Creditors' Corner for January, 2012

by MCM Litigation Department

The January Creditors' Corner discusses the following topics: (1) Tweeting Bankers Run Risks, (2) Court Upholds 365/360 Method on Variable Rate Note, and (3) Avoidable Payments from Intermediaries, Agents or Trust Accounts.

"Estate Administration Procedures" Online Seminar, January 17

by Scott Nelson, MCM

Properly Administer Your Client's Estate: Do you have a solid understanding of proper procedures surrounding estate administration? Do you feel confident that you can overcome the wide array of challenges you may face while working with each estate's unique requirements? Join us and gain a comprehensive understanding of the estate planning process so you can easily organize and manage your responsibilities. Register online at www.nbi-sems.com, product ID: 58783ER

December Creditors' Corner

by MCM Litigation Department

The December Creditors' Corner discusses the following topics: (1) Losing the Upper Hand in Subordination Agreements, (2) Significant Amendments to Bankruptcy Rules and Revised Forms, and (3) Article by Andrew Moratzka on Priority Disputes with Federal Tax Liens

American Bankruptcy Institute Journal Article: "Priority Disputes with Federal Tax Liens"

by Andrew Moratzka

Attorney Andrew Moratzka addresses a recent decision regarding the priority of a bank’s security interest in rents over a federal tax lien in his article recently published in the American Bankruptcy Institute Journal.

Article on Estate Planning "Transfer Tax and Succession Planning - Seize the Moment"

by Scott Nelson

Attorney Scott Nelson provides a succinct estate planning tutorial regarding the imminent changes in our federal estate and gift tax law. This article was published in the November Newsletter, Sage Solutions.

Luncheon December 7, "Finding the Right Buyer for Your Business"

by Jon M. Tynjala

Jon M. Tynjala of MCM is presenting at this luncheon for business owners from 11-1 pm in Minneapolis. The presentation will cover thefollowing topics: How to convert your business into a retirement income stream. What types of buyers are available in the market? What happens to my company if I sell to a larger company or private investment group? See attached PDF file for registration information.

Creditors' Corner for November, 2011

by MCM

The November issue of the Creditors' Corner discusses the following topics: (1) Damned If You Do Damned If You Don't, (2) Priority Rules For Simultaneous Money Mortgages, (3) Bankruptcy Appellate Panel Rejects "No Harm, No Foul" Rule On Pre-Bankruptcy Transfers of Exempt Property, and (4) Livestock Producer Denied Discharge for Failing to Explain Loss of Cattle.

Free Webinar on Estate Planning: "Protecting You and Your Loved Ones"

by AICPA

Invite your clients to the free consumer-oriented webinar, "Protecting You and Your Loved Ones: Practical and Vital Estate Planning Information For Consumers in Plain English", to be held Oct. 18, 2:30 to 3:30 p.m. Eastern time during Estate Planning Awareness Week. Martin Shenkman, CPA/PFS, and Lisa Featherngill, CPA/PFS, will lead practitioners, their clients, and consumers in a practical and understandable discussion of key estate-planning concepts that affect everyone including steps in the estate-planning process, the building blocks of your estate plan, estate planning with regard to charitable giving and chronic illness, and how your CPA financial planner can simplify your estate plan and save you time and money. This webinar is free for everyone to attend; no CPE will be offered. Open the PDF file for a link to register.

Estate Planning for the Entertainer or Athlete

by Scott Nelson, MCM

This article written by Scott Nelson of Mackall, Crounse and Moore titled Estate Planning for the Entertainer or Athlete was published in the Summer 2011 issue of "Entertainment and Sports Lawyer".

Creditors' Corner for October, 2011

by MCM Litigation Department

(1) Minnesota Court of Appeals Confirms Strict Construction of Notification Requirements for Livestock Production Input Liens; (2) Creditors can Recover from NOLs; and (3) Converting Non-Exempt Personal Property into Homestead Exemption Property.

