Owing the federal government a debt can be a frightening experience. Once your defaulted SBA loan makes it was to the Treasury, it is likely that you will soon be contacted by one of the collection agencies that handles the collection of government debts. The calls...
The answer to this question depends on a variety of factors. In Texas, a borrower's homestead may not be pledged as collateral for an SBA business loan and the lender will not seek to do so. However, in many other states this can and does occur. But, generally...
It is settled law that state limitations statutes are relevant in determining a claim’s viability at the time the federal agency acquires the claim. If the state statute of limitations has expired before the government acquires a claim, that claim is not revived by...
Question. Can the SBA Bring a Contract Action More than 6 Years After the Default? Answer. 28 U.S.C.§ 2415(a) establishes the federal statute of limitations applicable to SBA actions to recover under contract. Under this statue the SBA has 6-years to file suit to...
Question.What if my Note is purchased by a third-party. How long do they have to sue me? Answer: In Texas, the answer is settled, but in other states this answer may vary. In FDIC v. Bledsoe, 989 F.2d 805 (5th Cir.1993),the Fifth Circuit held that assignees of the...
