Wednesday, February 20, 2013

The Importance of Owners' Agreements

Although not required, it is extremely valuable for Owners' Agreements, such as Shareholder Agreements, LLC Agreements and Joint Venture Agreements to be in writing.  In closely held businesses, a shareholder dispute is what typically causes a Company to crumble. Shareholders and partners of privately held companies should protect themselves during the formation process and reduce oral agreements to writing.  Certain provisions to include provide for buy-sell methods, decision making ability, and deadlock and dispute resolution procedures.  Making sure that these types of clauses are  in writing before a problem arises could be the key to a Company's ultimate success.    

Thursday, February 7, 2013

How To Turn Your Final Judgment Into A Lien On Real And Personal Property

In order to obtain a lien on real property, a certified copy of the Final Judgment must be recorded in the public records of the County. In Florida, a lien is valid for an initial period of 10 years from the date of recording with the County.  The lien can be extended for an additional 10 years if the Creditor files an affidavit and a certified copy of the Final Judgment is re-recorded before the initial lien has expired. See Fla. Stat. Section 55.10.

As to personal property, the Creditor must file a Judgment Lien Certificate with the State of Florida.  In Florida, a lien on personal property is valid for 5 years from the date of filing.  Within 6 months before or after the expiration of the personal property lien, a Creditor can obtain a new Judgment Lien Certificate; however, the new lien is not a continuation of the first lien.  Instead, the second judgment lien permanently lapses after its 5-year period expires and no additional liens based on the original judgment can be acquired.  See Fla. Stat. Section 55.204.