"Estate Planning for Spouses" Online Seminar October 13

by MCM

Scott M. Nelson will present this online seminar that reviews key issues, rules and challenges associated with estate planning for spouses. He will cover the options available with the spousal tax exemption, and discuss the estate planning challenges arising with blended families. This legal briefing is designed for attorneys, but will also benefit estate and financial planners, trustees, and paralegals. Register online at www.nbi-sems.com, product ID: 57935ER

Scott M. Nelson to Present at the MN Association of Probate Registrars

by MCM

The Minnesota Association of Probate Registrars is hosting their 2011 Education Day and Annual Meeting, September 30, 2011. Scott has been invited to present on the topic “Probate in a Nutshell”.

NEW Facing the Issues: Estate Planning

by MCM Estate Planning Group

This new newsletter features articles by the estate planning department: (1) 2011 Expansion of Minnesota Estate Tax Exemption, (2) Increased Lifetime Gift Tax Exemption - Once in a Lifetime, (3) Portability of Estate and Gift Tax Exemptions; and (4) Recent Addition at MCM in the Estate, Trust and Elder Law Section

September Creditors' Corner

by MCM Litigation Department

(1) 8th Circuit Bankruptcy Appellate Panel Rules that Completely Unsecured Junior Liens can be Stripped In Chapter 13 Plan; (2) A National Bank is a Citizen of the State Where it's Articles of Association Provide its Main Office is Located; and (3) Are You Mediating in Good Faith?

Scott M. Nelson Joins the Firm

by MCM as of July, 2011

We are pleased to announce that Scott M. Nelson has joined the firm as a Member in the practice areas of Estates & Trusts, Tax, and Business and Corporate Law.

Scott M. Nelson to Present Estate Planning Seminar

by MCM

The seminar, Basic Tax Consideration for Drafting Wills and Trusts is an overview and update on the tax rules and tactics used in planning for estates, presented by Scott Nelson on Thursday, July 21, 2011 as an NBI, Inc. Electronic Seminar

July Creditors' Corner

by MCM Litigation Department

(1) Tensions Surround Letters of Credit in Bankruptcy; (2) Bank's Mortgage Preserves Priority Lien on Rents Generated After Filing of Federal Tax Lien; (3) Parent Company's Grant of Security Interest in Subsidiary's Deposit Account Survives Attack from Bankruptcy Trustee

June Creditors' Corner

by MCM Litigation Department

(1) Lender liability for clean water compliance; (2) Fraud claims against bank unloading bad loans to new lenders fail but aiding and abetting and conspiracy claims survive summary judgment; (3) Private employers may discriminate in hiring based on past bankruptcy filing.

Creditors' Corner for May, 2011

by MCM Litigation Department

(1) Use of leverage in negotiations is not inequitable conduct; (2) Power of attorney authorizing assignment of mortgage need not be of record for foreclosure by advertisement; (3) Proceeds from personal injury suit not exempt from garnishment.

Robert W. Due Elected Chief Manager

by MCM

Creditors' Corner for April, 2011

by MCM Litigation Department

(1) What defines a security interest outside of the UCC?, (2) Automatic stay does not apply in debtor's third bankruptcy filing within a year

Creditors' Corner for March, 2011

by MCM Litigation Department

(1) Seeking a lift of the automatic stay on a multi-collateral credit; (2) Incomplete financial statements to bank not fraudulent; (3) Proper investigation and response by lender to consumer dispute notice from credit agency results in dismissal of FCRA claim

Attend the Employment Law Seminar, March 16

by MCM Employment and Benefits Group

Please join us on Wednesday, March 16 for this half-day seminar designed to update you on the latest developments in employment and employee benefits law. RSVP to Tammy Lanning at tll@mcmlaw.com or 612-305-1529.

Creditors' Corner for February, 2011

by MCM Litigation Department

(1) Credit Bidding in Bankruptcy Sales; (2) Court holds that Sale of Accounts is a Preferential Disguised Loan; (3) Farmer's Debt Non-Dischargeable where he provided False Asset and Liability Estimates and fed the Cooperative's Collateral to his Herd

Creditors' Corner for January, 2011

by MCM

(1) Is it a Guaranty of Collection or of Payment?, (2) Correctly Indexed Mortgage with Incomplete Legal Description Subordinate to Federal Tax Lien

The Continually Narrowing View of Name Sufficiency under section 9-503 of the UCC

American Bankruptcy Institute Journal

by Andrew P. Moratzka

As the reader may be well aware, a financing statement must sufficiently provide the name of the debtor to be effective under the Uniform Commercial Code (UCC). UCC §9-503(a).

