Monthly Archives: October 2009

You owed it, you paid it, but I can’t keep it?

Posted on October 27, 2009 by Harry Styron

Sounds funny. But it’s not.

Moore Equipment sells John Deere farming equipment in Chillicothe, Missouri. Moore sold Sholten a big tractor with a warranty on the drive train. Moore’s warranty to the buyer was backed by PRS, an insurance company. If Moore had to make the warranty good, PRS would pay Moore.

Sholten sold the tractor to Callen, with the warranty transferred to Callen. The tractor’s drive train failed and it was taken to another mechanic–not Moore– for repairs, and a claim was filed with PRS. PRS reviewed the claim and sent a check to Moore for nearly $20,000. Moore cashed the check. PRS notified Moore that the check was sent to Moore by mistake. Read the rest of this entry →

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It’s time: HOA budgets for 2010

Posted on October 25, 2009 by Harry Styron

Homeowner associations (HOAs) generally have fiscal years that correspond to calendar years, which means that it’s time for HOA boards to begin work on their 2010 budgets, so that the new budget–which establishes the HOA board’s authority to collect assessments and spend money–is in place before the start of 2010.

Missouri HOAs, other than condominium owners associations (COAs), don’t have any special statutes to follow. Instead, they are governed by corporation statutes and by their recorded covenants and by their bylaws, which are often not recorded.

Here’s an overview of the sources of general and financial powers of HOAs and COAs: Read the rest of this entry →

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The long arm of the law doesn’t always reach a guarantor

Posted on October 16, 2009 by Harry Styron

The United States is a fairly friendly and respectful federation, at least when it comes to enforcing judgments so that creditors can get paid. This arrangement encourages commerce.

If a lender gets a judgment in one state, that judgment can be registered with the court of another state, and the lender can use the local court and sheriff to apply the tools of debt collection: garnishment of bank accounts and accounts receivable and asking the sheriff to seize and sell the debtor’s property.

If the judgment from the other state is not premised on personal jurisdiction over the out-of-state defendant, then the court where the defendant or his property is located may not Read the rest of this entry →

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It ain’t fraud if you know better

Posted on October 9, 2009 by Harry Styron

Owning a business is the dream of a lot of people, but buying a business can be a nightmare. To facilitate the process, business brokers attempt to hook up sellers and buyers, and they know that getting a worn-out seller with a naive buyer is a very tricky endeavor that often goes sour before or after the sale.

Everybody knows that nobody wants to sell a gold mine, but they do want to put the best face on what they’ve got to sell and make a plausible story for why the owner wants out. Often the sale is due to the “owner’s health,” which can mean just about anything. Sometimes, the seller or the seller’s agent pooh-poohs the scant income on the tax returns, implying that the business throws off a lot of cash that never gets reported.

Business brokers run the full gamut from extraordinarily knowledgeable and helpful to pure cosmeticians. There is one business brokerage firm that I love to work with because of their expertise and integrity–the Kingsley Group, in Springfield, Missouri. Read the rest of this entry →

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The greatest E. coli risk at Lake of the Ozarks may not be from the water

Posted on October 3, 2009 by Harry Styron

Undies are in bunches in Jeff City.  Gov. Nixon is embarrassed that his lawyer-laden government has been caught not protecting the public from health risks of E. coli, a family of bacteria whose presence in water is a marker of fecal contamination from human and animal sources. Department of Natural Resources officials, and perhaps the governor, judged that the political risk of stating that the lake water was polluted apparently outweighed the public health risk of water contact, at least until after Memorial Day weekend.

The blame game is in full swing, but nobody is explaining Read the rest of this entry →

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