I was elected as an attorney alternate to the Judicial Nominating Committee, Supreme Court, Fourth District. I just completed a term as a regular attorney member on another Supreme Court Nominating Committee.
Attorneys apply for judgeships. The committee then interviews and passes onto the Governor qualified candidates. This is a good thing as some unqualified attorneys have applied for judgeships in the past and their names weren't advanced to the Governor. We don't elect judges in Nebraska (thank goodness!), but judges do stand for retention elections.
Being a judge is a tough job and our state deserves the best and brightest in that ...
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Another DYI legal disaster
A matter recently came across my desk and it highlights why - even in the simplest legal matters - it is the smart to hire a lawyer.
Twenty years ago a guy lends a significant amount of money to a "friend." A promissory note is signed. Within the note, the friend offers collateral of his partnership interest in two very valuable commercial buildings in Omaha.
The problem? The lender didn't perfect his security interest in the collateral.
Result? Debtor sells his partnership interest in the two buildings and lender doesn't get paid. The note remains unpaid to this day.
If the creditor had perfected his security interest, he would ...
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The Danger of DYI legal work
A matter came across my desk recently. It was a "promissory note" downloaded off of the internet.
I put the term "promissory note" in quotes because while it was labeled a note, it wasn't.
A promissory note - in order to be a note and become negotiable - has to include the magic words "pay to the order of" or "pay to order of Bearer."
That sounds silly, but it is essential. Without the magic words, the payee can't sell or assign the note.
Another requirement is that the note has to have a payoff date. This "note" didn't have that either.
The worst aspect of this "note" was that there was no acceleration clause. What this means ...
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