Category Creditor Rights
Loans, Mortgages, and Liens
by Bryan Lane Berson, Esq. Collateral is an essential component of loan transactions. Realty (i.e., real estate) or personalty (i.e., personal property) can serve as collateral. The creditor’s (i.e., lender) interest in the collateral depends on the transaction, loan, property, and law. The debtor (i.e., borrower) will acknowledge that it is conveying an interest to […]
Handling Less Than “Full Payment” Checks in New York
by Bryan Lane Berson, Esq. Suppose a customer owes a vendor $75,000, but he gives a check for $50,000 and the memorandum says “full payment.” The “full payment” notation is a “restrictive endorsement.” Perhaps the customer is playing a stealthy trick. Perhaps he genuinely believes he owes $50,000. Regardless, the check is $25,000 short, and […]
Security Agreements: Ensuring Payment with Collateral
by Bryan Lane Berson, Esq. One of the most important aspects of commerce is getting paid – promptly and in full. Security agreements are under-utilized devices that sellers can use to enforce their rights if buyers default on their obligations. (To clarify, here, “security” refers to collateral, not stock or protection.) Obviously, parties expect payment […]
Berson Firm's Constructive Knowledge 