Insights

Life After Death: Ohio Mortgage Creditors' Rights After a Borrower's Death

November 16, 2017      |      Larry R. Rothenberg, Esq.   

For a loan secured by real estate, a borrower typically signs a promissory note or a line of credit agreement, and a mortgage securing real property owned by the borrower. In Ohio, a creditor generally has multiple remedies when a borrower defaults. But how are the creditor's remedies affected by the death of the borrower?...

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Using Charging Orders to Collect from Members of an LLC

October 17, 2017      |      James T. Hart, Esq.   

Commercial collection cases often present unique challenges to judgment creditors. For instance, a judgment debtor in a commercial case may be more sophisticated than the average debtor in a consumer matter, as they are more likely to have the ability to protect assets from routine execution methods. However, such relative sophistication with various asset holdings may also afford the judgment creditor with the opportunity to use otherwise underutilized tools for recovery....

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The Equitable Exception to the Automatic Bankruptcy Stay

September 19, 2017      |      Larry R. Rothenberg, Esq.   

Many defendants facing foreclosure stave off a sheriff's sale by filing a bankruptcy petition before the scheduled sale, thereby invoking the Bankruptcy Code's automatic stay provisions. However, there may be circumstances under which a foreclosure court may reject the bankruptcy stay's applicability to the foreclosure. In Bank of America vs. Williams, Ohio's eighth district court of appeals issued a decision on August 10, 2017 illustrating the application of an "equitable exception" to the automatic bankruptcy stay....

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Promissory Notes: Which Statute of Limitations Applies?

August 23, 2017      |      Jack W. Hinneberg, Esq.   

In Ohio, actions on a written agreement, contract or promise must be brought within eight years after the cause of action accrued, pursuant to Ohio Revised Code (ORC) § 2305.06; but what about an action on a promissory note?...

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Statute of Limitations Can be Different for Borrowers and Guarantors

June 9, 2017      |      Thomas R. Kendall, Esq.   

A statute of limitations establishes a time period during which a lawsuit can be filed. The time period begins when the cause of action on an account accrues. In a typical debt case, when a borrower defaults under the terms of a note or credit agreement, the cause of action accrues and the time to sue begins....

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Time and Location of Credit Breach Influences Ohio Statute of Limitations

May 5, 2017      |      Jack W. Hinneberg, Esq.   

For many creditors, including electric companies, gas companies, and credit card companies, before filing a lawsuit against a debtor to recover monies owed, it is important to determine when the cause of action on an account accrued....

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