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Posts by Hoy, Timothy A.
The Advantages of Business Entity Conversions
Since July 1, 2015, Pennsylvania businesses have been able to convert from one form to another, with a few simple steps. Before 2015, a business entity that wanted to change its form (such as a general partnership to a limited liability company (LLC)) would have either needed to undergo a...
Read moreFive Mette, Evans & Woodside Attorneys Named “Best Lawyers”
Three Mette, Evans & Woodside attorneys have been selected by their peers for inclusion in The Best Lawyers® 2021. Attorneys Thomas A. Archer, Timothy A. Hoy, and James A. Ulsh were recognized again this year. Best Lawyers is the oldest and one of the most respected peer review publications in...
Read moreTake Notice: Simple Ways Lenders Can Protect Themselves
What does the automaker Honda have in common with Capital One? They both faced multi-million dollar class action lawsuits for alleged violations of Article 9 of the Uniform Commercial Code’s repossession provisions4. Recent lawsuits against both companies alleged that vehicles they financed were repossessed without providing the borrower with notice...
Read morePlanning for the End of LIBOR
While every participant in the financial markets knows that the London Interbank Offered Rate (LIBOR) is not guaranteed after 2021, few have taken steps to prepare for LIBOR’s end. Many variable rate notes are pegged to LIBOR as the reference rate; many notes executed today which reference LIBOR will nonetheless...
Read moreMobile Deposit Patent Lawsuit
A United States District Court in Texas recently awarded United Services Automobile Association (“USAA”) a $102.8 million verdict against Wells Fargo in a mobile deposit patent lawsuit filed in August 2018. USAA alleged that the mobile deposit capture technology used by Wells Fargo infringed on USAA’s patent held in the...
Read moreProtecting Your LLC as the Sole Member
By Timothy A. Hoy, Esq. A: First, you should understand Pennsylvania law on the effect of your death on the limited liability company (LLC). Unless you have an operating agreement for the company which says something different, the law provides that the company will cease to exist within 180 days...
Read moreRevised Rules Regarding Garnishment of Federal Benefits
by Tim Hoy and Melanie Vanderau The final interim rule governing garnishments of accounts containing certain federal benefits (31 CFR § 212.1 et. seq.) has been amended. The final interim rule, effective May 1, 2011, was established by the Department of the Treasury, the Social Security Administration, the Department of...
Read moreThe Perils of Joint Bank Accounts
Many people set up joint bank accounts with a friend or child for “convenience,” so that the other person on the account can easily write checks, pay bills, and otherwise assist with daily financial chores. Other times, joint bank accounts are used as a rudimentary form of estate planning –...
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