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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DDB argues in the Nebraska Supreme Court
https://supremecourt.nebraska.gov/video-arguments-05-25-2022
Begins at 37:30 ...
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A trap for the unwary: Adding children to a deed.
It is so easy to add a child as an owner of real estate. Just get a deed online and file it with the Register of Deeds. People think that this is a good thing, but all sorts of unintended bad things can happen. 1. If the pre-existing owner is admitted into a nursing home within five years of the transfer, the conveyance can be used to delay Medicaid eligibility. The gift is without consideration and DHHS doesn't look kindly on that. The really bad part of this is that a person's home is exempt when applying for Medicaid. 2. The child is now an owner and that asset is subject to the claims of the child's creditors. All sorts of bad things can ...
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