Description
Gain an understanding of how to collect outstanding amounts owed through judicial and nonjudicial methods.When a commercial business defaults on a loan or other contractual agreement, and it is apparent that payment will not be forthcoming, time is of the essence to preserve the creditor’s rights and begin the collection process immediately. This course will explore the collection process to understand how to preserve the creditor’s rights and efficiently and effectively collect the outstanding amounts owed through judicial and nonjudicial methods. The material will review judicial and nonjudicial collection remedies and when each is appropriate. Failing to understand the available collection methods for commercial debts and to act quickly can cause delays and expenses that are unnecessary. This information is critical for commercial businesses and lending institutions to help them understand the various collection methods available and the situations when each should be employed.
Date: 2022-04-19 Start Time: End Time:
Learning Objectives
Beginning Collection Process • Preliminary Issues
• Understanding the Legally Relevant Documents
• When Is Notice Required Prior to Collections?
• Judicial vs. Nonjudicial Remedies (Pros and Cons)
Nonjudicial Collection Remedies
• Debts Secured by Real Property
• Foreclosure by Advertisement (State Specific)
• Assignment of Rents
• Self-Help Remedies
• Debts Secured by Personal Property
• UCC Article 9 Sale
• Setoff/Recoupment Rights
Judicial Collection Remedies
• Possible Claims for Litigation
• Judicial Foreclosure
• Claim and Delivery/Replevin
• Post-Judgment Collection Methods
• Judicial Seizure of Assets
• Garnishments
• Creditors Examination
Receiverships
• Determining If a Receiver Is Necessary and Appropriate
• Removes Debtor From Control of the Business and Collateral
• Potential Ability to Sell Business as a Going Concern
• Avoiding Potential Environmental Issues and Other Benefits
Individual Guarantors
• Creditors Examinations
• Judgment Liens
• Garnishments
• Procedural Pitfalls and Exemptions
Bankruptcy Issues
• Business Bankruptcies • What to Look for and How to Protect Your Interests
• Individual Bankruptcies • Cost/Benefit Analysis of Active vs. Passive Participation
CLE (Please check the Detailed Credit Information page for states that have already been approved) ,CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Emily M. Coyle-Plunkett Cooney, P.C., Michael A. Fleming – Plunkett Cooney, P.C.
