SAVE THE DATE: August 28, 2018, at 3:00 p.m. EST
The growing importance of blockchain businesses, and particularly crypto currencies, is undeniable. Like every other important disruptive technology, think of the internet for example, there will be winners and losers among the early adopters, and serious business opportunities for “traditional” banks open to serving participants in the space. To be successful, it will be essential for crypto businesses to find financial institutions to serve their banking needs, such as the deposit of fiat money, the transfer of payments from customer and to creditors and suppliers, and potentially lending needs. But for now, while most bankers are interested, they are also worried about banking this industry of tomorrow. However, as the banking industry has proven over its long history, bankers will master the risks and rewards of servicing this new industry, and in doing so will come the capture of new sources of fee income and loan revenue. Read More ›
Ohio Enacts Law Acknowledging Blockchain Transactions and Granting Safe Harbor Protections to Eligible Businesses from Data Breach Claims
On Friday, August 3, Governor Kasich signed Ohio Senate Bill 220, which acknowledges for the first time the legitimacy of blockchain transactions as enforceable electronic transactions and creates an affirmative defense to tort actions against eligible businesses for claims relating to data breaches. The law goes into effect in 90 days. Read More ›
A lawyer’s usual task is to help solve the client’s current problem: resolve a dispute; close a loan; obtain a permit; avoid a conviction; etc. Lawyers are so task oriented that some consultants advise us to have task specific engagement understandings and send dis-engagement letters when a task is complete. For bankruptcy lawyers representing individuals in a Chapter 13 bankruptcy, the task at hand is getting clients to and through a confirmed Chapter 13 plan with the promised debt relief and fresh start. Read More ›
Lawyers representing creditors often compete with federal government claims against the same insolvent borrower/debtor. There are several common federal statutes that impact these disputes including: 11 U.S.C. Section 507; 26 U.S.C. Section 6321, et seq.; and 31 U.S.C. Section 3713. Read More ›
A federal tax lien arises when the Internal Revenue Service takes administrative action to note in its records that the taxpayer owes taxes – that is to say, when the tax debt is “assessed.” That lien attaches to all the taxpayer’s property and equitable rights to property as determined by relevant state law. 28 U.S.C. Section 6321. See https://www.blockchainandbanking.com/irs-liens-after-acquired-property-and-the-doctrine-of-choateness. Typically, assessment occurs when (i) the taxpayer files a return, (ii) the IRS adjusts a tax liability after an audit / appeal process, or (iii) the IRS files a “substitute return” for a taxpayer who failed to file a required return.
A prior blog post analyzed Green Tree Servicing v. Asterino-Starcher, et al., 2018-Ohio-977 (Franklin Cty. App., March 15, 2018), which advises, in part, “[a] foreclosure proceeding is a two-step process involving, first, the enforcement of a debt obligation, and, second, the creditor's right to collect against the security given by the borrower for that debt. . . . There is reason to distinguish the action on the note from the ensuing action against the associated collateral. The first claim involves only the maker of the note and the person entitled to enforce it. The second joins all those with an interest in the mortgaged property.” This article discusses what happens if a secured lender believes that quote and tries to collect the mortgage debt through two separate lawsuits. Read More ›
Foreclosure cases often proceed without participation or significant defense by the obligor / mortgagor because that party is without both any defense and any funds to pay counsel. That happened in Green Tree Servicing v. Asterino-Starcher, et al., 2018-Ohio-977 (Franklin Cty. App., March 15, 2018). In Green Tree Servicing, as sometimes occurs, a junior lienor had the motivation and resources to contest the foreclosure. Read More ›
Deal lawyers often seek to insure an outcome using multiple approaches simultaneously; this is colloquially labeled a “belt and suspenders” approach. Ohio’s Sixth Appellate District recently reminded us of the danger of over lawyering in an effort to secure a legal position. Read More ›
Internal Revenue Service liens attach to all a taxpayer’s “property and rights to property, whether real or personal, belonging to such person.” 26 U.S.C. Section 6321. A taxpayer’s “property” is determined by relevant state law, but federal law determines lien priority. Read More ›
When does a modification to or extension of a commercial loan constitute the act of opening a “new account”? This question is now more than one of semantics. Effective May 11th of 2018, the new Beneficial Owner Rule under the Bank Secrecy Act will become effective. Read More ›
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Courtney Rogers Perrin practices in the Nashville office as a member of the Firm’s Electronic Payments and Blockchain practice groups. She assists clients with regulatory compliance, contract negotiations, acquisitions and fund formation relating to credit card processing and fintech enterprises, including smart contracts and virtual currency matters.