Banking & Financial Services Industry Blog


Overview of Florida’s New Uniform Commercial Real Estate Receivership Act

On July 1, 2020, the Uniform Commercial Real Estate Receivership Act (“Act”) became law in Florida as part of the newly created Chapter 714 of the Florida Statutes. The Act codifies existing common law in Florida regarding the right to … Read Full Post

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Mitigating Risks Associated with Hotel, Restaurant and Entertainment Industry Economic Challenges – Part 3: Commercial Mortgage Default Options Including Acceleration and Enforcement of Personal Guaranties

In reviewing a loan file after a default by a borrower, lenders should evaluate whether the loan includes an acceleration clause and whether the loan is secured by any personal guaranties. With commercial loans, typically the loan documents will include … Read Full Post

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Avoiding Wage and Hour Lawsuits in the Financial Services Industry

Wage and hour lawsuits under the Fair Labor Standards Act (“FLSA”) make up a significant percentage of employment lawsuits in the United States, and particularly in Florida. That trend holds true in the financial services industry, despite such lawsuits being … Read Full Post

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Certification of Original Promissory Note is Required To Bring a Mortgage Foreclosure Action

In 2013, the Legislature enacted Section 702.015, Florida Statutes, which sets forth new pleading requirements for residential foreclosure actions. At that time, the Legislature requested the Florida Supreme Court to amend the Florida Rules of Civil Procedure to provide expedited … Read Full Post

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Bringing a Residential Foreclosure Action? You Need a Verified Complaint

In 2010, the Florida Supreme Court amended Florida Rule of Civil Procedure 1.110(b) to include a verification provision in foreclosure complaints. Subsequently and in an effort to expediate the residential foreclosure process in Florida, the Legislature enacted Section 702.015, Florida … Read Full Post

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What are the Conditions Precedent (if any) to Perfecting a Claim to an Assignment of a Life Insurance Policy as Security Collateral for a Loan?

When lenders take life insurance policies as collateral for loans, they need to be aware of what needs to occur to place a claim in the event their borrower dies. Furthermore, in the event the collateral was pledged to multiple … Read Full Post

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Classifying SBA Loans in Liquidation Status

Lenders, including 7(a) lenders and Certified Development Companies (“CDC”), must be proactive in recognizing when a loan should be classified in liquidation status, and understand the necessary steps in the liquidation process. Lenders who act promptly and follow the necessary … Read Full Post

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Mitigating Risks Associated with Hotel, Restaurant and Entertainment Industry Economic Challenges – Part 2: Pre-Foreclosure Loss Mitigation Options

After a borrower default, lenders have multiple options to consider.  While foreclosure may be inevitable, with the right facts and strategy, lenders can minimize their risk and maximize their potential recovery. Part 1 of this series provided a general overview … Read Full Post

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SBA 504 Loan Liquidation: Which Liquidation Actions Require SBA’s Pre-Approval (Part 2)

504 Loan Liquidation Actions This article is Part II of a two-part blog series, designed to assist 7(a) lenders and Certified Development Companies in determining which liquidation actions require SBA’s pre-approval on SBA loans. Part II in this blog series … Read Full Post

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Mitigating Risks Associated with Hotel, Restaurant and Entertainment Industry Economic Challenges – Part 1: Introduction and Considerations When Hotels and Restaurants Default on Their Mortgages

Given the industry-wide effects from COVID-19, lenders are already aware that many clients in the hospitality industry will have difficulties staying current on their mortgages and loan obligations.  This is especially true for hotels and restaurants.  This blog series focuses … Read Full Post

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