In this issue of Community Banker, we discuss digital marketing and the federal anti-spam laws which regulate it.

An excerpt:

We weren’t going to mention the pandemic, but it’s a fact that personal sales pitches and bank events are impossible or undesirable during lockdown, quarantine, and social distancing. For many businesses, email advertising is stepping into the breach. Email is a great way to contact your existing customers or to reach out to prospective customers. It’s inexpensive! It’s fast! You can track its effectiveness as a marketing tool! It can also get you in legal trouble! If you use email marketing, you need to be aware of the CAN-SPAM Act, a law that sets the rules for commercial email.

Click here to continue reading the November/December 2020 issue of Community Banker!

In this issue of Community Banker, we discuss purchases of money security interest “superpriority” in livestock.

An excerpt:

Under Article 9 of the Uniform Commercial Code, the first-in-time perfected security party is ordinarily King of the Priority Hill; with few exceptions, the secured creditor that perfects its interest first will prevail over all other claimants to the same property of the debtor. This priority system rewards the prudent creditor who wins the computerized race to the Secretary of State’s filing office and is first to give notice to the world of its security interest. One of the few exceptions to the “first in time, first in right” rule is the superpriority provided to the lender with a perfected purcahse money security interest (PMSI) in livestock.

Click here to continue reading the September/October issue of Community Banker!

Can a bank accept a check that is missing the amount written in words?

Should statements for a UTMA account be mailed to the custodian or the minor/beneficiary?

Answers to these questions and more in our July/August 2020 Community Banker update.

Also, some news about two talented new attorneys joining the Olson & Burns team.

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In this issue of Community Banker, we discuss the Small Business Reorganization Act and how it changes bankruptcy law.

An excerpt:

Effective February 20, 2020, an amendment to the Bankruptcy Code aims to make small business bankruptcies faster and less expensive. The “Small Business Reorganization Act” (SBRA) is designed to help small businesses to reorganize in bankruptcy by choosing (“opting-in”) to be treated as a subchapter V debtor under the SBRA. The SBRA is an effort to create a workable compromise for small-business debtors between having to file a Chapter 7 or a Chapter 11 bankruptcy, when neither chapter is a good fit.

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The Community Banker is prepared by attorneys at Olson & Burns P.C. to provide information pertaining to legal developments affecting the field of banking. In order to accomplish this objective, we welcome any comments our readers have regarding the content and format of this publication. Please address your comments to olsonpc@minotlaw.com.

In this issue of Community Banker we answer your questions about how to handle an employee whose behavior has become a problem, what to do if someone wants a refund for a check they deposited which wasn’t endorsed, how to handle a Currency Transaction Report for a $10,000 deposit split over multiple accounts, and more.

To read this issue, click here.

To read past issues of Community Banker, check out our newsletter archive.

The Community Banker is prepared by attorneys at Olson & Burns P.C. to provide information pertaining to legal developments affecting the field of banking. In order to accomplish this objective, we welcome any comments our readers have regarding the content and format of this publication. Please address your comments to olsonpc@minotlaw.com.

In this issue of Community Banker, we revisit some of the basics about the Universal Commercial Code (UCC). Your questions are answered.

Also, we explain some recent changes to Regulation CC regarding funds availability.

To read this issue of Community Banker, click here.

To read past issues of Community Banker, check out our newsletter archive.

The Community Banker is prepared by attorneys at Olson & Burns P.C. to provide information pertaining to legal developments affecting the field of banking. In order to accomplish this objective, we welcome any comments our readers have regarding the content and format of this publication. Please address your comments to olsonpc@minotlaw.com.

In the September/October issue of our Community Banker newsletter, we discuss a “lender’s golden ticket.,” which is UCC Priority.

An excerpt:

Being perfected in the collateral doesn’t always mean that your bank has priority in the loan collateral. “Perfection” means that the bank has completed the process required by the UCC to make a security interest in collateral in force and enforceable against third parties. “Priority” is the first-in-time ranking of that perfected security interest among lenders. The point of perfection is for your bank to claim priority over other claimants to the collateral.

You can continue reading the September/October issue here.

You can read past issues of Community Banker on our Newsletter page.

The Community Banker is prepared by attorneys at Olson & Burns P.C. to provide information pertaining to legal developments affecting the field of banking. In order to accomplish this objective, we welcome any comments our readers have regarding the content and format of this publication. Please address your comments to olsonpc@minotlaw.com.

In the July/August issue of our Community Banker newsletter we talk about Chapter 11 bankruptcies and how they can be handled without fear.

An excerpt:

A bankruptcy filing need not strike fear into the heart of a lender; in fact, sometimes the debtor’s bankruptcy filing is better for the bank. That’s because the debtor will be under the supervision of the bankruptcy court and has to answer to it. If the debtor files for Chapter 7 or 13, there will be a court-appointed trustee to keep an eye on the collateral. If the debtor files for Chapter 11, the debtor will be a debtor-in-possession and can continue to operate the business, but it also has certain fiduciary obligations -0 it can’t just squander the assets.

You can continue reading in our July/August issue.

To read past Community Banker issues, check out our newsletter page.

The Community Banker is prepared by attorneys at Olson & Burns P.C. to provide information pertaining to legal developments affecting the field of banking. In order to accomplish this objective, we welcome any comments our readers have regarding the content and format of this publication. Please address your comments to olsonpc@minotlaw.com.

In this May/June of 2019 issue of Community Banker we answer your questions about how to handle debtor accounts in a Chapter 11 bankruptcy, cashing checks for sole-proprietor business owners, sending electronic bank statements, charge back notices, and more.

To read the full issue, click here.

To read past issues of Community Banker, check out our newsletter page.

The Community Banker is prepared by attorneys at Olson & Burns P.C. to provide information pertaining to legal developments affecting the field of banking. In order to accomplish this objective, we welcome any comments our readers have regarding the content and format of this publication. Please address your comments to olsonpc@minotlaw.com.

In this March/April of 2019 issue of Community Banker we discuss an important court ruling out of South Dakota.

An excerpt:

The 8th Circuit Court of Appeals recently affirmed a ruling against South Dakota lender First State Bank of Roscoe and its president, John Beyers, who was accused of manipulating the borrowers into repaying debt that had been discharged in bankruptcy. In 2016, Pres. Beyers was found to be in contempt of a final bankruptcy court injunction, based on findings in a parallel state court proceeding. The contempt motion was granted in June 2016, ordering $159,606.77 in compensatory damages and another $50,000 in punitive damages. Half the punitive damages were owed by the bank, half by Pres. Beyers. In that this has worked its way up to the 8th Circuit in nearly three years, the interest on these awards is substantial; much worse, the damage to the good name of the Bank is immense.

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To read all of our past issues of Community Banker, check out our newsletter archive.

he Community Banker is prepared by attorneys at Olson & Burns P.C. to provide information pertaining to legal developments affecting the field of banking. In order to accomplish this objective, we welcome any comments our readers have regarding the content and format of this publication. Please address your comments to olsonpc@minotlaw.com.