In Nebraska, the age of majority is 19 years, but an individual in Nebraska has many legal rights and responsibilities when they reach the age 18. Under Nebraska law, persons of all ages may have a bank account. However, individual banks may have age restrictions on opening certain accounts at their bank to reduce risk.At
The Federal Rules of Bankruptcy Procedure (“FRBP”) are the rules promulgated by the U.S. Supreme Court under the Rules Enabling Act, directing procedures in the U.S. Bankruptcy Courts. They are the bankruptcy law counterpart to the Federal Rules of Civil Procedure. The FRBP are amended every year. This year the U.S. Supreme Court will adopt
In the case of In re Vertical Mac Construction, LLC, No. 21-1520 (Bankr. M.D. Fla. July 23, 2021), Vertical Mac Construction, LLC (“Debtor”) ceased operating its business after several lawsuits were filed against it for shoddy construction. The Debtor’s insurance carrier defended the lawsuits, but afterwards, the Debtor was unable to renew its insurance and
The Small Business Reorganization Act/Subchapter V of Chapter 11 of the Bankruptcy Code (“SBRA”) defines a qualified debtor as being, in part, “engaged in commercial or business activities.” Just how “engaged” continued to be disputed. According to Judge Christopher M. Lopez of Houston, Texas liquidating a defunct business qualifies a debtor as being “engaged” in
The case In re Dura Auto. Sys., LLC, No. 19-12378 (KBO), 2021 WL 2456944 (Bankr. D. Del. June 16,2021), is a cautionary tale and reminder that creditors dealing with debtors in bankruptcy should ensure that any purported assumption or assignment of their contracts are in writing and approved by the bankruptcy court. A creditor in
Mall owner Washington Prime Group Inc., whose portfolio of properties includes the Southern Hills Mall in Sioux City, IA, as well as Empire East in Sioux Falls, SD has filed Chapter 11 Bankruptcy Protection in the United States Bankruptcy Court for the Southern District of Texas. A complete list of Washing Prime Group’s properties can
The U.S. Treasury Department announced on May 20, 2021 a proposal as part of President Biden’s American Families Plan, that would require any cryptocurrency transaction of $10,000 or more to be reported to the Internal Review Service (“IRS”)[1]. The proposed plan would require financial institutions, payment settlement entities, and digital asset exchanges, businesses
