Handling Deposit Accounts of Bankrupt
A NorthLegal Webinar presented Thursday, December 15, 2011
(Approximately 2 hr: 35 min including Q&A)
Cost/Registration | Regions Affected | How to Attend a Webinar
Further information, answers to frequently asked questions, and sample letters may be found by clicking the "Post-Program Information" link, above. The password is the same as the one given to open the materials.
What are a financial institution's*rights and responsibilities when a depositor files for bankruptcy? **
If the debtor does not owe money to you and has funds on deposit, what should you do with the funds? Let the debtor have them? Turn them over to the trustee? (What if the trustee doesn't appear to want them?) Freeze them until you receive a court order? The answer -- and your potential liability for getting it wrong -- may surprise you!
What if the debtor does owe money to your financial institution? May you apply funds in a savings, checking, share or share draft account to the debt? Do you need court permission first? (Answer: Not always!) May you place a hold on the funds and, if so, for how long?
During this online training program, attorney Eric North will discuss these issues and many more. Participants will learn—
|•||what the Bankruptcy Code has to say about handling deposit accounts, why so many depository institutions are getting it wrong, and how recent court decisions may lead to increased litigation.|
|•||what your options are for dealing with a deposit account when the debtor does not owe your institution money, and what risks you face.|
|•||what rights you have under other federal law, state law, and contract law, with respect to deposit accounts when the debtor does owe money to your institution, and how the Bankruptcy Code impacts those rights.|
|•||why you may not need relief from the automatic stay to take funds from deposit accounts in some Chapter 7 cases.|
* Although most of this program will provide information that is equally applicable to all types of consumer depository institutions, a portion will focus on statutes that govern credit unions.
** This program will include an in-depth discussion
of complex issues not usually discussed at NorthLegal webinars, seminars
or conferences. There will
be new, very important, information to share even with those who already have
a basic understanding of deposit account lien and offset rights!
NOTE: This program is intended for employees of consumer lending
institutions. Please contact NorthLegal Training and Publications to obtain approval
before registering if you are not an employee of a consumer lending institution.
The fee to attend this archived program is $145.00 if paid by credit card or $155.00 if paid by check. For that fee, you or someone from your financial institution may view this program as often as you like for a period of 30 days.
|•||Register. To register online using a credit card, visit the "Enroll Now" link shown above. To register by mail, call NorthLegal at 623.537.7150.|
|•||Check your email. Within moments after you complete the registration process you should receive two emails. One will be a receipt for the transaction and the other will contain a link and detailed instructions explaining how to use that link to attend the program.|
|•||Download the handout materials by clicking the "Handout" link shown above.|
|•||Call NorthLegal to obtain the password to open the handout materials.|