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Collection Law Update in Iowa - Webinar

  • ID: 4425765
  • Webinar
  • January 2018
  • Region: United States
  • 90 Minutes
  • Lorman Business Center, Inc.
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Learn the latest steps on Iowas debt collection within commercial and agricultural areas.

Many creditors find it challenging to keep advised as to recent legal developments affecting collections. The difficulty in staying well informed arises from the fact that collections practices touch upon so many areas of the law. Knowledge of traditional contract principles, secured transactions, banking practices, and the procedural requirements for litigating the collection of debt all have bearing on debt collection. This topic will cover numerous recent developments in Iowa collection law, and is designed to help those regularly engaging in commercial and agricultural debt collection in Iowa. You will learn steps to take to avoid turning debt collection into litigation, as well as learn how to litigate a collection suit more efficiently, should litigation become unavoidable.

Learning Objectives
  • You will be able to describe how to refute arguments that attempt to invalidate a charging order that requires a limited liability company to pay a distribution to a creditor that would otherwise be paid to judgment debtor.
  • You will be able to recognize whether a participation agreement involves a sale of undivided ownership interests in an entire loan or merely establishes a debt or creditor relationship.
  • You will be able to discuss the relative priorities of an agricultural supply dealer lien versus a traditional secured creditor in sale proceeds.
  • You will be able to explain when a lender involved in a judicial proceeding does not need to obtain a mediation release before filing to foreclose a mortgage on agricultural property.
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Iowa Declines to Allow a Foreclosing Bank to Recover Under the Implied Warranty of Workmanlike Construction
  • No Court Outside of Iowa Has Extended the Implied Warranty of Workmanlike Construction to Allow Warranty Claims by Foreclosing Lenders
  • Courts Reason That Sophisticated Financial Institutions Do Not Have the Disparity of Bargaining Power and Expertise That Triggered the Need for Such a Remedy for Homeowners and Consumers
  • However, a Strongly Worded Dissent Argues That Bank's Alleged Sophistication Is a "Wholly Inadequate" Justification for Denying a Remedy for "Shoddy" Construction
Judgment Creditors Have Two Years to Rescind a Foreclosure Decree
  • This Issue Focuses on the Statutory Interpretation of When the "Mortgagee's Rights Become Unenforceable by Operation of Statute of Limitations"
  • The One Year Rule for Vacating or Modifying Judgments Did Not Apply
  • Rather, an Iowa Code Section Controlled Which Provides That Entered Judgments Are Void and Executions Shall Not Be Issued After Two Years From Judgment Entry
Remember That Payment Is a Defense That the Debtor Typically Must Prove
  • Under Common Law, Possession of a Note Raises a Rebuttable Presumption That the Note Was Not Paid
  • The Defense of Payment by the Borrower Is an Affirmative Defense
  • If the Creditor Possesses the Note, the Court Errs If the Creditor Is Required to Carry the Burden of Proving Nonpayment
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Mollie Pawlosky Dickinson, Mackaman, Tyler & Hagen, P.C.
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This webinar is designed for attorneys, credit and collection managers, presidents, vice presidents, business owners and managers, insurance professionals, lending professionals, bankers and accountants.
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