Maine Law Court Provides Guidance Regarding Classification of Loans
By EsqSocial Corporation 28/03/24
In Franklin Savings Bank v. Bordick, issued on February 29, 2024, the Law Court reversed a decision of the Business and Consumer Docket (BCD) and remanded a personal property recovery judgment for further analysis regarding the nature of the loan—specifically, whether it was advanced primarily for consumer or commercial purposes. 2024 ME 17, ¶ 3. In doing so, the Law Court offers guidance as to the proper classification of business versus personal loans....
By: Pierce Atwood LLP