RELEASE DATE: April 18, 2022
DURATION: 90 minutes
“Paper is now ‘past tense’. Electronic lending is progressing quickly with the enactment of legislation and the development of new information technologies facilitating the use of electronic commerce. This presentation explains the legal basis for the electronic creation of enforceable loan contracts, as well as the necessary steps for insuring that an electronic loan note, or any other electronic document, is admissible in court.
This lecture will cover:
- An explanation of legislation covering electronic lending 2. The legal validity of electronic documents and signatures under the federal e-SIGN statutes and states’ versions of the Uniform Electronic Signatures Act (“UETA”) 3. The enforceability of eNotes under both e-SIGN and UETA.
- The legal requirements of valid eNotes and detailed in e-SIGN and UETA 5. The enforceability of electronic security agreements under Revised Art. 9 of the Uniform Commercial Code 6. How to insure admissibility of e-documents in civil litigation”
MEET THE PRESENTER
Franklin Drake has been a partner in the Raleigh, North Carolina law firm of Smith Debnam Narron Drake Saintsing & Myers since 1994, following a sixteen-year practice specializing in creditor’s rights, bankruptcy, and repossession law in Louisville, Kentucky. There, he was Senior Vice-President of William Mapother’s law firm. Mr. Drake graduated from the University of North Carolina in 1975 with a B.A. with honors and with his law degree in 1978. He has practiced in North Carolina, Kentucky, West Virginia, and the federal courts of southern Indiana. For the last 30 years, he has lectured regularly at practical training courses, bankruptcy and regulatory compliance programs and webinars. Sponsors include NASCUS, CUNA, NAFCU, ACUIA, AACUL, NCUMA, state regulators and more than two dozen state credit union leagues across the US. His articles on the practical application of laws and regulations to credit union procedures have appeared in state bar magazines, nationally distributed newsletters and on the Internet. For the past 31 years, Frank has advised and represented most of the major secured and unsecured financers on secured lending, bankruptcy and regulatory compliance matters. He especially enjoys guiding his clients around compliance pitfalls and how NOT to get sued.