A promissory note establishes a contractual obligation for one party to repay another and sets forth the payment terms and rights upon default. As its name implies, it is a promise made by one party to pay another. A note can be used to document the terms of a loan or a debt repayment. Our clients often use promissory notes secured by confessions of judgment to resolve past due accounts either before a lawsuit is filed or to settle a case after it is filed.
A deposition is a discovery tool wherein a witness is placed under oath and required to respond orally to questions from one or more lawyers. Depositions are frequently requested of parties. Other times, depositions are requested of non-parties who may have knowledge regarding the facts and circumstances surrounding a particular case. If you are not a party to a lawsuit and are asked to provide a deposition, you should not panic, but instead you should determine what information you have and how to best share that information in a way that is minimally invasive to your schedule.
In this session of the Vann Attorneys Video LegalPad, Ian Richardson answers the question, “What is a deed of trust?”
In this episode of the Vann Attorneys Legal Pad Podcast Attorneys James Vann and Ian Richardson discuss the process of executing on a judgment against a corporate debtor.
Disputes among business partners are common. Some can be resolved amicably, but there are times when a dispute can become disastrous for the business. Having a plan for resolving the inevitable disagreements can help the business move forward more easily and can relieve some of the tension among the partners.
How do you document a situation where you are owed money in a business transaction? Can you draft your own promissory note? What specifics are needed in a promissory note? I have heard of a Confession of Judgment but what is it and how can I use it to benefit my business?
What constitutes a contract and when is a contract formed is a great question to consider. We look at a lot of contracts and issues for our clients surrounding contract questions. Many of our business clients have a great understanding of what a contract is and how it is formed. As we all continue to learn, some facts can change what appears to be a straightforward looking transaction.
Starting a new business is always a thrilling endeavor filled with excitement, enthusiasm and fear. When to start the new business is always a question business owners often contemplate. When should the owner incorporate the business, what is the economy doing, when is the greatest need for the business, is one time better than another are all questions that business owners ponder.
Often I get phone calls where a potential clients wants to share with me a conversation that they had with a party they are involved in a dispute with. Sometimes, the conversation which is being recounted to me sounds as though it was in the context of settlement. An analysis must then to be done as to what extent, if at all, the conversation might be admissible in a courtroom one day.
Lawyers often hear the question, “Where should my lawsuit be filed?” Or someone might ask, “Was this lawsuit filed in the correct court?” These are important questions, the answer to which should inform your next steps in a legal matter.
This is a very common question from clients and potential clients. As you may expect, the answer is: it depends. There are many factors to be considered when contemplating litigation. These factors include…
I frequently receive phone calls from upset business owners who are dealing with either disgruntled employees or customers. In the age of the internet and social media, more often than not, the employee or customer has posted something negative online. Usually the business owner will approach me with some type of working knowledge of North Carolina defamation laws, as their first step after reading the review tends to be performing a Google search on what their legal rights might be. With these types of claims it is important to have a lawyer who views themselves not only as an advocate but also as a counselor and advisor.
As we all know, it is important to know who you are contracting and working with in the business context. Especially when there is a business entity involved. Do you know the actual and correct business name? In the construction trade, if the company says they are owner of real estate, does that matter for lien rights?
I have a friend who is a lawyer in another state. He and I were talking one day and I asked him, “If you were to give any advice to a lawyer representing a client in an active court case, what advice would you give him or her?” He chuckled, thought for a moment, and then gave me some good advice.
This webinar discusses how to best protect your business when your customers file bankruptcy. How should you respond? What can you do to protect your business now? What are preference payments and how do you avoid them? Are you a secured or unsecured creditor?
As you know, for the past several weeks, courthouses and judicial employees across the State have been operating in a limited capacity with regard to court hearings and other judicial proceedings. Chief Justice Cheri Beasley issued orders postponing certain court hearings and limiting courthouse activity. Justice Beasley also extended filing and other court-related deadlines to June 1, 2020.
Each business incorporated with the North Carolina Secretary of State’s office is required to file an annual report with the Secretary of State’s office each year. The type of business entity will likely determine when the report is actually due to the Secretary of State. If you as a business owner have several incorporated businesses which differ in the type of entity (a corporation, an s-corporation, limited liability company, etc.), your annual reports could be due at different times.
Given the current state of things, it can be very tempting for individuals and small businesses to want to take on new business ventures or enter into new business deals right now. When entering into any business agreement with any person or entity, new or familiar, we urge you to have a written contract detailing the terms and conditions of the agreement.
I recently had the privilege of speaking to a business trade association on the topic of antitrust. This topic and discussion reminded me of the importance of how business need to comply with the federal and state laws on antitrust. The antitrust law, federal and state, are designed to protect the public.
“Can I recover my attorney’s fees?” is a question we often receive at the outset of litigation. The general rule in North Carolina is that each party is responsible for its own attorney’s fees, unless the contract or a statute provides otherwise.
