Negotiable Instruments in Kentucky: When the UCC Complicates the Statute of Limitations for Written ContractsApril 24, 2018 | James T. Hart, Esq.
Statutes of limitation control the time in which a person or entity may bring certain causes of action against another. Kentucky law proscribes that an action on a written obligation entered into before July 1, 2014 must be brought within 15 years, and any obligation entered into after July 1, 2014, must be brought within 10 years. While this seems pretty straightforward, UCC Article 3 offers a wrinkle when it comes to "negotiable instruments."...Read More
On January 18, 2018, the House Financial Services Committee approved some bills that, if passed by the House and Senate, will roll back some of Dodd-Frank's provisions. One of those proposed bills is the Community Financial Institution Exemption Act, H.R. 1264, which was originally introduced by Representative Roger Williams (R-TX) on February 28, 2017. The Community Financial Institution Exemption Act, which was passed by the committee in a 30 to 25 vote, has support from the Credit Union National Association (CUNA) and the Independent Community Bankers of America (ICBA), among others. This bill, if approved by the House and Senate, could provide considerable relief to community banks from the crushing rules and regulations of the Consumer Financial Protection Bureau (CFPB)....Read More
Lenders and borrowers often enter into loan modification agreements to change the terms of a mortgage loan. Perhaps the most common modification arises when the borrower is experiencing difficulty repaying the loan according to its original terms, and the lender, seeking to preserve the loan as a performing loan, agrees to reduce the monthly payments and extend the repayment period....Read More
On October 24, 2017, with relatively little fanfare, the United States Senate used the Congressional Review Act to repeal the CFPB's Arbitration Agreements Rule. Although the President must sign off on the repeal, it appears as though arbitration is here to stay....Read More
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?...Read More
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....Read More
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