Source: https://www.aciclaw.org/resources/news/all
Timestamp: 2019-04-18 22:39:54+00:00

Document:
Texas Court upholds interest of Senior Secured Creditor against Garnishment by Junior CreditorIn Legacy Bank v. Fab Tech Drilling Equipment, Inc, 2018 WL 6928971 (Tex.App. – Eastland), in an issue of first impression, the Court of Appeals of Texas evaluated whether garnishment of a debtor’s accounts receivable by a junior judgment lien creditor would trump a secured creditor’s first-priority lien against the same assets.
Rocky Mountain/Western Update - In re Pettit Oil Co.
In re Pettit Oil Co., No. 17-60081, 2019 WL 1104662 (9th Cir. Mar. 11, 2019)A trustee, exercising her “strong-arm” powers as a hypothetical judicial lien creditor, had priority over a petroleum company that delivered fuel to a debtor on a consignment basis, both in consigned fuel held in debtor’s tanks and in accounts receivable and cash generated by the sale of such fuel.
Besaw, Trustee of Revocable Living Trust of Ernest P. Giroux v. Giroux, 2018 WL 6714805 (2018)Promissory Note holder’s right to sue for the return of collateral accrued, and statute of limitations period began to run, not on the initial failure to pay but when borrower failed to pay balance due within 45 days of notice of default and borrower's failure to cure, where note required such notice and cure period as a condition of noteholder's right to sue on the promissory note.
People's United Bank v. B & B Fire Protection, Inc.
People's United Bank v. B & B Fire Protection, Inc., 94 Mass.App.Ct. 626 (2019)Guaranty executed with apparent, but not actual, authority was enforceable in a situation when the guarantor’s owner failed torepudiate the guaranty upon learning of it, and instead drained the guarantor’s assets.
Getting to Know Our Madeleine Crouch & Co. Account Executive , CJ MarchainACIC events are engaging and entertaining because of the efforts from our co-chairs, the officers, the trustees, the committees, and the speakers, but the ACIC runs smoothly because of the work of our Madeleine Crouch & Co., Inc. (“MCC”) Account Executive and her team. If you have ever wondered who is the familiar, smiling face that you always see behind the registration desk at the ACIC conferences, then this article is for you.
Guarantee Co. of N. Am. v. Gary's Grading & Pipeline Co.
Guarantee Co. of N. Am. v. Gary's Grading & Pipeline Co., 746 F. App'x 831, 834 (11th Cir. 2018).The Eleventh Circuit Court of Appeals affirmed the district court’s decision that a co-manager had apparent authority to bind LLC to bond indemnification agreement under the Georgia Limited liability Company Act.
Nationwide Mutual Insurance Company v. Eagle Window & Door, Inc.
Nationwide Mutual Insurance Company v. Eagle Window & Door, Inc., 424 S.C. 256 (S.C. Sup. Ct. 2018)No successor liability of bankruptcy purchaser in a contribution action; officer, director and shareholder continuity are required for a “mere continuation” analysis. Commonality of officers, standing alone, does not render liability.
Conroy v. Amos, 338 F. Supp. 3d 1309 (M.D. Ga. 2018)Georgia law warrants the dismissal of a derivative claims if a corporation’s decision not to pursue the claims is based upon a recommendation from an independent and disinterested committee and a reasonable and good faith investigation.
Mitchell v. K&B Fabricators, Inc.
Corporate officer and director usurped the corporate opportunity of a supplier corporation in which he was also a director by choosing to insource services previously provided by the supplier; proper remedy was to impose a constructive trust on profits attributable to the insourcing. Mitchell v. K&B Fabricators, Inc., 2018 WL 4657076 (Sup. Ct. Ala. 2018).
Sweely Holdings, LLC, 296 Va. 367 (2018)Virginia Supreme Court held that where a bank explicitly preserves its right to foreclosure in a forbearance agreement the bank has a right to foreclose on property despite having other remedial options available to it under the forbearance agreement.
Morgan‑Walg, LLC v. Nicollet Island Development Co., et al., No. 17‑1844, 2018 WL 3716369 (Minn. Ct. App. 08/06/18).In an action between former joint venture partners, a Minnesota Court of Appeals panel held that a state district court erred when it granted summary judgment when a genuine issue of material fact existed as to amounts owed under promissory notes and a guaranty.
American Tooling Center, Inc. v. Travelers Casualty & Surety Co. of America, No. 17‑2014, 2018 WL 3639951 (6th Cir., petition for reh’g or reh’g en banc filed, 07/31/18).In a proceeding relating to the interpretation of an insurance contract, the United States Court of Appeals, Sixth Circuit, reversed a lower court decision that an insurance provider’s “Computer Fraud” policy did not cover a loss stemming from wire transfers to a third party that impersonated the intended recipient.

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