By Porter Wright on On March 22, 2020, Steve Mnuchin, Secretary of the Treasury, released a memorandum providing that the financial services sector is identified as Critical Infrastructure Sector by the Department of Homeland Security. This means that despite the restrictions put in place to slow the spread of COVID-19, essential workers in the financial services sector must maintain … Continue Reading
By Porter Wright on On Thursday, March 19, 2020, Pennsylvania’s Governor Tom Wolf ordered all “non-life sustaining businesses” in the state to close their physical locations in an attempt to slow the spread of COVID-19. According to the Department of Banking & Securities, this order does not pertain to banks, credit unions or non-depository licensees. These institutions will remain … Continue Reading
By Steven Hoying and Porter Wright on The Ohio General Assembly is currently considering a bill that would greatly restrict creditors’ ability to ask debtors to sign cognovit notes. A cognovit note allows a creditor, upon a debtor’s default, to enter judgment against the debtor without the usual notice or hearing. Current Ohio law, specifically Ohio Revised Code Section 2323.13, generally enforces … Continue Reading
By Porter Wright on Commercial leases often lack leasehold financing provisions despite the significant impact such provisions can have on the business dealings of the tenant during the term of the lease. Long-term, creditworthy tenants, those who have value in their leaseholds such as restaurants and hotels, are often prime candidates for leasehold financing. A leasehold mortgage is very … Continue Reading
By Porter Wright on A recent change to Ohio’s agricultural lien law clarifies the interplay between security interests governed by Article 9 of the UCC and those governed by Ohio’s agricultural lien statutes, and confirms the ruling of the Sixth Appellate Court of Erie County in Ohio Dept. of Agriculture v. Central Erie Supply & Elevator Association, 2013-Ohio-3061. Central … Continue Reading
By Porter Wright on Health care lenders and others evaluating or relying on the financial strength of a healthcare provider need to think about the potential recoupment and setoff of claims against Medicare/Medicaid receivables of the provider. RECOUPMENT Recoupment, which is the netting of two related claims which is the function of a single, unitary transaction between the parties, … Continue Reading
