Obviously, creditors would like to obtain as much security as possible prior to making a loan, but it is also important to keep in mind the Equal Credit Opportunity Act (ECOA). For anyone not familiar with the ECOA, it is a federal law that prohibits lenders from discriminating against borrowers based on their race, religion, national origin, sex, or marital …
Renewing a Judgment for Money in North CarolinaBy James R. VannAttorney at LawSuppose your business was awarded a substantial money judgment eight years ago and it has never been collected or only a portion was collected. You know that your judgment is valid for ten years from the date it was awarded by the Court, and you do not want …
Most businesses and business people are all too familiar with the protracted exercise that is involved when attempting to collect on a judgment. Few, however, are as familiar with two potentially powerful methods that can be used before entry of a judgment and may alleviate the need for drawn out post-judgment execution proceedings.
Obtaining a judgment in court is only the first step in pursuing delinquent accounts. While a judgment is a binding acknowledgement that money is owed, it does not actually force a debtor to pay. In light of that, and in order to combat a debtor’s avoidance efforts, there are some important things that need to be done after a judgment …
Over the past couple of years, there has been a substantial increase in foreclosures in North Carolina and around the nation. Certainly, the poor economy has been a major reason for the increase. However, according to the Greater Wilmington Business Journal, foreclosures in North Carolina declined in September. Many of our clients make use of Promissory Notes secured by Deeds …
North Carolina has been making headlines. Why? Because in October 2010, the state’s residential foreclosure rate increased 40 percent from last year’s figure and 13 percent from September 2010’s figure. According to the Irvine, CA based company Realty Trac Inc., which keeps tabs on default notices, auction sale notices, and bank repossessions, in October 2010, 4,818 North Carolina homes were …
In the recent North Carolina Court of Appeals case, Gardner v. Tallmadge, the Court held that a foreign judgment (a judgment issued in another state) was not enforceable in North Carolina since the Ohio court that originally issued the judgment lacked subject matter jurisdiction to do so. In Gardner, Mr. Tallmadge entered into a demand cognovit promissory note with Mr. …
