Bank Secrecy Act spoils Christmas for merchants who prefer cash
As published in the Pacific Coast Business Times (Vol. 15 No. 39, Nov. 28 – Dec. 4). Sometimes something that starts out with good intentions can turn bad. This seems to be what has happened with the Bank Secrecy Act of 1970. Originally enacted with law enforcement in mind, the act’s original purpose was to […]
Under the Bank Secrecy Act, the I.R.S. Can Now Seize Accounts Just on Suspicion
The Bank Secrecy Act of 1970, also known as BSA, was enacted to try and detect and prevent money laundering, tax evasion, or other criminal activities. It requires banks to file government reports for any deposits of cash over $10,000.00 as well as any cash purchases of negotiable instruments for over $10,000.00. However, there is […]
How to Make Yourself a Priority to Those That Owe You Money
Many times you will have a client, customer, lessee or borrower (your “debtor”) that has decided their money is better spent on something other than paying your company. What can your company do to make sure the debtor makes your company their “priority”? If multiple telephone calls and past due notices from you are not […]
Does a Declarant Have to Specify the Place Where They Signed a Declaration?
As a participant in legal proceedings in California State courts, you may at some point be asked to sign a declaration. The declaration may be used as admissible evidence (your testimony) in certain proceedings without requiring your personal presence in court. For example, declarations can be used to support motions for summary judgment. When signing […]
IRS Right of Redemption After Foreclosure
The Internal Revenue Service has the right to redeem real property which was sold in a nonjudicial foreclosure action by a third party to satisfy an outstanding encumbrance which has a priority over a Notice of federal Tax Lien. (Internal Revenue Manual 5.12.5.1; 26 U.S.C. §7425 [after non-judicial foreclosure]; 28 U.S.C. §2410(c) [after judicial foreclosure].) […]
Combined Eviction Notices Can Cause Problems
California law requires eviction notices (called “notices to quit”) to unambiguously terminate tenancy upon expiration of a time period specified in the notice. These periods can vary based on the type of tenancy. For example, an owner after foreclosure may be evicted with a 3-day notice to quit. However, if the property also has a […]
The 2013 Uniform Commercial Code Revised Article 9 Amendments
The amendments to Article 9 are scheduled to take effect in a few short months. All creditors that file UCC Financing Statements to secure their interests in personal property need to understand the changes taking place. As Article 9 stands presently, in order for your security interest to be properly perfected, you must name an […]
One Of Our Best Tools For Finding Assets On Judgment Debtors Just Got More Expensive
In California, when a creditor obtains a judgment from the courts against a debtor, that creditor must then go through the process of locating assets that the debtor has that can be levied upon. In order for a creditor to find assets such as bank accounts, real property, vehicles, brokerage accounts, or employment information, the […]
Proofs of Claim in Chapter 7 Bankruptcy Cases
This article only addresses proofs of claim in Chapter 7 bankruptcy proceedings. The general rule for proofs of claim is: Proofs of claim must be filed on or before any deadline set by the bankruptcy court for filing proofs of claim. The corollary to this rule is: Proofs of claim do not need to be filed in […]
What to do When Your Debtor Threatens to File Bankruptcy
I have found that there are four things in life one can always count on. They are change, death, taxes and that when entering into settlement negotiations with a debtor, at some point in the discussion the debtor will threaten to file bankruptcy. In fact, this happens so frequently that I find myself making bets […]