Lead managers in syndicated loans can be held liable for negligent misstatement under the tort of negligence. For a lender to succeed, they must prove that the lead bank provided influential information about the borrower that was later proven inaccurate or misleading. There are two main tests for establishing a duty of care: 1) whether the defendant voluntarily assumed responsibility for the information and 2) the threefold test of foreseeability of loss, proximity of relationship, and fairness of imposing liability. Disclaimers and contractual clauses seeking to prevent duties of care can limit liability, but specific inquiries that elicit a response may extend the scope of duty.
The basics of the loan purchase and sale process is relatively straight forward, but like any transaction, the devil is in the details. Following are eight steps involved in the purchase and sale of loan assets followed by a discussion of the most common pitfalls to avoid throughout the transaction.
This presentation expalins the nuances of acquiring distressed debt secured by real estate or mezzanine debt secured by the ownership interests in an entity owning real property, including the process of foreclosure, intercreditor issues, and other key points.
The basics of the loan purchase and sale process is relatively straight forward, but like any transaction, the devil is in the details. Following are eight steps involved in the purchase and sale of loan assets followed by a discussion of the most common pitfalls to avoid throughout the transaction.
This presentation expalins the nuances of acquiring distressed debt secured by real estate or mezzanine debt secured by the ownership interests in an entity owning real property, including the process of foreclosure, intercreditor issues, and other key points.
The due-on-sale (a.k.a "acceleration clause") is a provision in a mortgage document which gives the lender the right to demand payment of the remaining balance of the loan when the property is sold.
Collateral Mortgages - Special Documentary Issues, Rights and RemediesJoanneMarsh
"Collateral Mortgages: Special Documentary Issues, Rights and Remedies" presented by Simon Crawford at the LSUC Practice Gems: Mortgage Enforcement Essentials session, September 13, 2016
The annual Legal Seminar For Credit Professionals, presented by Kegler Brown in conjunction with NACM – Great Lakes Region and American Subcontractors Association, was combined with an international business and construction legal program. Topics included selling internationally, post-judgment collection, bankruptcy, bids and pay-if-paid clauses.
Federally mandated HECM Counseling is a valuable tool in helping prospective reverse mortgage clients understand the complex nature of reverse mortgage loans and to assure that particular loan they are considering is the best possible solution for their specific financial, health and living situation
Defending Against Bankruptcy Avoidance Actions (Series: Complex Financial Lit...Financial Poise
In the event of a bankruptcy, the debtor or trustee may opt to take legal action in order to recover money or property that was transferred by the debtor prior to going bankrupt. These actions, whereby such transfers are effectively reversed, are referred to as “avoidance actions.” In this webinar, the expert panel discusses the applicable provisions of the Bankruptcy Code, common avoidance actions, and key considerations when planning for and defending against these actions.
To listen to this webinar on-demand, go to: https://www.financialpoise.com/financial-poise-webinars/defending-against-bankruptcy-avoidance-actions-2020/
#documentarycreditsar are independent of the underlying legal relationship: when #banks are to determine whether the documents presented are in conformity with the credit, they can only base their decision on the #credit itself and the documents presented. Whe combined, these factors give scope for #fraud and for presenting #forged documents. The possibility of misusing the credit instrument does indeed exist and it is beyond any doubt that #credits are misused, primarily where #banks find documents containing incorrect information. The occurrence of actual #fraud is fortunately quite rare #UCP600 does not contain any article about #fraud and #forgery, nor it refers to any #rule to be applied when fraud or forgery is detected, nor did the previous versions contain any provision on the subject.
The due-on-sale (a.k.a "acceleration clause") is a provision in a mortgage document which gives the lender the right to demand payment of the remaining balance of the loan when the property is sold.
Collateral Mortgages - Special Documentary Issues, Rights and RemediesJoanneMarsh
"Collateral Mortgages: Special Documentary Issues, Rights and Remedies" presented by Simon Crawford at the LSUC Practice Gems: Mortgage Enforcement Essentials session, September 13, 2016
The annual Legal Seminar For Credit Professionals, presented by Kegler Brown in conjunction with NACM – Great Lakes Region and American Subcontractors Association, was combined with an international business and construction legal program. Topics included selling internationally, post-judgment collection, bankruptcy, bids and pay-if-paid clauses.
