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A key development for creditors seeking to collect business debt or collect judgments in California: In July of 2015, the Uniform Voidable Transactions Act was signed into California law. This new law has implications for both debtors and creditors, as it modifies and replaces the former Uniform Fraudulent Transfer Act. Traditionally, this law set forth the conditions that constituted a transfer as fraudulent, along with the remedies available to creditors with respect to such fraudulent transfers. An example of said remedies include the voiding of the transfer. The new law stipulates the burden ...

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Successful debt collection in California often hinges on whether the creditor obtains collateral for the debtor's obligations.  Creditors can protect their interests by obtaining liens against debtors' personal property and, if necessary, foreclosing the liens to take possession or force sales of the collateral.  One category of such personal property is patents held by the debtor company.  As with other intellectual property, the process for securing and foreclosing on patent liens is unique. In order to secure/obtain a lien against the debtor’s patent, the creditor must procure a written agreement with the debtor to this effect.  Thereafter, to perfect ...

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Struggling to obtain the repayment of debt is a common problem, sadly.  Regardless of the type of debt creditors seek to collect -- be it business or consumer debt --  it is essential that creditors understand what is allowed, and prohibited, following debtors' failures to pay. During the debt collection process, California creditors must follow the restrictions contained in both the federal Fair Debt Collection Practices Act and California’s Rosenthal Fair Debt Collection Practices Act.  Listed below are some of the key rules contained therein that creditors should be aware of prior to initiating the collection process. Creditors are afforded the ...

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