In this issue of Community Banker for January/February of 2019, we answer your questions about stopping payment on a cashier’s check, distributing funds from a bank account in a probate matter, deposits by an authorized signer, and more.

To read the issue, click here.

To view 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 November/December 2018 issue of Community Banker we discuss using limited liability companies and partnership interests as collateral.

An excerpt:

It is not unusual now for a debtor to use his or its ownership interest in a limited liability company (LLC) or a partnership as collateral. Be aware that these interests may be classified as a general intangible under Article 9 of the Uniform Commercial Code (UCC) or as a security under Article 8 of the UCC. In North Dakota, the interests are typically and usually general intangibles, but lenders should know the difference. The difference of type is important because it determines how the security interest is perfected — whether a financing statement should be filed for the general intangible, or whether the secured party should file and take control of the securities.

To continue reading, 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 September/October of 2018 issue of Community Banker we talk about how to perfect your security interest in different types and kinds of collateral.

An excerpt:

We love charts. We published this a couple of years ago, but it’s worth a repeat. Your borrowers have lots of different kinds of assets that would serve as collateral. For the times you’ve wondered how to perfect your security interest in different types and kinds of collateral, we’ve got a chart to give you an idea where to start.

To continue reading this issue, click here.

To view 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 answer your questions about employees using cell phones at work, the basics on loans and flood insurance for commercial lenders, required wording for a representative payee for a SSI beneficiary account, and deposits into an account by an authorized signer.

To read the full issue, click here.

To read past issues of Community Banker, checkout 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 May/June 2018 issue of Community Banker we discuss why, if you are a secured lender, you should periodically review your collateral.

An excerpt:

We know that secured creditors in a bankruptcy case are at the top of the food chain. A secured claim is entitled to be paid in full out of the proceeds of the collateral that secures it before any of those proceeds may be used to pay unsecured claims. Even better, if a claim is oversecured, the allowed secured claim includes interest accrued after the petition date, plus reasonable costs and attorneys’ fees as provided for in the loan agreements up to the value of the collateral. Also, in a Chapter 11, a Plan cannot be crammed down on a class of secured creditors that did not accept the Plan, unless the Plan can show that the secured creditor is receiving a combination of cash or secured debt equal to the value of its collateral.

To continue reading this issue, click here.

To read past issues of the 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 discuss the applicability of a North Dakota Century Code statute to collection fees.

An excerpt:

We are asked on occasion whether state law prohibits clauses in loan documents that provide for the lender’s recovery of any collection costs after a default, or whether the law only applies to provisions for repayment of attorney’s fees. As this article explains, the statute prohibits just the collection of attorney’s fees.

To continue reading this issue, click here.

To view 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 discuss the simplest and most common for of bankruptcy.

An excerpt:

The November/December issue of the Community Bankers’ Advisor provided lenders a general overview of the bankruptcy process. This issue summarizes Chapter 7 bankruptcy, the simplest and most common form.

In a Chapter 7 case, the bankruptcy trustee gathers and sells the debtor’s nonexempt assets and uses the proceeds of those assets to pay creditors; priority is given to those creditors with valid liens. In addition, the debtor may keep certain “exempt” property. Most debts are discharged in a Chapter 7 (most but not all - there’s no discharge for student loans, child-support payments, unpaid taxes, etc.).

To continue reading 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 episode of Community Banker we discuss the issue of bankruptcy and what to do when one lands on your desk.

An excerpt:

The goal of the bankruptcy laws is to give honest debtors a financial “fresh start” from burdensome debts, which is accomplished through the bankruptcy discharge. The discharge frees debtors from personal liability for specific debts and forbids creditors from ever taking any action against the debtor to collect those debts.

To continue reading 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 discuss bankruptcy law, a topic lenders and boards of directors need to be up to speed on.

An excerpt:

Chapter 7 - This is the basic theory of bankruptcy. A chapter 7 bankruptcy case does not involve the filing of a plan of repayment. Instead the bankruptcy trustee gathers and sells the debtor’s nonexempt assets and uses the proceeds of those assets to pay creditors; priority is given to those creditors with valid liens. The debtor may keep certain “exempt” property to help him toward his “fresh start”, and trustee will liquidate the debtor’s remaining assets.

To read the full 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 answering your questions about internet banking, a durable power of attorney, and Chapter 12 bankruptcy. We also have an update on changes to the law coming from the 2017 legislative session.

To read the full 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.