Federally mandated HECM Counseling is a valuable tool in helping prospective reverse mortgage clients understand the complex nature of reverse mortgage loans and to assure that particular loan they are considering is the best possible solution for their specific financial, health and living situation
Defending Against Bankruptcy Avoidance Actions (Series: Complex Financial Lit...Financial Poise
In the event of a bankruptcy, the debtor or trustee may opt to take legal action in order to recover money or property that was transferred by the debtor prior to going bankrupt. These actions, whereby such transfers are effectively reversed, are referred to as “avoidance actions.” In this webinar, the expert panel discusses the applicable provisions of the Bankruptcy Code, common avoidance actions, and key considerations when planning for and defending against these actions.
To listen to this webinar on-demand, go to: https://www.financialpoise.com/financial-poise-webinars/defending-against-bankruptcy-avoidance-actions-2020/
#documentarycreditsar are independent of the underlying legal relationship: when #banks are to determine whether the documents presented are in conformity with the credit, they can only base their decision on the #credit itself and the documents presented. Whe combined, these factors give scope for #fraud and for presenting #forged documents. The possibility of misusing the credit instrument does indeed exist and it is beyond any doubt that #credits are misused, primarily where #banks find documents containing incorrect information. The occurrence of actual #fraud is fortunately quite rare #UCP600 does not contain any article about #fraud and #forgery, nor it refers to any #rule to be applied when fraud or forgery is detected, nor did the previous versions contain any provision on the subject.
Illegality as an exception to the autonomy principleAndrea Frosinini
Established fraud is the main accepted international exception to the autonomy principle and the absolute detachment of demand guarantees from their underlying contracts. For a long time it has been a question of doubt and uncertainty as to whether illegality in the underlying contract was also an exception. Another question often asked was whether it was an exception to the autonomy principle, if the demand guarantee itself and/or its underlying contract was contrary to the law, good morals or public policy. In determining whether or not these grounds will constitute an exception to the autonomy principle of the demand guarantee, one needs to distinguish clearly between instances where the demand guarantee itself is against the law, good morals or public policy; and where the underlying contract is illegal, or against the good morals or public policy.
Instant Assignment Help Australia have drafted a PPT on “Aspects of Contract and Negligence”. For more PPT sample kindly mail us at :help@instantassignmenthelp.com.au or Call Us at: +61 879 057 034.
Don¹t Take Any Wooden Nickels: Lawyers as Targets of Lucrative ScamsNationalUnderwriter
It may come as somewhat of a surprise to some to learn that one kind of business that appears to be particularly susceptible to electronically-induced scams is the legal profession. Yes, lawyers. In the fairly typical scam, lawyers are contacted by foreigners who are in need of legal assistance in collecting debts. The law firms eventually receive checks for large sums from the debtors, and are instructed to deposit them for further instructions. What these law firms do, so as not to comingle with the firms’ accounts, is to establish special accounts at the firms’ financial institutions. Before these checks are cleared by the banks on which the funds were drawn, the clients request that the money representing the checks sent to the law firms, be wired to foreign accounts, less the law firms’ retainer. After the money is received by the foreigners, the law firms are notified that the checks, drawn on foreign or domestic banks, originally sent to the law firms, are bogus.
The article discusses a number of court decisions where lawyers were duped by thieves and sought coverage for
their losses under their commercial insurance policies.
Divided Tax Court Rules Against IRS in Rent-A-Center Captive CaseBrown Smith Wallace
In January, a long-awaited decision in the court case Rent-A-Center v. Commissioner addressed the deductibility for federal income tax purposes of premium payments made by brother/sister entities to a commonly controlled captive insurance company. Alan Fine, Partner, Insurance Advisory Services, discusses the lessons learned and remaining unanswered questions in the linked Captive Insurance Times article.
FCS 3450 HOMEWORK #41.Thomas Franklin arrived at the following t.docxmydrynan
FCS 3450 HOMEWORK #4
1.
Thomas Franklin arrived at the following tax information:
Gross salary, $46,660
Interest earnings, $225
Dividend income, $80
One personal exemption, $3,400
Itemized deductions, $7,820
Adjustments to income, $1,150
What amount would Thomas report as taxable income?
2.
If Lola Harper had the following itemized deductions, should she use Schedule A or the standard deduction? The standard deduction for her tax situation is $5,450.
Donations to church and other charities, $1,980
Medical and dental expenses that exceed 7.5 percent of adjusted gross income, $430
State income tax, $690
Job-related expenses that exceed 2 percent of adjusted gross income, $1,610
3.
