguous loan documents accurately reflect the agreement of the parties and protect both lenders and borrowers. When issues arise relative to the terms of the underlying loan documents, failure to clearly… Read more »

Foreclosing a Perfected Security Interest in LLC Membership Units/Interests

In our most recent edition of The Advisor, we discussed the process for a lender to obtain and perfect a security interest in membership units/interests in a limited liability company (“LLC”), as collateral for a loan. In this edition, we will address the lender’s rights to… Read more »

It’s That Time of Year! 2010 Legislative Session Changes

Almost every year the legislature amends and changes laws that affect the banking and lending community. This year is no exception. The following is a brief summary of some of the new changes and amendments: 1. Postponement of Mortgage Foreclosure Sale for Property Subject to 12-Month Redemption… Read more »

Acceptance of Partial Payments After Demand

The question is often raised: “After sending a default notice demanding payment, can a lender accept a partial payment?” The easy answer is that a lender can, of course, accept a partial payment. However, there are potential ramifications of accepting a partial payment after making… Read more »