Lynn W. Hartman

The banking attorneys at Simmons Perrine PLC have experience in transactions totaling more than $400 million annually. Our representative matters provide insight into the types of matters we have previously handled. Below is an abbreviated list.

Notable Banking Transactional Matters

• $47 million refinance and cross-collateralization of various borrower obligations, including participation agreement.
• $41 million construction and bridge finance to rehabilitate 180,000 sq. ft. mixed use building. Funding includes city bond issues and historical tax credits from the State. We acted as counsel for the Lender.
• $46 million multi-state real estate credit involving CDE and other economic development lenders and multiple participants.
• Separate issues for $44.3 million and $22.5 million Private College Facility Revenue and Refunding Bonds.

Notable Banking Litigation Matters

• Suit on promissory notes, guarantee and foreclosure of personal property of multiple restaurant franchise locations in Iowa. Matter involved franchise, leasehold and indemnification issues. Negotiated and obtained forbearance agreements with three limited guarantors, thereby reducing the overall obligation by approximately $250k. Successfully litigated matter and garnered an approximate $335,000 judgment for client.
• Foreclosure and receiver action for 42-acre multi-building shopping mall complex. Matter involved the review of numerous bank documents, lease agreements and complex easement and joint tenant real estate documents. Successfully negotiated a settlement wherein the borrower surrendered possession of the real estate through a deed-in-lieu foreclosure.
• Four-year title opinion objection dispute involving 34-building, 141-unit condominium development. After a 4-day bench trial, we not only prevailed on our request to reform the deed and clear title but also convinced the court that the Defendant’s actions in defending the quiet title action and bringing an interference claim were frivolous and used for an improper purpose. As a result, the court ordered all of our clients’ fees and expenses (in excess of $145,000) to be paid by Defendant. Defendant appealed the decision to the Court of Appeals of Iowa and the Appeals Court affirmed the quiet title decision. Further, the higher court found that the district court did not abuse its discretion in assessing sanctions and remanded back to the lower court to determine if the amount of the award is appropriate.

Notable Banking Regulatory Matters

• Advised client on recent changes under the Dodd-Frank Act to the Real Estate Settlement Procedures Act (“RESPA”) and implemented by the Consumer Financial Protection Bureau (“CFPB”) in 2014. Developed recommended procedures to minimize liability risk under RESPA and the Truth-in-Lending Act.
• Review of an agreement with bank’s central routing unit (CRU) which would govern all transactions for its automated teller machines (“ATM”) and point-of-sale (“POS”) transactions conducted by the bank at an estimated amount of $337 million annually.  The review identified key changes to the agreements in order to limit the bank’s exposure under the agreements and to protect the bank’s interests in its ongoing relationship with the CRU.  Further assisted the bank in negotiating many of the above changes to the agreements with CRU’s counsel.
• Negotiated with bank and representative of the interbank network Shazam to document a seven-year $2.3 billion contract.
• Review of a bank’s Automated Clearing House (“ACH”) transaction agreements to ensure compliance under the rules and regulations issued by the FFIEC and NACHA.  These agreements are in place to govern the bank’s handling of electronic credit and debit transactions (i.e. ACH transactions). Furthermore, our law firm’s review provided comments and edits to these agreements to limit the bank’s exposure from claims brought under common law, the Uniform Commercial Code, and other related statutes.

To view a more comprehensive list of our notable banking matters, click here.