Limitations to the “Written Instrument” judgment interest rate in Michigan
- January 31st, 2011
- W. Jay Brown
- Comments Off on Limitations to the “Written Instrument” judgment interest rate in Michigan
The statutory money judgment interest rate in Michigan is at a new low – – 2.553% as of January 1, 2011. With this paltry statutory rate, the inquiry of the applicable judgment interest rate takes on added importance. If you…
Duty of Reasonable Inquiry does not include Bankruptcy Search
- November 17th, 2010
- W. Jay Brown
- Comments Off on Duty of Reasonable Inquiry does not include Bankruptcy Search
Like many attorneys, I’ve experienced the uncomfortable feeling of being blindsided by a previously unknown fact that a client should have told me being raised in litigation. The recent opinion issued by the Michigan Court of Appeals in Food Solutions…
Defending Collections against Spousal Guaranties
- September 23rd, 2010
- W. Jay Brown
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It’s becoming an all-too-familiar fact pattern: a former spouse loses his business and is uncollectable/bankrupt leaving the bank to look to the former spouse for collection pursuant to a guaranty taken out during the marriage. In those instances, lawyers need…
Deficiency Actions against Guarantors
- January 22nd, 2010
- W. Jay Brown
- Comments Off on Deficiency Actions against Guarantors
Recently, the Michigan Court of Appeals in Dearborn Capital Corporation v Facundo Bravo, (Docket No. 284274 released 9/22/09) issued a decision that serves as a harsh reminder to creditors of the consequences of failing to observe the letter of the…