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McBrayer Blogs

Downtown Property Owners and Businesses: You May Be Eligible for This Grant

Posted In Corporate

There’s great news in the air for downtown property owners. The Downtown Lexington Partnership and the Downtown Lexington Management District have created a matching grant program that provides assistance to small businesses and those with property in the downtown district to improve those properties. More >

Student Loans and the Rising Acceptance of Bankruptcy Non-Dischargeability: Lenders Beware?

Since 2005, student loans have been nondischargeable in bankruptcy proceedings unless a debtor can prove that repayment would subject him/her to “undue hardship.”  Historically, this standard has been incredibly hard to meet, causing debtors to emerge from bankruptcies still covered in student loan debt.  Now, due to the ever-expanding student loan bubble, bankruptcy courts around the country are starting to take a second look at student loan debt and what can be done to change the way bankruptcy judges approach the problems student loan debts create.  This added scrutiny by the courts should make lenders who offer private student loans or consolidation loans wary. More >

SEC Crowdfunding Rules - Another Vehicle for Capital?

On Monday, May 16th, 2016, SEC regulations allowing companies to offer and sell securities through crowdfunding came into effect, opening the world of capital formation to newer investors under provisions in the JOBS Act of 2012. These regulations were a long time coming for the SEC, and the results will soon be visible as a new line of private equity fundraising comes into view. More >

Five Legal Considerations for Starting a Small Business: Which Type of Entity is Best?

You started your small business yourself – just you and an idea. As time went on, you became more successful. You added employees. You opened a storefront. You started contracting with outside vendors. And while each of these events took place, you added additional liability – liability that could harm you personally as a sole proprietor. That’s exactly why business entities exist; they create a sustainable structure in which to operate while simultaneously shielding you personally from liability, for the most part. Not all business entities are created equal, however, and choosing an entity to organize or incorporate can come with both benefits and consequences. More >

Kentucky Slashes Statutory Interest Rates

In March of 2017, Kentucky moved to slash statutory interest rates. HB 223, sponsored by Rep. Joe Fischer and signed by Gov. Bevin on March 16th, cuts interest rates on civil judgments by half in some instances. This new law may have a significant impact on lenders and judgment creditors, as the higher rates provided an incentive for judgment debtors to move quickly to pay off the civil judgment. More >

The Case for Diversity in a Law Firm Setting

Posted In Corporate, Diversity

As lawyers and legal professionals, we work in one of the least diverse professions in the country. At McBrayer, we are committed to doing our part to help improve diversity and inclusion in the profession. Lawyers can be slow to change, much like the law itself, but several recent initiatives give us hope.  More >

The Fiduciary Rule is Here: Lenders, Get Ready!

Lenders, it’s time to embrace a new definition of “fiduciary.” In 2016, the U.S. Department of Labor (“DOL”) released the final Fiduciary Rule to expand the definition of “fiduciary” for purposes of the Employee Retirement Income Security Act (“ERISA”) and the Internal Revenue Code. The rule was delayed by the Trump administration, and following review of nearly 200,000 comments, the DOL designated June 9, 2017, as the official start date of the new rule for the financial services industry. Lenders everywhere must be ready to comply. More >

Rule 30(b)(6) in Depositions and at Trial

Posted In Litigation

One of the big “if only” moments in corporate litigation concerns testimony: if only a corporation as a corporation could face deposition. Despite the legal fiction that corporations have an identity, it remains impossible, absent some serious and frightening advances in future technology, for a corporation to testify on its own behalf. To get around this dilemma, the Federal Rules of Civil Procedure include Rule 30(b)(6) (“30(b)(6)”). This rule allows a party to name an entity such as a corporation, an association or a governmental agency as a deponent, and that entity will then designate a representative to be deposed on behalf of the company. (Kentucky’s Civil Rule of Procedure 30.02(6) substantially tracks the federal rule, so this information applies to both Kentucky and federal courts.) The rub is that 30(b)(6) deponents face a different set of standards for testimony than regular deponents, and that difference could create havoc for a client, up to and including sanctions. More >

Five Ways Municipalities Invite Exposure to Liability

Municipalities can be complicated and complex entities serving hundreds to thousands of individuals and businesses, while  employing numerous people themselves. Cities, not unlike any small or big business, face similar challenges (and liabilities) as  any private corporation, only with the added mandate of providing services and protection for all of those who work or live within their boundaries.  It is impossible, of course, to eliminate all liability facing municipalities in today’s public sector legal environment. Still, liability can be avoided to a large degree with planning and consideration. With that in mind, below are five ways municipalities invite exposure to liability, and more importantly, insight on how to prevent it. More >

Charge-offs on Consumer Debts: The Kentucky Supreme Court Causes Shaky Ground to Collect Prejudgment Interest

The Kentucky Supreme Court is shaking things up for banks that collect on charged-off debts. The decision in Unifund CCR Partners v. Carol Harrell, 509 S.W.3d 25  (Ky. 2017), is an eye-opener for lenders regarding their strategies to recover a contractual or statutory right to collect interest on prejudgment debt. More >

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