Bankrupt Lender Seeks OK To Collect Loan Payments

Law360 (May 10, 2006, 12:00 AM EDT) -- USA Commercial Mortgage Co. is asking a Nevada bankruptcy court for permission to keep collecting loan payments while withholding disbursements to investors until the company sorts out exactly how much respective investors are owed.

USA Commercial Mortgage, headquartered in Las Vegas, Nevada, uses capital from investors to make loans to businesses.

The company needs to wait until a hearing scheduled for July 25 to figure out and report to the court on the proper disbursement of funds, according to court papers.

There are approximately 115 loans...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.