Posts by LAW OFFICES OF LEONARD KOMEN, P.C.
THE MISSOURI MECHANICS LIEN STATUTE
Missouri=s statute says: A429.012. Original contractor to have lien, when ─ requirements, failure to provide notice, penalty, exception ─ agents, insurance companies or escrow, accepting fraudulent lien waiver or false affidavit for gain, penalty. ─ 1. Every original contractor, who shall do or perform any work or labor upon, or furnish any material, fixtures, engine,…
Read MoreMY MECHANIC’S LIEN CHECKLIST
For the Attorney representing construction, general contractor and subcontractor claims 1. Get a copy from the client of the: a. basic contract b. if residential, the Owner’s Consent b. supplemental documents modifying the contract. c. contractor’s Notice to the Owner d. all schedules and documents to support labor by hours and rate, and materials and,…
Read MoreCONSTRUCTION LAW CAN YOU ENFORCE AN “ORAL” CHANGE ORDER?
In spite of construction contract language requiring all change orders to be in writing, the hectic pace of actual construction often results in changes to the specifications being made on the spot or too quickly to prepare a written change order. In other cases, the parties just adopt a casual attitude about changes and…
Read MoreMinority ownership in a privately held business may create opportunities for “squeeze out” techniques by majority owners. To investigate that conduct, we use the following analysis outline:
Documents to review: Squeeze-Out techniques and issues to consider: a. Siphoning off earnings by high compensation to majority owner or relatives b. Diverting customer orders or customers to another company owned or controlled by the majority owner here. c. Sale of corporate assets to other insiders d. Leases and loans favorable to majority owner e.…
Read MoreBANKRUPTCY – THE AUTOMATIC STAY
The filing of a bankruptcy creates an Aautomatic stay,@ or an injunction, that prevents all creditors from any attempt to collect debts that existed before the case was filed. These would include informal attempts through correspondence and communication as well as formal attempts like suits and foreclosures. Even a pending lawsuit is stopped and…
Read More“POD” and “TOD” -Pay/Transfer On Death Accounts
First, none of the following applies to joint accounts. As always, upon the death of one joint owner, the survivor becomes sole owner. Second, such an account is not protected against a creditor of the owner. The beneficiary named does not become a a current owner of the account. On accounts held in one name…
Read MoreBANK ACCOUNTS AND COLLECTIONS
Bank staff frequently are confronted by garnishments and attachments of customer accounts when the party seeking the garnishment has not completely or accurately identified the customer. A few pointers follow: The duty of the Bank, and any garnishee: Missouri law does not impose a duty on the Bank or garnishee to question whether the proper…
Read MoreBANK’S REPORTING OF SUSPICIOUS OR LARGE TRANSACTIONS
How and when is a Bank required to “report” large cash transactions? Two Federal laws, the Bank Secrecy Act, and the USA Patriot Act (“Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2002”) and one Executive Order 13224, with similar provisions, give some guidance. The Bank Secrecy…
Read MoreESTATE PLANNING
I. General Estate and Gift Tax Law. For 2023, the estate tax exemption is $12.92 million. With the correct language in a Trust, that can be doubled for a married couple. Unless the total estate valuation is expected to exceed these amounts, no additional estate tax planning is necessary. II. IRAs and Retirement Plans Ownership…
Read MoreESTATE PLANNING, TRUSTS, AND PROBATE
ESTATE PLANNING, TRUST AND PROBATE LAW OFFICE IN THE ST. LOUIS, MISSOURI AREA Estate Planning: With Len Komen, you receive individual counseling regarding estates, trusts, and asset protection. There is no fee for an initial conference to analyze your needs. We cover the St. Louis and surrounding county areas and will meet at your home…
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