Posts by On Behalf of Giddens & Gatton Law, P.C.
Receivership as an Enforcement Mechanism
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 terms. Nor is it unusual for lenders to demand that…
Read MoreSeismic Data Provider Files Chapter 11 Reorganization
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 to clients overseas suggesting the American market for its services has become overly competitive.…
Read MoreVoiding Preferential Transfers in Chapter 7 Bankruptcy Cases
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 United States Bankruptcy Court illustrates how a court can carefully determine if a transfer…
Read MoreChain of Title Inconclusive in Foreclosure Action
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 agreement with First Franklin Financial…
Read MoreHOW BORROWERS CAN RESCIND CERTAIN LOAN TRANSACTIONS POTENTIALLY TO BE REVIEWED BY U.S. SUPREME COURT
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 until midnight of the third business day following . . . the delivery of the…
Read MoreNew Deals Bring Ultimate Resolution of Detroit Bankruptcy Closer
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 had insured municipal bonds in an interest-rate swap. The nature of…
Read MoreUse of Protective Order in Litigation to Prevent Fishing Expedition
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 parties commence a period (generally but not exclusively six months in duration)…
Read MoreBrookstone in Bankruptcy Granted Financing as it Pursues Sale
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 stores. Unfortunately for Brookstone, Inc. downward sales figures necessitated it file Chapter 11 bankruptcy.…
Read MoreGovernor Vetoed Bill Giving LLCs the Tax Exemptions of 501(c)(3)s
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 sole member. This gives that individual the…
Read MoreRisk of Losing Home for Failure to Pay Property Taxes Very Real
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 for which the taxes…
Read More