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Tag Archives: Watkins Eager

COMMERCIAL FINANCE 701 — The powerless power of attorney

The long-awaited closing date on the $21.5million commercial construction loan is finally here.  Construction projects involve numerous moving parts. By the time a loan closing occurs, the out-of-pocket developer on the project awaits a hefty advance. The borrower, a Mississippi limited liability company, has two members – one of whom serves as the managing member.  The managing member is present ...

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COMMERCIAL FINANCE 701 — The outlook in Mississippi for 2017

Michael Lewis’ new book – The Undoing Project – should be the starting point for any projections about commercial finance in Mississippi during 2017.  The book underscores our defective reasoning process that routinely (1) underestimates uncertainty, (2) places too much weight on limited observations, and (3) ignores biases.  With those caveats in mind, we guesstimate the outlook for commercial finance ...

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WE LAW — Trademark basics for your company

Imagine that after years of work and preparation, your business is ready to expand.  While planning your company’s growth, you discover something unsettling. Another similar business with the same (or nearly the same) name is located in a nearby state.  Worse still, it claims to have a federally-registered trademark.  Your expansion plans may be on hold. For most small businesses, ...

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COMMERCIAL FINANCE 701: Zoning – trust, but verify, authenticate & insure

Zoning plays a critical role throughout the life of a commercial development.  In terms of reviewing zoning status, the Reagan-adopted “trust, but verify” adage should come to mind.  Zoning, however, can be quite complex and the more appropriate proverb might be “trust, but verify, authenticate and insure.” As the term is generally used, “zoning” refers to the approved usage of ...

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WE LAW: Corporate governance and management

Mitt Romney was right. Corporations are “people” – at least in the sense that they have many of the same rights and obligations as individuals. Corporations (and other business entities) can enter into contracts, incur debt, sue and be sued. Business entities cannot, however, act on their own behalf. Determining who has the power and authority to act for and ...

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COMMERCIAL FINANCE 701: Payment and performance bonds in construction projects

Construction lenders on large commercial construction loans customarily require payment and performance bonds.  At the loan commitment letter stage, this condition rarely concerns a borrower.  Later, however, when the requirement materializes into a line item in the contractor’s budget, the borrower might have second thoughts.  We attempt to define and appraise the payment and performance bond (P&P Bond). Let’s assume ...

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WE LAW — Postnuptial agreements: Do you need one?

Asset protection planning is a well-known concept in business circles, but seldom considered in a family context. And when discussed in the non-business context, the discussion is more likely to involve either a prenuptial agreement, property settlement in divorce, or estate planning.  The postnuptial agreement is an asset protection planning device used during marriage.  In fact, it can be used ...

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COMMERCIAL FINANCE 701: Practical issues with multi-tiered entity structures

It is quite common – even vogue nowadays – for the ownership structure of a commercial project to include a chain of entities.  Even in a relatively straightforward commercial project, the resulting organizational chart can be convoluted.   (See Chart 1). The older ones among us grew up with corporations as the standard fare, which invariably included shareholders, a board ...

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COMMERCIAL FINANCE 701: The UCC, secured transactions & personal property liens

The Uniform Commercial Code (UCC) has swayed many a law student to question a future career in business law.  A semester of UCC law, using a small font, 3-inch thick textbook chock-full of tedious definitions and mind-numbing concepts, bores even an otherwise indefatigable accounting grad.  Our topic is limited to secured transactions. BACKGROUND.  A smidgen of background information on the ...

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Walter Johnson named to Academy

Walter T. Johnson of Watkins & Eager PLLC been named to The National Academy of Distinguished Neutrals. Membership is by invitation only and limited to attorney mediators and arbitrators who have proven experience in civil and commercial conflict resolution, and are committed to methods of alternative dispute resolution. Johnson is a Fellow of the American College of Trial Lawyers, a ...

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