Effective July 1, 2013, identification of an individual who is party to a UCC-1 Financing Statement changed. Gone are the days of listing the debtor as “Joe Smith.” Now, you must use the name as it is indicated on the…
By: Chad J. Cochran Yesterday at lunch, a woman ahead of me in line asked to pay for her sandwich with a check. The deli worker looked a bit startled and then replied, “I’ve been working here three months and…
In the past, many whistleblower claims arose out of simple revenge. A fired or aggrieved employee seeking retribution against his employer for a termination or demotion. Today, however, people are reporting complaints at an ever-increasing rate under a variety of…
Every now and then the listserv for the North Carolina Bar Association’s Bankruptcy Section lights up with a discussion which is of interest to creditors. One such discussion occurred recently regarding the duty of a creditor to report payments to…
Confusion often exists as to the differences between the multiple types of guaranty agreements and suretyship agreements in North Carolina. Although subtle differences can dictate when the liability of a party may be triggered, they do share some initial similarities. …
The Federal Reserve administers a key economic indicator, the federal-funds rate. Banks use the federal-funds rate to conduct overnight transactions which trade account balances maintained at the Federal Reserve. When the Fed raises this key rate, personal and business loan…
Generally speaking, secured lending is defined as a loan or extension of credit in which the borrower pledges an asset as collateral for the loan. A secured loan or transaction generally involves a two document system: an acknowledgment of the…
Have you ever heard of the Servicemembers Civil Relief Act (SCRA)? If not, you will as it appears it has reared its head in the court system, again. The basic premise of the SCRA is to prevent those in the…
By: Chad J. Cochran Non-compete agreements can have huge ramifications. Sometimes, they serve to protect a company’s vital clients. At other times, they prohibit an employee from finding gainful employment to support his family. As a result, judges generally…
“North Carolina is a debtor-friendly state.” A prominent North Carolina lawyer shared that sentiment with his newly-minted lawyer-daughter over and over again. She initially failed to appreciate the import of those words. After 20+ years of practice, the truth of…
An oft disputed, and occasionally misunderstood, provision in construction contracts is that of Liquidated Damages (commonly referred to as “LDs”). Generally speaking, Liquidated Damages refer to a sum of money which a party to a contract agrees to pay to…
Oftentimes when there are claims involving quality of construction, non-payment of subcontractors or suppliers, or payments due to a general contractor for money due from an owner, issues of licensure suddenly appear. Whether or not a general contractor and certain…
Non-Compete clauses have been an important tool in business practice for many years, used primarily in employer/employee relations and also as part of business purchases, both within the context of limiting future competition and adding value to the business. When…
Bankruptcy is designed to give debtors a “fresh start.” Accordingly, a bankruptcy discharge releases a debtor from liability for certain debts which the bankrupt party previously owed. A debt discharged in bankruptcy is no longer owed. Bankruptcy is often cruel…
The North Carolina Land Title Association (NCLTA) played a large role in the 2012 updates to North Carolina’s construction lien statutes, and the NCLTA was again active in shaping 2017 revisions. The 2012 updates benefited title insurance companies by creating…