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Legal Updates

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Potential Pitfalls for Agricultural Lenders

March 1, 2021

Most lenders are familiar with creating and perfecting security interests in personal property. However, when lending to farmers, there are a few additional issues.

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Current Developments with Rent Obligations in Chapter 11 Bankruptcies

February 25, 2021

Prior to the COVID-19 pandemic, the Bankruptcy Code generally has been interpreted to require debtors to pay rent obligations on time under unassumed real property leases as those obligations arose post-filing and pre-rejection. This result was driven by 11 U.S.C. § 365(d)(3), which requires the debtor to “timely perform” all obligations until the lease is assumed or rejected, with one narrow exception.

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Where to Start When Winding Down a Business?

February 25, 2021

The most important part of the process is assessing the alternative methods to wind down a business, choosing the right approach and executing on the plan.

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Do Nonprofits Need to Comply with the Absolute Priority Rule?

February 25, 2021

As financial distress grows due to the pandemic, charitable organizations are faced with two immovable forces–increased demand from hard hit communities and decreased funding due to both the economic hardships facing many donors and the cancellation of most live fundraising events.

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Comprehensive Consumer Privacy Legislation Introduced in Minnesota

February 24, 2021

On February 22, 2021, Representative Steve Elkins introduced a major new privacy bill (HF 1492) in the Minnesota House of Representatives containing significant privacy obligations for businesses to which it applies.

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PPP Loans for the Smallest Businesses

February 23, 2021

Biden administration announces several PPP reforms to support the smallest businesses.

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Tax Filing for Nonadmitted Insurance Purchases Due March 1, 2021

February 16, 2021

Minnesotans whose “home state” is here and who purchase “nonadmitted insurance” directly from insurers not licensed to sell insurance in Minnesota are required to file Form IG255 annually with the Department of Revenue.

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Recap of SEC Rulemaking and Guidance in 2020

February 12, 2021

Given a global pandemic, civil unrest and a divisive presidential campaign, even the most loyal readers of The Ticker may have struggled to keep track of the SEC’s rulemaking and guidance during what was a very active year for the regulator. Here is a recap of the most significant SEC rulemaking and guidance in 2020, including links to earlier posts.

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SEC Issues Guidance Regarding Securities Offerings During Times of Extreme Price Volatility

February 12, 2021

On February 8, 2021, the SEC’s Division of Corporation Finance issued guidance in the form of a sample comment letter to companies seeking to conduct securities offerings amid extreme market and price volatility.

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Technical Reminders for Form 10-K

February 12, 2021

As discussed elsewhere in this edition of The Ticker, companies preparing their Form 10-Ks for the year ended December 31, 2020, will need to comply with several new rules and pieces of SEC guidance.

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