Don't Bet the Business

Implementing these New Year resolutions could help save you and your business time, liability and money.

Usury savings clauses may no longer protect Michigan lenders from enforcement challenges if their loans contain facially usurious interest rates.

Michigan Court of Appeals clarifies mortgagor’s right of property redemption, regardless of the manner of foreclosure used.

Implied duties pertaining to contractual performance should not be misconstrued to allow for challenges to a contact’s fairness.

Paying the debts of another is complicated business, especially under Michigan’s version of the statute of frauds.

Appellate court ruling allows receivers to sell property even if proceeds fail to compensate junior lien holders.

Creditors must closely scrutinize Chapter 13 cases to understand what debts are being discharged and to update business records to ensure discharged debts are not pursued post-bankruptcy. 

https://www.ftc.gov/system/files/documents/statutes/fair-credit-reporting-act/545a_fair-credit-reporting-act-0918.pdfCourt rules that bank, which accepted a borrower's voluntary payments post-bankruptcy and opted not to foreclose its security interest in the mortgage, did not violate the FCRA by reporting the loan as closed on the borrower's credit report.

Appellate court rules on whether lender can sue to enforce other security in a loan default situation without also foreclosing on the borrower's mortgage.