Blog Posts Tagged "lender liability claims"
If Your Business Loan is in Trouble, You Can Prevent a Bad Situation from Getting Worse
Posted on Jun 06, 2017 by BY TURNER PADGET LITIGATION TEAM
A business owner with visions of growth doesn’t borrow money thinking he or she won’t be able to pay it back. Sometimes, though, dreams don’t go according to plan.
When loan payments are late or missed or stop altogether, a loan will go into default, meaning the borrower hasn’t met his or her obligations when it comes to the agreement to repay. As difficult as that may be for a business to face, the situation won’t just go away by ignoring it.
Most business loans involve real estate, but they may also be secured with equipment or inventory as collateral. Defaulting on a loan places those assets at risk of foreclosure or liquidation. continue reading
South Carolina Auto Liability Case May Set New Bar For Awarding Damages
Posted on May 04, 2017 by BY TURNER PADGET LITIGATION TEAM
Questions before the South Carolina Supreme Court could change whether negligence in causing a car accident now may be considered in awarding damages for injuries allegedly caused by a vehicle’s design flaw.
The answers to questions of state law certified in the federal products liability case Donze v. General Motors hinge on the South Carolina Supreme Court’s decision on whether comparative negligence, which apportions damages based on fault, applies in crashworthiness cases.
For years, South Carolina plaintiffs have been able to successfully argue that the circumstances of what caused an accident are irrelevant when considering liability based on crashworthiness, which is the degree to which a vehicle will protect its occupants from the effects of an accident – often referred to as the second collision.
Under the crashworthiness theory in South Carolina, a manufacturer can be held responsible for a design flaw of the vehicle that enhances or aggravates the injuries above and beyond those from the initial collision. continue reading
Guarantors Can’t Slow Down Foreclosures by Asking for a Jury Trial
Posted on Feb 19, 2015 by BY TURNER PADGET LITIGATION TEAM
One way for debtors to slow down the foreclosure process in South Carolina has been to file counterclaims and request a jury trial. For guarantors of bad loans, that door was closed in January, thanks to a decision by the South Carolina Supreme Court. In what banks should regard as a victory for creditors’ rights, the high court said that guarantors who have been included in a foreclosure action in order to seek a deficiency judgment do not have a right to a jury trial. continue reading
“Bank” – The New Four Letter Word: Tips to Avoid Lender Liability Claims
Posted on Sep 03, 2014 by TURNER PADGET LITIGATION TEAM
Being a lender or an investor has its perks: you have money, you control it, decide where it goes and how it is used. But being a lender or investor certainly has its drawbacks, especially in a progressively litigious world. Most people have little sympathy for the seemingly impersonal financial monolith – the bank. Despite the reality that the majority of individuals and companies could never achieve their personal or business goals without the assistance of banks and other lenders, they are often viewed as unsympathetic gatekeepers. So it is not surprising that when individuals and businesses fall on hard times, they are increasingly challenging their financial institutions in court. continue reading