In the matter of Willoughby Supply Company v. Robert Inghram, the Ohio Eleventh District Court of Appeals affirmed a decision upholding an owner’s oral guaranty of a corporate debt through the application of the leading object rule. In the case Robert Inghram was the owner and sole shareholder of a […]
On August 4, 2014 the Office of the Comptroller of the Currency (“OCC”) issued new Risk Management Guidance to all National Banks and Federal Savings Associations regarding the sale of consumer debt. The OCC bulletin issues guidance on best practices and procedures for the sale and resale of debt from […]
Inherited IRAs are not exempt in Chapter 7 bankruptcy During bankruptcy, the assets of the debtor are placed in a bankruptcy estate, which is used to pay back creditors. In order to allow for the debtor to have a fresh start with the ability to provide for his or her […]
In March of 2014 the US District Court of for the Eastern District of Kentucky discussed the application of the Fair Debt Collection Practices Act (“FDCPA”) to bankruptcy proof of claim filings. Plaintiff, Mallard, filed an adversarial proceeding with the bankruptcy court alleging that Defendant’s failure to redact numerical medical […]
The Indiana Court of Appeals has held that an out-of-state debt collector with no physical place of business in Indiana is not required to obtain a license from the Indiana Department of Financial Institutions (“DFI”) to collect debts within the state. In Wertz v. Asset Acceptance, LLC, Nathan Wertz (“Wertz”) […]
The Federal Carmack Amendment preempts all state law claims against common carriers for damaged interstate shipments according to the Ohio Court of Appeals in the Fourth Appellate District. Originally enacted in 1906 as an amendment to the Interstate Commerce Act of 1887, the Carmack Amendment is designed to provide a […]
The Indiana Court of Appeals overturned a superior court ruling finding that the doctrine of promissory estoppel is applicable to verification letters in factoring contracts and should control in the case of Sterling Commercial Credit – Michigan, LLC v. Hammert’s Iron Works, Inc. 998 N.E.2d 752 (Ind. Ct. App. 2013). […]
Ohio has adopted the Uniform Fraudulent Transfer Act, which prevents debtors from transferring assets to defraud creditors. ORC § 1336. The Ohio Court of Appeals recently detailed the broad equitable powers that the courts possess to rectify fraudulent transfers of property used to hide assets from creditors in their decision […]
On June 27, 2013, the Ohio Court of Appeals decided the matter of Patrick Garber v. STS Concrete Co., LLC. The appellants claim the trial court erred in awarding the Appellee treble damages and attorney fees when he was also allowed to rescind the contract. They also claimed that holding […]
Last month, the United States District Court for the Eastern District of Michigan handed down a decision regarding release agreements. The case involved a personal debt owed by Jamie Hines to A&A American Financial, LLC (A&A), who was represented by G. Reynolds Sims & Associates (GRSA). GRSA obtained a default […]
Chapter 1317 of the Ohio Revised Code deals specifically with retail installment sales. This statute defines retail installment sales as a contract to sell goods where the cash price may be paid in installments over time. The statute further states that lease-purchase agreements and layaway arrangements do not qualify as […]
Customer Service or Settlement Agreement? In December of 2012, the Indiana Court of Appeals made an important decision regarding settlement agreements. The appeals court reversed the decision made by the small claims division of the Allen Superior Court in the case of Vance v. Francisco Lozano, et al., finding that […]
On June 27, 2012 Senator Al Franken (D-Minn.) re-introduced the “End Debt Collection Abuse Act” (S. 3350) in hopes of creating a piece of legislation that will ultimately help consumers avoid the distasteful tactics of some debt collection companies and to provide more information to consumers regarding how to get […]
On June 8, 2012, The Ohio First District Court of Appeals affirmed the trial court’s decision that Twin City had breached the contract between the parties and agreed with the court’s awarded attorney fees. The awarding of late fees, however, was reversed since it was not part of the contract […]