Recoupment and Setoff Under State Law

American Bankruptcy Institute Journal

by Andrew P. Moratzka

Relying on Travelers Casualty & Surety Co. of Am. v. Pacific Gas and Electric Co., 127 S.Ct. 1199 (2007), the bankruptcy court in In the Matter of Bill Heard Enter. Inc., 2009 WL 416313 (Bankr. N.D. Ala. 2009), recently determined that state law governed the issue of recoupment. The Heard court provided further state law analysis under setoff.

"First Annual Second Harvest Heartland Food Mania Challenge - Big Success!"

Minneapolis/St. Paul Business Journal

by Second Harvest Heartland

Arbitration: To Do or Not To Do

Mackall, Crounse & Moore, PLC

by Lawrence R. Commers

In a recent U.S. Supreme Court decision, Hall Street Associates, LLC v. Mattel, Inc., the Court imposed certain restrictions on arbitration provisions that businesses had been incorporating into their mandatory arbitration provisions. Business arbitration provisions oftentimes expressly included expanded grounds for judicial review of arbitration awards where the findings of fact were not supported by substantial evidence, or if the arbitrator’s conclusions of law were erroneous.

Law firms compete to help food bank

Star Tribune

by David Phelps, Janet Moore, & Neal St. Anthony

Creative fundraising Law firm Mackall, Crounse & Moore and accounting firm Eide Bailly have tapped the competitive instincts of their professional brethren to raise what they hope will be $150,000 in food, cash and volunteer time for Second Harvest Heartland, Minnesota’s largest hunger-relief organization.

Negative Equity for "910-Day" Vehicle Purchase Receiving Positive Treatment for Creditors

American Bankruptcy Institute Journal

by Andrew P. Moratzka

Bankruptcy Courts have increasingly been faced with the issue of how to address negative equity in conjunction with the valuation of “910-day” vehicles.

Eighth Circuit Refuses to Conflate Constitutional Standing Doctrine with In Pari Delicto Defense

American Bankruptcy Institute Journal

by Andrew P. Moratzka

In Moratzka v. Morris, et al. (In re Senior Cottages of America LLC),— F.3d—, 2007 WL 958145 (8th Cir. 2007), the Eighth Circuit aligned itself with the First, Third, Fifth and Eleventh Circuits in holding that a corporate insider’s collusion with third parties to injure the corporation does not deprive the corporation (or a subsequently appointed bankruptcy trustee) of standing to sue third parties. In Moratzka, the chapter 7 trustee, Timothy D. Moratzka, brought an action against the defendants, former attorneys for debtor Senior Cottages of America LLC (SCA), Murray Klane, SCA’s majority shareholder (Klane) and Millennium Properties LLC (MP), alleging claims for malpractice and aiding and abetting a breach of fiduciary duty.

Secured Creditors Note: SARE Analysis Remains the Same under BAPCPA

American Bankruptcy Institute Journal

by Andrew P. Moratzka

For some time, secured creditors have had the ability to expedite a debtor’s bankruptcy proceeding under §362(d)(3) of the Bankruptcy Code. In order to use that section, however, the debtor must qualify as a single-asset real estate debtor (SARE) under §101(51B) of the Code. BAPCPA amended this definition to specifically exclude a family farmer and delete the reference to a $4 million cap. The effect of these edits was recently analyzed by the Fifth Circuit.

Minnesota Lawyer names MCM Attorney Up & Coming

MINNESOTA LAWYER

by Jane Pribek

When people see news about a local utility’s rate hike,they often feel powerless to stop it. Not Andrew P.Moratzka, an energy law attorney with Mackall, Crounse & Moore in Minneapolis, who devotes a fair amount of his time to this type of complex litigation.