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 an acceleration clause, which allows the lender to accelerate all […]
Generally, a commercial landlord does not have a duty to mitigate or reduce its damages after a tenant breaches the commercial lease agreement. See Coast Fed. Savs. & Loan Ass’n v. DeLoach, 362 So. 2d 982, 984 (Fla. 2d DCA 1978). However, there is an exception where the commercial landlord […]
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 of the series and initial considerations for lenders dealing with […]
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 on mortgage lending with regard to hotels and restaurants and […]
Part 1 of this series provided an overview of Florida’s Consumer Collections Practices Act (FCCPA) and explained why it is imperative for all business owners to be aware of, and understand, the FCCPA. This article explores Section 559.77’s bona fide error defense and how businesses can be prepared to defend […]
All businesses in the state of Florida need to be familiar with Florida’s Consumer Collection Practices Act (“FCCPA”). The FCCPA is found at Sections 559.55-559.785 of the Florida Statutes. The FCCPA is intended to protect consumers and is intentionally unfair to creditors. See §559.552, Fla. Stat. (2019); Kelly v. Duggan, […]
The novel coronavirus pandemic and related government “stay at home” and “shelter in place” orders are causing serious negative financial impacts to business of all types. Many of the hardest hit industries, such as restaurants and retailers, are industries in which a large portion of the business may be operated […]
Motion and/or Affidavit of Prejudgment Writ of Garnishment, §77.031 Fla .Stat. Garnishment is a statutory remedy used to reach tangible or intangible personal property of a debtor while that property is in the hands of a third party. A very common example of such is garnishment of a debtor’s wages […]
Every small business contract should include a provision that states that the business is entitled to recover the maximum rate of interest permitted by law both prejudgment and postjudgment. Many contracts provide for the recovery of interest, but very few provide for the recovery of postjudgment interest at the highest […]
Including an attorneys’ fees provision in a small business contract is vital when a small business wants to sue to enforce its contract. Without an attorneys’ fees provision, a lawsuit may become cost prohibitive for a small business. Part 1 of this Blog provided an overview of the importance of […]