Do Contractors Need to Open a Separate Account ? The Michigan Builder’s Trust Fund Act

Simon PLC Attorneys & Counselors – February 2024 Memorandum Do Contractors Need to Open a Separate Account ? The Michigan Builder’s Trust Fund Act Troy, MI. When a general contractor is paid a draw on a construction project, do they have to open a separate bank or trust fund account to hold the funds pursuant […]

When is it proper to use the Secretary of State to serve an LLC in Illinois?

Simon PLC Attorneys & Counselors – January 2024 Memorandum When is it proper to use the Secretary of State to serve an LLC in Illinois? Chicago, IL. It’s commonly known amongst Illinois attorneys that the Secretary of State’s office may be used in certain circumstances to serve an LLC. What is not as well-known is […]

Restaurant, Keego Harbor, Michigan

Property Frank R. Simon, Court Appointed Receiver is pleased to offer an exciting opportunity for a manager or an operator for this unique long-standing hamburger restaurant located in a prime commercial area in Keego Harbor, Michigan. The restaurant has been completely renovated. Spotless. Modern. Custom crafted. Industrial steampunk features. Classic open counter slider bar. Must […]

Michigan’s Contract Statute of Limitations – Last Payment Date or Maturity Date – What Determines When a Debt Becomes Stale?

Simon PLC Attorneys & Counselors – December 2023 Memorandum Michigan’s Contract Statute of Limitations – Last Payment Date or Maturity Date – What Determines When a Debt Becomes Stale? Troy, MI. In the recent opinion of Cadlerock Joint Venture, LP, v Buterakous (Unpbl., October 12, 2023 No. 363078) the Michigan Court of Appeals clarifies that […]

ACCELERATE OR NOT TO ACCELERATE – A LENDER’S POTENTIAL LOSS TO RECOVER PREPAYMENT PREMIUMS

Simon PLC Attorneys & Counselors – November 2023 Memorandum ACCELERATE OR NOT TO ACCELERATE – A LENDER’S POTENTIAL LOSS TO RECOVER PREPAYMENT PREMIUMS Troy, MI. Reasonable prepayment premiums provisions (or “make-whole provisions”) found in loan agreements are valid and generally enforceable. They serve a valid purpose in compensating the lender for the loss of future […]

Michigan Receivership Authority: Rejection of Executory Contracts and Leases

Simon PLC Attorneys & Counselors – October 2023 Memorandum Michigan Receivership Authority: Rejection of Executory Contracts and Leases Troy, MI – In the realm of distressed assets and court supervised liquidations, the appointment of a receiver is not an uncommon occurrence. A court-appointed receiver is a neutral third party entrusted with the responsibility of managing […]

Conjunction Junction What’s Your Function?

Simon PLC Attorneys & Counselors – September 2023 Memorandum Conjunction Junction What’s Your Function? Troy, MI. Many attorneys of a certain age may remember this old line from ‘Schoolhouse Rock!’ that would air on Saturday mornings.  This question was recently answered by the Michigan Court of Appeals in Paine v Godzina, Michigan COA 363530 (July […]

New York’s Foreclosure Abuse Prevention Act

Simon PLC Attorneys & Counselors – August 2023 Memorandum New York’s Foreclosure Abuse Prevention Act Freedom Mortgage Corporation v. Engel Revisited On December 30, 2022, New York State Governor Kathy Hochul signed into law the “Foreclosure Abuse Prevention Act” (“FAPA”). FAPA applies to both residential (not only owner-occupied properties) and commercial foreclosures and became effective […]

Seller’s Duties Under the Michigan Seller Disclosure Act

Simon PLC Attorneys & Counselors – July 2023 Memorandum Seller’s Duties Under the Michigan Seller Disclosure Act Troy, MI. During the pandemic, many people stayed at home, looked around the house, and decided to make some changes.  Whether a “do-it-yourself” job or by a contractor, any such work impacts the homeowner’s future disclosure obligations upon […]

Judgment Creditors Beware: Garnishee Defendants May Not Object to Post-Judgment Writs of Garnishments

Simon PLC Attorneys & Counselors – June 2023 Memorandum Judgment Creditors Beware: Garnishee Defendants May Not Object to Post-Judgment Writs of Garnishments Troy, MI. A recent, soon to be published opinion from the Michigan Court of Appeals (COA) made it clear that garnishee defendants may not file an objection to a judgment creditor’s (a/k/a garnishee […]