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Simon PLC Attorneys & Counselors – June 2024 Special Memorandum Analyzing your Litigation Risk

Simon PLC Attorneys & Counselors – June 2024 Special Memorandum Analyzing your Litigation Risk Troy, Michigan – At many times in its history, our Firm has been honored to employ current and former in-house counsel from financial institutions as Senior Attorneys at the Firm. Our clients, and the Firm alike, have always benefitted from their […]

ONE DEPOSIT, TWO DEPOSIT, FRAUD— Mobile Remote Deposit Capture and Double Presentment

Simon PLC Attorneys & Counselors – May 2024 Memorandum ONE DEPOSIT, TWO DEPOSIT, FRAUD— Mobile Remote Deposit Capture and Double Presentment Troy, MI. The Check Clearing for the 21st Century Act (Check 21) is a federal law that took effect on October 28, 2004. It was implemented in Subpart D of Regulation CC (Availability of […]

The Corporate Transparency Act and the Issue of Beneficial Ownership and Substantial Control

Simon PLC Attorneys & Counselors – April 2024 Memorandum The Corporate Transparency Act and the Issue of Beneficial Ownership and Substantial Control Troy, MI. The Bank Secrecy Act of 1970 required financial institutions to comply with certain reporting requirements for large cash transactions. However, real estate transactions and the professionals involved in them were excepted, […]

Corporate Dissolution in Michigan and the Power to Sue and Be Sued

Simon PLC Attorneys & Counselors – March 2024 Memorandum Corporate Dissolution in Michigan and the Power to Sue and Be Sued Troy, MI. In the dynamic landscape of business, corporate entities may find themselves faced with the need to dissolve their operations for various reasons. In the State of Michigan, the process of corporate dissolution […]

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 […]