Gain an understanding of how to collect outstanding amounts owed through judicial and nonjudicial methods.
When a commercial business defaults on a loan or other contractual agreement, and it is apparent that payment will not be forthcoming, time is of the essence to preserve the creditor's rights and begin the collection process immediately. This course will explore the collection process to understand how to preserve the creditor's rights and efficiently and effectively collect the outstanding amounts owed through judicial and nonjudicial methods. The material will review judicial and nonjudicial collection remedies and when each is appropriate. Failing to understand the available collection methods for commercial debts and to act quickly can cause delays and expenses that are unnecessary. This information is critical for commercial businesses and lending institutions to help them understand the various collection methods available and the situations when each should be employed.
Learning Objectives
- You will be able to recognize the items to be addressed before and after the default.
- You will be able to identify characteristics of Judicial versus Non-Judicial Remedies.
- You will be able to define Receivership, and identify the advantages of having one.
- You will be able to differentiate between Chapter 7, 11 and 13 Bankruptcy.
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Beginning Collection Process - Preliminary Issues
- Understanding the Legally Relevant Documents
- When Is Notice Required Prior to Collections?
- Judicial vs. Nonjudicial Remedies (Pros and Cons)
Nonjudicial Collection Remedies
- Debts Secured by Real Property
- Foreclosure by Advertisement (State Specific)
- Assignment of Rents
- SelfHelp Remedies
- Debts Secured by Personal Property
- UCC Article 9 Sale
- Setoff/Recoupment Rights
Judicial Collection Remedies
- Possible Claims for Litigation
- Judicial Foreclosure
- Claim and Delivery/Replevin
- Post-Judgment Collection Methods
- Judicial Seizure of Assets
- Garnishments
- Creditor's Examination
Receiverships
- Determining If a Receiver Is Necessary and Appropriate
- Removes Debtor From Control of the Business and Collateral
- Potential Ability to Sell Business as a Going Concern
- Avoiding Potential Environmental Issues and Other Benefits
Individual Guarantors
- Creditor's Examinations
- Judgment Liens
- Garnishments
- Procedural Pitfalls and Exemptions
Bankruptcy Issues
- Business Bankruptcies - What to Look for and How to Protect Your Interests
- Individual Bankruptcies - Cost/Benefit Analysis of Active vs. Passive Participation
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last reviewed on January 31, 2024.
Call 1-866-352-9540 for further credit information.
- AK CLE 1.0
- Alaska attorneys may receive 1.0 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.0
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.0 hours credit.
- AR CLE 1.0
- This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.0
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.0
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
- CT CLE 1.0
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
- GA CLE 1.0
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
- MO CLE 1.3
- This course qualifies for self-study CLE credit in Missouri.
- ND CLE 1.0
- North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.0 hours of CLE credit.
- NH MCLE 1.0
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 60 Minutes.
- NM CLE 1.0
- This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.0 hours of credit.
- NV CLE 1.0
- This program has been approved by the Nevada Board of Continuing Legal Education for 1.0 CLE hours.
- NY CLE 1.0 including Areas of Professional Practice 1
- This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.0 credit hours in the area(s) of Areas of Professional Practice for 1.00 hour. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Education- Noggin Guru, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
- RI CLE 1.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
- VT CLE 1.0
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WA CLE 1.0
- This program has been approved by the Washington State Board of Continuing Legal Education for 1.0 hours of A/V credit under the Law & Legal Procedure category.
CPE/NASBA - QAS Self Study 1.5 including Business Law 1.5
- Noggin Guru, Inc. dba Lorman Education Services and BankersHub is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.5 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Business Law for 1.5 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Emily M. Coyle
Plunkett Cooney, P.C.
- Member of Plunkett Cooney, P.C.’s Banking, Bankruptcy and Creditor Rights Practice Group
- Focuses practice primarily on the collection of commercial loans and debts along with loan modifications and workouts
- Represents a large range of clients in litigation involving commercial debts from national banks to small businesses, and remains active in the Federal Bar Association, American Bankruptcy Institute, and Debtor/Creditor Committee of the Oakland County Bar Association
- Presented workshops on various collection issues from fraudulent transfer litigation to the benefits of receiverships, and foreclosure law
- J.D. degree, magna cum laude, Western Michigan University Cooley Law School; B.S. degree, Juniata College
- Can be contacted at 248-594-8613 or [email protected]
Michael A. Fleming
Plunkett Cooney, P.C.
- Partner in Plunkett Cooney, P.C.’s Banking, Bankruptcy and Creditor Rights Practice Group, has represented creditors in bankruptcy for over 35 years
- Represents clients in numerous aspects of commercial and secured transactions, including loan workouts, foreclosures, commercial loan collections, business reorganizations, creditors’ rights, and business bankruptcy reorganizations
- Named a Best Lawyer in America for bankruptcy and creditor-debtor rights every year since 2015 and has achieved the highest rating in the Martindale-Hubbell Law Directory
- Member of the Turnaround Management Association and American Bankruptcy Institute
- J.D. degree, cum laude, Wayne State University Law School; B.A. degree, magna cum laude, University of Michigan-Dearborn
- Can be contacted at 248-901-4095 or [email protected]
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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