NLIC.org

Mae Said:

bought some land in a development and found out from neighbor that it might be flood zone!?

We Answered:

Double check what your neighbor told you. Your county (or city) tax assessor should have that information. If it is indeed in a flood zone, you should be able to go back at the realtor and title company. By law, they have to tell you about things like that.

Lydia Said:

Acquisition Costs of Realty-ACCOUNTING QUESTION?

We Answered:

The debit is on the left, the credit is on the right, that much I know for sure. But the rest of the question does have me on pins and needles. I just returned from a party and everyone had a chance to look at the question and offer their opinion. Needless to say, it was a very mixed and heated debate and there was little consensus. What we did manage to conclude is that your answer is readily available in a book we all recommend. I have added the link below and if I were you, I would get my hands on that before everyone at the party buys them all up.
I realize knowing the exact answer would be helpful. But a good second choice is knowing with confidence where it can be found.

Gene Said:

What do we do with a car that was supposed to be repo'ed?

We Answered:

Your car is still subject any time anywhere the repo company can get it. They will not enter a locked gate, but you are playing with them. If you don't have plates, the police in addition can get it towed, and then you will pay fines, towing, storage, and still lose the car. Come on now, just leave it out front on the curb and be done with it. The horror stories? Not from the repo guys, understand this: they have a business interest only in returning the car to the people/bank/car company that you once did purchase it. Only way for you to keep the car is to 1) contact the lender and bring it back up to current status, including all fees; 2) get it registered and insured. And 3) IN WRITING get a release from the lender notifying the repo guys to cancel the repo.

Claudia Said:

A question about Sole Proprietorship.?

We Answered:

That should be pretty obvious as the court held for Ferguson and against Consumers and awarded damages to Ferguson. (The loss of pre-judgment interest on the award on appeal, over and above the policy limits, is irrelevant to the case as far as how it relates to the relationship between the proprietor and the proprietorship.)

In short, there is no difference between the proprietor and the proprietorship. That's obvious even in the name of the insured as shown on the policy -- both the proprietor's name and the name of the business. A sole proprietorship is not a separate legal entity from the individual. Therefore the court correctly ruled that the insurance company was liable under the uninsured/under-insured coverage of the policy.

The outcome MAY have been different had Mr Ferguson formed a corporation AND the policy been issued in the exclusive name of the corporation since a corporation is a separate legal entity.

Terrence Said:

Land Contract Question(s)?

We Answered:

What if they don't make the payments as they are supposed to? (if it goes into foreclosure will it result in liability for you?) Will you call the mortgage company every month to check and see if they are on time? Will late charges affect your credit?

How can the buyer be assured that your future actions would not result in a lien against the house?

You really ought to get a lawyer to draw this up and answer all these questions.