The spate of class-actionGavel with Cash lawsuits against banks and credit unions (“Financial Institutions”) involving overdraft fees has prompted Indiana Financial Institutions to amend their existing account agreements to...more
In our October 2019 alert, we advised that LIBOR (London Interbank Offered Rate) will not be available for use as an interest rate index after December 31, 2021 (the LIBOR Cessation). As the end of 2021 approaches, here is...more
In 2014 the IRS issued Notice 2014-21 (“Notice”) regarding the application of the Internal Revenue Code to transactions using virtual currency. The IRS advised that virtual currencies which could be “customarily used and...more
The Small Business Administration (SBA) has become a direct lender to small businesses for emergency working capital needs due to the economic injuries that Coronavirus (COVID-19) is causing. Small for-profit and non-profit...more
Along with the Prime Rate, LIBOR (London Interbank Offered Rate) has been a benchmark index for short-term interest rates, going-on 40 years. Needing a short-term interest rate index besides the Prime Rate, bankers started...more
We know the drill for obtaining a perfected security interest in crops (corn and soybeans) and other farm products as collateral: (1) Have the borrower execute a security agreement granting a lien on the crops and (2) File a...more