Loan Restructuring | News & Events

The New CFPB Mortgage Rules: A Summary of What They Are and What They Mean

The Dodd-Frank Wall Street Reform Act and Consumer Protection Act (“Dodd-Frank Act”) amended both the Real Estate Settlement Procedures Act (“RESPA”), which is implemented by Regulation X, and the Truth in Lending Act (“TILA”), which is implemented by Regulation… Read more »

Working With Borrowers Following Bankruptcy Discharge

           Our firm serves as the outside in-house legal counsel for many financial institution clients. In that capacity, we receive calls and emails from our clients every day with questions relating to all aspects of banking.  Sometimes,… Read more »

Important UCC Alert!

2010 Amendments to the Uniform Commercial Code go into effect Monday, July 1, 2013.   We are sending this as a follow-up to our The Advisor article sent on April 16, 2013, “What to Know about Filing UCC Financing Statements under the 2010 Amendments.” The full article can be… Read more »

What to Know about Filing UCC Financing Statements under the 2010 Amendments

In 2010, a review committee finalized several changes (“2010 Amendments”) to the Uniform Commercial Code’s Revised Article 9.  The 2010 Amendments have been enacted by the State of Minnesota, and will go into effect on July 1, 2013.  Although only eight other states have… Read more »

Foreclosing SBA 504 Mortgages

As many banking institutions continue to react to the effects of the economy, many are faced with the need to foreclose commercial mortgages originated under the U.S. Small Business Administration (“SBA”) 504 loan program. In addition to standard banking practice and applicable state… Read more »

Reaffirmation Agreements

When a borrower files for relief under Chapter 7 of the United States Bankruptcy Code, the borrower is typically entitled to a discharge of the borrower’s debts. One of the exceptions to discharge occurs when the creditor and borrower voluntarily agree to enter into a reaffirmation agreement.… 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 »

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 »

Garnishment Update: Breaking News!

In our recent Garnishment Update, which was circulated on March 30, 2010, we discussed the issues related to garnishments on joint accounts in light of the case of Enright v. Lehman. On April 22, 2010, the Minnesota Supreme Court issued a decision in the case of Savig v. First National Bank of… Read more »

Garnishment Update

The Minnesota state legislature made a number of modifications to the garnishment section of the Minnesota Statutes. The legislature intended to make the garnishment process easier and more understandable for the creditor, debtor, and garnishee. In doing so, several changes were made to the… Read more »