It is hardly uncommon that lenders, in some transactions, require a borrower to sign a promissory note or some other agreement to establish the terms under which a loan must be repaid and the consequences if the required amount is not repaid consistently with such...
Month: April 2014
Seismic Data Provider Files Chapter 11 Reorganization
by Giddens & Gatton Law, PC | Apr 28, 2014 | Bankruptcy
A Texas corporation which provides collected seismic data to oil and gas companies filed a Chapter 11 bankruptcy action in March. The company, Global Geophysical Services, Inc., has released statements indicating it hopes to reorganize and shift much of its operations...
Voiding Preferential Transfers in Chapter 7 Bankruptcy Cases
On Behalf of Giddens & Gatton Law, P.C. | Apr 26, 2014 | Chapter 7 Bankruptcy
The federal bankruptcy code contains provisions which seek to prevent claims from creditors based on preferential transfers made while the debtor was already insolvent and had reason to believe they would be filing for bankruptcy protection. A recent decision from the...
Chain of Title Inconclusive in Foreclosure Action
On Behalf of Giddens & Gatton Law, P.C. | Apr 25, 2014 | Bankruptcy
For the second time in the last year, the New Mexico Supreme Court held that a particular bank’s right to foreclose on a home owned by a borrower could not be enforced by grant of summary judgment. Back in 2007 Mr. and Mrs. Quintana entered in to a residential loan...
HOW BORROWERS CAN RESCIND CERTAIN LOAN TRANSACTIONS POTENTIALLY TO BE REVIEWED BY U.S. SUPREME COURT
On Behalf of Giddens & Gatton Law, P.C. | Apr 22, 2014 | Real Estate
The United States Supreme Court is entertaining two different petitions filed by home borrowers seeking to exercise their rights under the federal Truth-in-Lending Act. This law gives a borrower the right, under 15 U.S.C. § 1635(a), to "rescind the transaction...
New Deals Bring Ultimate Resolution of Detroit Bankruptcy Closer
by Giddens & Gatton Law, PC | Apr 21, 2014 | Bankruptcy
Progress on various fronts in Detroit’s Chapter 9 bankruptcy case provides hope that the City could emerge from bankruptcy by this fall. Recently the City’s Emergency Manager, after prodding by the case’s presiding judge, entered in to a deal with a few banks which...
Use of Protective Order in Litigation to Prevent Fishing Expedition
On Behalf of Giddens & Gatton Law, P.C. | Apr 18, 2014 | Business Law
When a plaintiff or plaintiffs file a civil lawsuit against a company or companies which it claims bears liability for some damages incurred by the plaintiff(s), after the initial filings of the Complaint by the plaintiff(s) and an Answer by the defendant(s), the...
Brookstone in Bankruptcy Granted Financing as it Pursues Sale
by Giddens & Gatton Law, PC | Apr 14, 2014 | Bankruptcy
Few nationally-known chains have attracted lovers of sleek gadgets like Brookstone. From massage chairs to modern electronic devices, shoppers at malls could always find reasons to fritter away idle moments perusing and, in some cases, using their merchandise in its...
Governor Vetoed Bill Giving LLCs the Tax Exemptions of 501(c)(3)s
On Behalf of Giddens & Gatton Law, P.C. | Apr 11, 2014 | Tax Law
LLCs are companies authorized by New Mexico law which bear some of the characteristics of a corporation. An individual or group can create a LLC under New Mexico law and deem himself, herself or itself – in the event it is a corporation or association - as the...
Risk of Losing Home for Failure to Pay Property Taxes Very Real
On Behalf of Giddens & Gatton Law, P.C. | Apr 9, 2014 | Tax Law
Homeowners in New Mexico who fail to pay the taxes on their real estate for a period of three years may lose their property at a tax sale. Section 7-38-48 (2003) provides that "taxes on real property are a lien against the real property from January 1 of the tax year...
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