By Porter Wright on In this hypothetical, we will consider the following circumstances. “Farmer Bob” grows wheat (i.e., crops) “AgBank” has loaned Farmer Bob money secured in part by his wheat “Massive Grain Elevator” wants to purchase Farmer Bob’s wheat Can Massive buy the wheat and not get the shaft from AgBank? It depends. In 1985 Congress passed the … Continue Reading
By Porter Wright on 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
By Porter Wright on On July 8, 2013, Ohio’s 5th District Court of Appeals issued an opinion that will be of interest to commercial equipment lessors in Ohio. This case concerns the commercial lease of a beverage caddy and the status of the “middle man” lessee when the vendor undergoes bankruptcy. Elms Country Club, the lessee (“Elms”), believed that … Continue Reading
By Porter Wright on 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
By Brad Hughes on At the end of April, the Ohio Supreme Court agreed to hear three notable cases that readers of this blog may wish to monitor – or perhaps even participate in as amici curiae. First, the Court has agreed to resolve a conflict among Ohio’s appellate districts regarding whether the Statute of Frauds precludes a foreclosure defendant … Continue Reading
By Porter Wright on We hope you enjoyed the four-part series on energy financing that has run in the Banking & Finance Law Report blog during the past few weeks. We’ve compiled those articles into a resource that’s relevant to anyone involved with lending or borrowing in the energy sector. Be sure to download the Energy Financing eBook, and … Continue Reading
By Porter Wright on Bankers and their counsel should note that during its December lame-duck session, the Ohio General Assembly passed the Ohio Legacy Trust Act (Am. Sub. H.B. 479), which will go into effect March 27, 2013. The Act creates borrower-friendly provisions prohibiting the use of so-called “Cherryland” insolvency carve-outs in nonrecourse loan documents which will be of … Continue Reading
By Porter Wright on 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
By Porter Wright on Recently-enacted legislation makes a number of important changes to the Ohio General Corporation Law and the Ohio Limited Liability Company Act that financial institutions and their executives should consider. The bill will become effective May 4, 2012. Here are some key points: Dissenting Shareholder Rights: The bill substantially changes our statutes, which have not been substantively amended … Continue Reading
By Porter Wright on On December 3, 2009, the Supreme Court of Ohio decided the case of Mayer et al. v. Medancic et al., in an effort to clarify the calculation of interest on an obligation upon the occurrence of a default. As stated by the Court, “compound interest is not available upon a default on a written instrument absent … Continue Reading
