Featured in the November 2020 Issue Partner’s Perspective: Little Moments Are the Joys of Life Firm Nominated for Reader’s Choice Award – Vote Today Jimerson Birr Ranks Among “Best Law Firms” in America Long-time Northeast Florida Real Estate Development Executive Bill Garrison Joins Jimerson Birr as Firm Development Executive Curiosities, Ruminations […]
When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. Lenders must liquidate all personal property that has a Recoverable Value over $5,000. If the Recoverable Value is over $5,000, the lender must decide which method of liquidation is the most […]
Q: What is the Florida definition of a mortgage and debt? A: The word “mortgage” shall mean any written instrument securing the payment of money or advances and includes liens to secure payment of assessments arising under Florida Statutes Chapters 718 and 719 and liens created pursuant to the recorded covenants […]
When a borrower applies for a loan, most lenders require the borrower to pledge an asset as security for the repayment of the loan, i.e. collateral. In the event the borrower defaults, usually by failing to make loan payments, a secured creditor has a right to take possession of the […]
When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. Lenders must liquidate all personal property that has a Recoverable Value over $5,000. If the Recoverable Value is over $5,000, the lender must decide which method of liquidation is the most […]
Pursuant to the Miller Act and Florida’s Little Miller Act, when certain subcontractors and material suppliers have not been paid on public construction projects, they must file their lawsuit on the payment bond within one-year after the last day labor was performed or materials were supplied to the project. § […]
Conducting site visits are an important aspect of servicing SBA loans. Site visits allow lenders and CDCs to gain a first-hand impression of the borrower’s business operations, evaluate risks, and inventory the collateral. Frequent site visits help lenders and CDCs make prudent lending decisions by keeping them up-to-date with the […]
Jacksonville, Fla. – November 10, 2020 – Jimerson Birr, a full-service, Florida-based business law firm, has been named one of the “Best Law Firms” for the second year, according to U.S. News & World Report. Firms included in the 2021 Edition of “Best Law Firms” are recognized for professional excellence […]
If a borrower is experiencing difficulties making payments on their SBA loan, they may seek relief with the lender or CDC by requesting a loan modification or deferment. When a lender or CDC receives such a request from a borrower, the lender or CDC must be cognizant of the requirements […]
Lenders are responsible for servicing and liquidating all of the 7(a) loans in their portfolio. CDC’s are responsible for servicing 504 loans in their portfolio, but they will only be responsible for liquidating the loan based on its designation. Lenders and CDC’s must be cognizant about their responsibilities and authority […]