Category Archives: Memorandum

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, […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]