Banking & Finance Law Report

Polly Harris

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Polly is experienced in representing federal and state chartered banks, savings and loan associations, and credit unions and businesses in commercial transactions, litigation and product compliance analysis.

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Practice Pointer for Creditor’s Rights Counsel: Draft Complaints With the New Warrant of Attorney Bench Card in Mind

The Ohio Judicial Conference has issued a bench card, a copy of which is attached, that gives Ohio’s Common Pleas Court judges a checklist they may use when presented with an order seeking judgment on a note containing a warrant of attorney. While the bench card is merely advisory, it represents a victory for those … Continue Reading

“The Bandits’ Club” gets its due

Our colleagues at Antitrust Law Source posted an interesting update about probable charges alleging that traders at approximately a dozen global banks – including Deutsche Bank, JPMorgan Chase, Barclays, and USB – fixed the foreign exchange market, or “forex,” market. The U.S. Department of Justice may bring charges by the end of the year. Read … Continue Reading

Delaware Extends Its Voluntary Unclaimed Funds Compliance Program

In a move of interest to both businesses organized under Delaware law and businesses that hold funds owned by Delaware residents, Delaware’s unclaimed property voluntary compliance program has been extended. Pursuant to 79 Del. Laws, c. 278 (the “Act”), which was signed by Governor Markell on June 30, 2014, the deadline to enter the Secretary … Continue Reading

Significant Changes to Ohio Foreclosure Law Proposed

Legislation has been introduced in the Ohio House that would amend Ohio’s foreclosure law in a manner favorable to licensed auctioneers and realtors and unfavorable to county sheriffs and appraisers. As set forth below, House Bill 586 would, among other things, permit “private selling officers” to conduct judicial sales of real property; permit written or … Continue Reading

Roundup: Recent Business Developments

The first six weeks of 2014 have been abundant with news and cases that provide insight for financial institutions (and other businesses) that need to be aware of regulatory, legislative and judicial developments and how they affect the U.S. business environment. Porter Wright attorneys have written several alerts and articles about recent cases and best … Continue Reading

Banking & Finance Law Report Top 10: News and Trends from 2013

2013 was an active year for the Banking & Finance Law Report. Our authors covered a wide range of topics — from legislative and regulatory changes to court opinions to financing and bankruptcy matters in the healthcare, agricultural and oil and gas industries. To offer a glimpse into the news and trends of the past … Continue Reading

It’s Easy, People: Read Before You Sign

In a decision that will warm the hearts of vendors everywhere, the Court of Appeals for Ohio’s Eighth Appellate District recently upheld the enforceability of personal guaranty language in a credit application. See Wholesale Builders Supply, Inc. v. Green-Source Development, L.L.C., et al., 2013-Ohio-5129. This decision also serves as a reminder to read before signing. … Continue Reading

Agreeing to Renegotiate a Loan Does Not Waive Lender’s Right to Foreclose

In its Oct. 30, 2013 decision in General Electric Capital Corporation v. Tartan Fields Gold Club, Ltd., et al., 2013-Ohio-4875, the Fifth District Court of Appeals made clear that a lender does not waive its right to enforce its rights upon the borrower’s default merely entering into negotiations to restructure a loan; the court further … Continue Reading

Lending License Required for Real Estate Commission Financing

In a triumph of substance over form, on August 22, 2013, the Tenth Appellate District Court of Appeals disregarding self-serving labels and further clarified the distinction between a loan and a sale of accounts receivable in Fenway Financial, LLC dba Commission Express v. Greater Columbus Realty, LLC dba Keller Williams Greater Columbus Realty, LLC, No. … Continue Reading

Appellate Court Rules That Creditor Cannot Cog on an Accelerated Debt

In The Henry County Bank v. Stimmels, Inc., et al., 3rd Dist. No. 7-12-19, 2013-Ohio-1607 (Apr. 22, 2013) the Third Appellate District Court rendered a decision that will dismay commercial creditor’s rights attorneys in Ohio in holding that a warrant of attorney to confession judgment R.C. §2323.13 may only be used if the debtor was … Continue Reading

Ohio’s 10th Appellate District Finds Debtor Lacks Standing to Challenge Assignee’s Power to Enforce Loan Documents

In a decision that will hearten commercial lawyers, on April 23, 2013, Ohio’s Court of Appeals for the Tenth Appellate District relied on lack of standing to reject a mortgagor’s attempt to avoid the consequences of his undisputed payment default by accusing the mortgagee, which was the assignee of his note mortgage, of lacking standing … Continue Reading

10th District Court of Appeals Upholds Subordination and Flow Down Provisions in Commercial Construction Documents

On March 29, 2013, the Court of Appeals for the 10th Appellate District in Columbus issued a decision of significance for mortgage lenders that rely on contractual subordination and flow down provisions in construction contracts.  In KeyBank Natl. Assn. v. Southwest Greens of Ohio, L.L.C., 10th Dist. No. 11AP-920, 2013-Ohio-1243, the 10th District Court of … Continue Reading

Supreme Court Rules of Superintendence on Commercial Dockets

The pilot program for commercial docket courts in Ohio began in 2009, and was met with strongly positive reviews by both business lawyers and their clients, who generally experienced prompter resolution of and greater expertise in commercial cases.  It now appears that what began as a pilot program will become permanent.  In late 2012, the … Continue Reading

Ohio property data to remain free online

Put your wallet away and hit print as many times as you like. Because for now, there will be no new charge to download or print property records in Ohio. As a welcomed early holiday gift, the proposal to charge fees for property records has died in committee. The office of Senate Judiciary Committee chair … Continue Reading

Part Seven

This article is Part Seven in a seven-part series on how to structure sales and what to do when your customer fails to pay. You can find previous articles in this series here: Structuring Sales to Ensure Payment; Signs of Trouble Before Payment Default; Default by a Customer: Knowledge is Power; What to Consider When … Continue Reading

Post-Judgment Remedies

This article is Part Five in a seven-part series on how to structure sales and what to do when your customer fails to pay.  You can find previous articles in this series here: Structuring Sales to Ensure Payment; Signs of Trouble Before Payment Default; Default by a Customer; Knowledge is Power and What to Consider … Continue Reading

Default by a Customer: Knowledge is Power

This article is Part Three in a seven-part series on how to structure sales and what to do when your customer fails to pay. You can find previous article in this series here: Structuring Sales to Ensure Payment, Signs of Trouble Before Payment Default. Please subscribe to this blog by entering your email in the … Continue Reading

Signs of Trouble Before Payment Default

This article is Part Two in a seven-part series on how to structure sales and what to do when your customer fails to pay. You can find Part One of this series here: Structuring Sales to Ensure Payment. Please subscribe to this blog by entering your email in the box on the left, or check … Continue Reading

Structuring Sales to Ensure Payment

This article is Part One in a seven-part series on how to structure sales and what to do when your customer fails to pay you. Please subscribe to this blog by entering your email in the box on the left, or check back weekly for additional articles in the series.  Know Your Customer Before entering … Continue Reading
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