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.

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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.

To continue reading, click here.

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.

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.