Lenders are refreshing their mortgage loan documents with provisions based on the “lessons learned” during the recent (continuing?) economic experience. One change is to add a service of process provision. The change is based on this basic lesson learned: when the tough times hit, borrowers and guarantors sometimes are hard to find. A few simply… Continue Reading
Tag Archives: service of process
It’s “That Time”: What are the Most Important Terms of a Guaranty?
Posted in Guaranty Issues, TrainingThe holiday season is behind us, but one of my favorite songs still resonates: "It’s that time of year, when the . . . ." Holiday season. Fireplace. Home. But it’s back to work, where . . . after being back at the law firm for several weeks, clearly we’re at "that time" of… Continue Reading
Lesson Learned in Finding Waldo: Lenders Focus on Notice Provisions
Posted in Good Times for Lenders, Market Trends, RemediesWhere is Waldo" isn’t just for kids. Tracking down a guarantor or key principal to give formal, legal notice of a law suit can be tougher than the most challenging "where is Waldo" illustration. I recently closed a new loan, where the lender took this approach in the notice provision, in an attempt to minimize… Continue Reading