What would be the average tax rate for a person who paid taxes of $4,864.14 on a taxable income of $39,870?
4.
Based on the following data, would Ann and Carl Wilton receive a refund or owe additional taxes?
Adjusted gross income, $46,186
Itemized deductions, $11,420
Child care tax credit, $80
Federal income tax withheld, $4,784
Amount for personal exemptions, $6,800
Average tax rate on taxable income, 15%
5. Would you prefer a fully taxable investment earning 10.7 percent or a tax-exempt investment earning 8.1 percent? Why? (Assume a 28 percent tax rate.)
6. On December 30, you decide to make a $1,000 charitable donation. If you are in a 28 percent tax bracket, how much would you save in taxes for the current year? If that tax savings was deposited in a savings account for the next five years at 6 percent, what would be the future value of that account?
1
Assignment 2: JPMorgan Chase
Strayer University
LEG 100
Discuss how administrative agencies like the Securities and Exchange Commission (SEC) or the Commodities Futures Trading Commission (CFTC) take action in order to be effective in preventing high-risk gambles in securities / banking, a foundation of the economy.
On January 11, 2012, the Commodity Futures Trading Commission (CFTC) voted 3-2 to propose regulations to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), commonly referred to as the “Volcker Rule.” The proposal specifically prohibits a bank or institution that owns a bank from engaging in proprietary trading that is not at the behest of its clients, and from owning or investing in a hedge fund or private equity fund, and also limits the liabilities that the largest banks can hold .Under discussion is the possibility of restrictions on the way market making activities are compensated; traders would be paid on the basis of the spread of the transactions rather than any profit that the trader made for the client.
Determine the elements of a valid contract, and discuss how consumers and banks each have a duty of good faith and fair ...
Home Inspector's Insurance & Risk Management - July 19, 2013Gerald Brunker
Home Inspector professional liability, general liability and other applicable insurances for home inspectors. Risk management tips and hints and home inspector claim information.
In Tort law, there are two important laws that prevail in United Kingdom, that is, law of contract and law of tort. The same are law of contract (a contract deals with when parties are in relationship by forming an agreement and abide by its terms) and the law of negligence (where the parties are in relationship under the duty of law).
Life Insurer's Liability for Actions of Its Producer--Even before Producer's ...NationalUnderwriter
The Supreme Judicial Court of Maine has affirmed a lower court’s decision upholding the Maine Superintendent of
Insurance’s conclusion that Guarantee Trust Life Insurance Company (“GTL”) was accountable for violations of a number of Maine statutes by a company acting as GTL’s producer – even before the company’s formal appointment as GTL’s producer. As a result, the court upheld the Superintendent’s order that GTL pay a civil penalty of $150,000.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
1. Student’s notes – educational purposes only
No responsibility assumed
Lead manager liability – “negligent misstatement”
Negligent misstatement is the main heading of liability for the
lead manager in a syndicated loan. It is a remedy under the tort
of negligence, which was admitted by the House of Lords
inHedley Byrne v Heller. In order for the lead bank to be held
liable, the lender has to prove that the lead bank has provided to
him information about the borrower (which is normally done
through a “selling document” called Information Memorandum
- IM), and that the information so provided had been influential
for the lender to have joined the syndicate and advanced funds
and later proved to be inaccurate andmisleading. The
information, although is has to havebeen influential, does not
necessarily have to have been the sole determinant factor
inducing the lender to join the syndicate and this will be
objectively tested, ie considering a reasonable person under
similar conditions as the actual lender was. Notice that the
burden of proof is on the lender, the aggrieved syndicate
member.
Following the decision in Hedley Byrne v Heller, a duty
of care emerges where there is a “special relationship” between
the parties, especially when one relies on the particular
knowledge and skills demonstrated by the other. The negligent
misstatement should fall within the scope of the duty of care
and this failure to act reasonably within the scope of the duty of
care should result in actual damage to the claimant. It is also
necessary to evidence reliance by the part of the claimant on the
information provided by the defendant, otherwise another factor
other than the failure to act within the scope of the duty of care
will have provoked the loss and not the defendant’s failure
itself. Where all these requisites have been fully proven, the
defendant may be held liable for the foreseeable loss. In the
Transfield Shipping case, it was held that damages should be
2. limited to cover only losses the lender was regarded as having
assumed responsibility. Any contributory negligence by the
part of the claimant will reduce the damages owed to it by the
defendant accordingly (Law Reform (Contributory Negligence)
Act 1945).
