LawGram Volume 13, No.1

Table of Contents

AN UNEXPECTED RISK FOR BANKS

by Jonathan M. Weis

It is an all too common scenario these days with mortgage foreclosures at an all-time high:  someone leases a single family home or condominium unit (used for residential purposes) from the then owner of the property.  Subsequent to this lease being executed and the tenant taking possession, the owner goes into default on his or her mortgage, the owner’s lender, i.e., a bank, files a judicial foreclosure action  and, as is often the case, the bank becomes the owner of the property.  Typically in these scenarios the bank will have a court appointed receiver manage the property during the foreclosure process and/or hire a manager subsequent to the foreclosure process to manage the property and address any tenant issues

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Buy-Sell Agreements and Business Continuity Planning

by Morris R. Saunders

What is a “buy-sell agreement”?  It is an agreement in which co-owners of a business provide opportunities for the business to continue even after certain events may occur to one or more of the owners. Who needs a buy-sell agreement? If a business has more than one owner, then it is appropriate that a buy-sell agreement be in place.

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ALERTS

Scam Alerts – Beware of Phony State Agency Documents

We would like to alert you to misleading compliance solicitations that are being sent to entities formed or qualified in certain states. While the majority of these solicitations relate to annual reports (or periodic reports), some of them focus on annual minutes or business license requirements.  The phony documents are designed to look like official documents and entice recipients to fill them out and file with the Secretary of State or other state agency.  If you receive any official looking document, please review carefully. A key indicator to look for when reviewing these solicitations is fine print, which will usually say something like, “This product has not been approved or endorsed by any government agency and this offer is not being made by an agency of the government.” There are subtle variations of this language that seem official.

If you are not sure if a document you have received is an official compliance document from a state agency, please contact us and we will assist you in determining if it is an official document or not.

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