Month: February 2015

California Passes Online “Eraser Law” for Minors. Will the Nation Follow?

February 17, 2015 Jay Young No Comments

A new law in California, effective January 1, 2015, requires online websites and mobile app companies to permit a minor to remove content posted by a minor. The new law, Bus & P C §§22580–22582, allows minors who are registered users of the website or app to either remove the content themselves or to request the removal by the app or website operator.

Jay Young

Hon. Jay Young (Ret.) is a retired judicial officer with decades of experience presiding over complex civil litigation matters. Following a distinguished career on the bench, Judge Young now serves as a mediator, arbitrator, and court‑appointed special master, and discovery referee. Judge Young brings a disciplined, impartial, and results‑oriented approach to dispute resolution. Judge Young is based in Nevada and accepts appointments statewide and nationally, subject to agreement or court order. He can be reached at 855.777.4557 or info@armadr.com

Known for judicial temperament, analytical rigor, and practical problem‑solving, Judge Young assists litigants and counsel in resolving high‑stakes disputes efficiently and with integrity and employing best practices. He is recognized by U.S. News and World Report’s publication Best Lawyers as Arbitration Lawyer of the Year.

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Jay Young, Top Las Vegas, Nevada Mediator and Arbitrator

Warning about WARN: Did You Know that Certain Employers Cannot Legally Lay Off Their Employees?

February 11, 2015 Jay Young No Comments

Certain employers cannot lay off employees without giving advance notice or paying them for a period of time. In 1989, the government enacted WARN – the Worker Adjustment and Retraining Notification Act. WARN protects workers by requiring employers to provide sixty days advance notice of certain mass layoffs. In general, employers are subject to WARN…

Business Law, Corporate Governance, Employment Law, Franchise Law, Jay Young, Top Las Vegas, Nevada Mediator and Arbitrator

Why Should I Consider Umbrella Insurance?

February 11, 2015February 3, 2024 Jay Young No Comments

What is an Umbrella Insurance Policy?

“Umbrella” or “excess coverage” insurance is an extension of your home and auto insurance policies. Most often, an insurer will only provide umbrella coverage if both your home and autos are insured with that company. The policy kicks in after all of your homeowner or auto policy coverage has been exhausted. In other words, it protects you against those truly extraordinary losses for which you are at fault and for which your home or auto coverage are simply not enough.

Jay Young

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Business Law, Franchise Law, Jay Young, Top Las Vegas, Nevada Mediator and Arbitrator

Protecting Confidentiality in the Sale of Your Business

February 11, 2015 Jay Young No Comments

An asset purchase agreement crossed my desk recently with a provision that allowed the buyer to post a notice on the door that there was a pending transfer of the business. Also included in buyer’s proposed purchase agreement was a provision obligating seller to maintain all customers, vendors, and employees against that threat that the buyer could terminate the contract.

Upon review, it appeared that the buyer was setting the seller up to force the seller out of business so that buyer did not actually have to pay any money to eliminate its competitor. It is critically important that confidentiality be maintained during the pendency of the transaction. There are many ways to do this:

Jay Young

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Business Law, Corporate Governance, Franchise Law, Jay Young, Top Las Vegas, Nevada Mediator and Arbitrator

The Danger of the Agreement to Agree Contract

February 11, 2015 Jay Young No Comments

Many of you have read our popular Seven Deadly Business Sins outline. One of those sins is the incomplete contract (which admittedly happens unintentionally through vague or forgotten terms). Perhaps even worse than the incomplete contract is the agreement-to-agree contract. What is an Agreement to Agree Contract? An agree-to-agree contract is one where the parties agree to…

Business Law, Corporate Governance, Jay Young, Top Las Vegas, Nevada Mediator and Arbitrator

Nevada Law Controls Mortgage And Escrow Professionals

February 11, 2015 Jay Young No Comments

Diagnosis: Predatory Lending Much has been said and written about abuses in the Mortgage and Escrow industries here in Nevada and elsewhere. In an effort to police these professionals, Nevada’s legislature passed laws governing their actions. This article summarizes these changes in Nevada law. Punishments Any person who engages in the escrow, mortgage broker agent,…

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Talking About Foreclosure Law: Protection for Tenants When the Landlord is in Foreclosure

February 11, 2015 Jay Young No Comments

Renters Become Victims of Foreclosures

Many innocent renters have been victimized by foreclosures in Nevada. The scam goes like this: A Borrower who intends to default on his mortgage payments moves out of the home and rents it to a Tenant, who pays the usual deposits and rent. While Tenant is dutifully paying rent, Borrower/landlord pockets that money instead of passing it on to the lender. Borrower did not, of course, inform the Tenant of the impending default or of the eventual foreclosure. Once the house is foreclosed on, Tenant is suddenly faced with a new landlord who wants the Tenant out of the house and Tenant does not get credit for his deposits, etc.

Jay Young

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Uncategorized

No More Deficiency Judgments in Nevada

February 11, 2015 Jay Young No Comments

What is a Deficiency Judgment? Most homes in Nevada have loans against them for an amount greater than the actual market value of the home. If a homeowner owes $200,000 and the property is sold at foreclosure for $100,000, there is a $100,000 deficiency owed by the borrower. Nevada laws generally provide that the lender…

Jay Young, Top Las Vegas, Nevada Mediator and Arbitrator, Litigation

Beware The Unforeseen Consequence Of A Failed “S” Corporate Election

February 11, 2015 Jay Young No Comments

This article is a story about an out-of-state friend and the poor advice and poor service she received from multiple CPAs. The story is told with my friend’s permission with the hope others will heed the warning. Be sure to tell your professional advisors (lawyer, accountant, insurance representative, financial advisor) all of your goals.

My friend (jet’s call her “Nancy”) CPA failed to timely file her “S” Election. For those who do not know, an S Election is a tax election whereby an eligible entity with one class of stock and not more than 100 shareholders, among other requirements, can elect under Subchapter S of Chapter 1 of the Internal Revenue Code (Sections 1361 through 1379) tax treatment similar to that of partnerships, namely, that income passes through to the shareholders of the corporation and is not taxed at the corporate level.

Jay Young

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Business Law, Corporate Governance

How Do Creditors Collect on Their Judgments?

February 11, 2015 Jay Young No Comments

With the economic downturn, clients are increasingly asking specific questions about the rights and remedies of creditors.

As a caveat, this article is not intended to include everything that one might need to know about collecting against judgments. These remedies can be affected by many other laws not discussed here, including but not limited to claims by creditors of preferential or fraudulent transfer, or bankruptcy. The intent of this article is to explain some basic information about types of creditors and types of remedies available to judgment creditors.

Jay Young

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Business Law, Employment Law, Franchise Law, Jay Young, Top Las Vegas, Nevada Mediator and Arbitrator, Litigation

Month: February 2015

California Passes Online “Eraser Law” for Minors. Will the Nation Follow?

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Warning about WARN: Did You Know that Certain Employers Cannot Legally Lay Off Their Employees?

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Why Should I Consider Umbrella Insurance?

What is an Umbrella Insurance Policy?

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Protecting Confidentiality in the Sale of Your Business

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The Danger of the Agreement to Agree Contract

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Nevada Law Controls Mortgage And Escrow Professionals

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Talking About Foreclosure Law: Protection for Tenants When the Landlord is in Foreclosure

Renters Become Victims of Foreclosures

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No More Deficiency Judgments in Nevada

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What is an Umbrella Insurance Policy?

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Renters Become Victims of Foreclosures

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