In order to evidence the duty of care, there are mainly two
consecutive tests: a) the “voluntaryassumption of responsibility”
test: has the defendant assumed responsibility towards the
claimant regarding the information provided to him? (Spring v
Guardian, White v Jones, William v Natural Life and other
cases); and b) “the threefold test”, which, in fact, limits the
scope of the duty of care, since that, in order for a duty of care
to arise, there must have occurred, as a result of the defendant’s
failure to comply with his duty of care, a loss which is
foreseeable; the relationship between the parties must have
been one of sufficient proximity, and it has to be just, fair and
reasonable to impose liability (Caparo v Dickman). In
Caparo v Dickman, an auditorcompany was found not liable to
members of the public that could have relied on accounts
assessed by the auditor because there was no proximity between
the auditor and a member of the public at large and losses in that
situation would not have been foreseeable. Indeed, according to
Hadley v Baxendale, the lender is liable for losses that arise
naturally from the breach or which might reasonably have been
foreseen as likely to arise from particular circumstances of
which the lender was aware at the time the contract was
executed.
The scope of the duty of care may be reduced even more
or totally demolished by a disclaimer inserted in the IM. In the
disclaimer, the lender will make clear that he has not carried out
an independent verification of the information; that the
information has beenprovided to him by the borrower, and he
has not checked them out before making them available to
prospective lenders; that he has not made any representation etc.
3. The disclaimer will only effectively exclude potential
liabilities where it does not contravene the “reasonableness
test” under s. 11 of the Unfair Contract Terms Act 1977. In
general, a disclaimer will be upheld where the parties are
commercial parties or sophisticated parties, having both equal
bargaining power and access to legal advice. Also, common law
rules demand a clear and not ambiguous disclaimer, otherwise it
will end up being interpreted against the party it was initially
supposed to benefit. Moreover, a disclaimer cannot prevent
liability arising from a “fundamental breach” of the contract.A
disclaimer was held valid in IFE Fund v Goldman Sachs,
therefore reducing the scope of the duty of care. It was
considered that the parties were sophisticated parties doing
business “in the specialised world of syndicate finance”.
Goldman won the case because a disclaimer said it had not
made any representation as to the accuracy of the information
provided to him by the borrower, and that it would not check or
update any information.
However, even with a disclaimer, the scope of the duty of
care may be wider in particular circumstances. InNatwest
Australia v Tricontinental, an Australian case,Tricontinental
(the arranger bank) was held liable because Natwest Australia –
after taking the IM containing financial information about the
borrower (Pro-Image) but before it had signedup for the
agreement and advanced funds – directed an specific query
about a detail of the transaction to the arranger and
Tricontinental replied to the question. It was held that Natwest
had shown reliance on the information provided to it by
Tricontinental and that Tricontinental had assumed
responsibility in responding to the question: the lead manager
had assumed a duty of care as to make sure that the answer was
correct. Therefore, the specific inquiry acted as extending the
scope of the duty of care in that particular situation.
Besides the disclaimer in the IM, there will be included in
the contract itself a clause whereby the arranger will attempt to
4. prevent any duty of care or fiduciary duty from arising. The
parties to the agreement will agree that they did not rely on any
representation or information provided by the arranger and that
the arranger has not made any representation at all. The parties
may even state that they had carried out their own investigations
before joining the syndicate. This will act as a contractual
estoppel, which means that the syndicate members will be
saying, through signing up for the agreement, that they did not
rely on any information provided to them by the arranger, and it
does not matter whether this is true or not. What matters is that
they said in the contract that they had not relied on the
information. The arranger, in turn, will not need to prove that its
counterparties effectively did their own due diligence nor that it
would be unfair for the other parties to resile from the agreed
terms of the contract (Peekay v Australia and New Zealand
Banking Group). A similar reasoning is found in JP Morgan v
Springwell, where “experienced investors” agreed that the
plaintiff would not rely on the information. Afterwards, the
claimant could say that it actually had relied on that information,
contrary to what he had previously asserted in the contract.
Following the principle of freedom of contract and contractual
certainty, “the parties are free to agree that a certain state of
affairs should form the basis of a transaction” (even if this is not
the case). In RaiffeisenZentralBank, for similar reasons, a “no
representation” clause was upheld.