Attorney Mark A. Glenn
You can do two things now to help collect problem accounts.
First, include in all customer agreements a provision for payment of your attorney’s fees and court costs in the event the account is sent to an attorney for collection. This term can be included in your invoice, confirmation form, credit application, or other agreement and must be signed by the customer.
Without such an agreement you may not be able to recover attorney’s fees spent on collecting past-due accounts because New Mexico law allows recovery of…
(Foreclosure, Forbearance and/or Workout?)
Victor E. Carlin, Esq.
Moses, Dunn, Farmer & Tuthill, P.C.
Upon a borrower's default a real estate lender should not automatically send the borrower a demand letter and file a foreclosure action. Filing a foreclosure action without some communication between lender and borrower and without considering the alternatives to foreclosure will lead to one of several possible results: (1) judgment of foreclosure and a special master's sale; (2) litigation of a lender liability counterclaim and a resulting judgment for or against the lender; (3) bankruptcy of the…
(Procedures to limit liability)
On April 2, 2007 Governor Richardson signed the Uniform Power Of Attorney Act. For all practical purposes the Act will be fully effective as of July 1, 2007.
The Act is intended to protect persons (including financial institutions) that accept and rely upon acknowledged powers of attorney. At the same time, the Act is intended to encourage financial institutions and others to accept acknowledged powers of attorney.
The Act provides for liability (attorney fees etc.) for a refusal to accept an…