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Appellate court upholds creditors’ ability to charge interest on written off accounts

Jeff Fink August 31, 2017

The court ruled that a creditor’s charge off of an account, standing alone, does not mean that the creditor has agreed to waive the right to assess additional interest otherwise permitted by the credit agreement. READ MORE

Want to recover attorneys’ fees in Missouri? Make sure you use the magic words

November 8, 2013

It has been the longstanding rule in Missouri that a litigant may recover his attorneys’ fees and costs from the losing party if the underlying contract expressly authorizes the award of attorneys’ fees. But Missouri courts take very seriously the requirement that attorneys’ fees be expressly authorized. READ MORE

Lien for jointly-owned property may be invalid if only one spouse signs deed of trust

Jeff Fink October 23, 2013
Signing Documents

Occasionally mortgage lenders require only one spouse to sign a deed of trust (or mortgage) and allow the other spouse to sign a separate document consenting to the loan transaction. But, as a Missouri appellate court ruled recently, this practice could leave the lender with an invalid lien if both spouses own the property. READ MORE

Keep rejected loan applicants in the loop or face possible punitive damages

Jeff Fink April 18, 2013

If a bank has approved a loan application but later changes its mind, it should promptly advise the loan applicant; otherwise, the bank may face liability for punitive damages. This was the lesson in Bailey v. Hawthorn Bank before the Missouri Court of Appeals Western District. READ MORE

Internal bank documents can satisfy written credit agreement requirement of Missouri Credit Agreement Act

Jeff Fink April 9, 2013

In a recent case, the Missouri Court of Appeals ruled that the Missouri Credit Agreement Act’s requirements can be satisfied by internal bank documents that indicate that the bank has agreed to make a loan even if the documents are never shared with the loan applicant. READ MORE