Not Exactly A Solution To Creditors' Nightmares

Law360, New York (February 27, 2015, 11:08 AM EST) -- In commercial and real estate disputes, the creditor often agrees to settle his claim for a discounted amount payable in fixed installments over time, but, at the same time, the creditor requires the debtor to secure its payment of the discounted settlement amount by, among other things, having the debtor admit it owes the full amount of the underlying debt and agree to the entry of judgment against the debtor for the full amount of the underlying debt if the debtor fails to pay the discounted settlement amount timely and/or in full.

The efficacy of this common practice has been dealt...

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