Business
Law Notes
Spring
2008 Volume VIII, Issue:
1
401.455.0001
(tel.)
401-455-0002 (fax)
One Davol
Square
Providence, RI 02903
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Business Friendly Rhode
Island
As you must know, our fair state is in
a fiscal crisis and proposals to wack the business
community with the consequences are myriad.
Tom was at the State House recently in his capacity
as Chairman of the Rhode Island Chamber of Commerce
Coalition for a press conference with Governor
Carcieri and to rally the business community in
testifying against the many proposed additional taxes
and increases in existing taxes.
Please visit
www.ribusinessvotes.com to access the Coalition's
e-advocacy program and let your legislators know that we
need a plausible environment for business to succeed in
Rhode Island!
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Alternative Energy
Did you know that The Madden Law Firm,
P.C. is counsel to a Rhode Island based business
developing a wind farm in South America?
For
legal counsel on development agreements, joint ventures
and capital raising in the burgeoning fields of
alternative energy, contact us at 401-455-0001.
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Lien Priority
Matters
In
a recent Rhode Island Superior Court ruling,
Stock-Building Supply, Inc. v. Freedom Bay Cottages,
LLC, detailed compliance with R.I.G.L. Section 34-28 et.
seq. was reaffirmed as mandatory in order
to maintain priority over subordinate mechanics
liens and mortgages on the land records.
The statute's distinction between a "land loan"
mortgage and a "construction loan" mortgage and related
time constraints on the enforcement of rights were
strictly enforced by the court.
What this means, practically, is that, while a
"construction loan" mortgage will automatically have
priority over all other liens filed after it, a "land
loan" mortgage may not.
Lenders, remember, subordination agreements may
sometimes be required to address priority issues and
title work and lien searches should be accurate and
brought down to closing.
For counsel on all of your lending needs, contact
the firm at 401-455-0001.
Remember, we can represent you in your
Massachusetts transactions as
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Reminders and Recent
News:
- Don't forget to ask or inform us about changes affecting
your annual report....
- If you are a mortgage broker in Rhode Island, remember
that you now need to be licensed with the DBR.
- Tom was voted Chair-elect of the Central RI Chamber and
will be installed as Chair in September 2008!
- The Rotary Club of Providence recently named Tom to the
Board of Directors of the Club and the Club's Foundation,
which donates tens of thousands of dollars to local
charities annually.
- Tom was recently admitted to the Bar in Massachusetts
and, of course, remains active in Rhode Island and New
York....
- Tom will be presenting
on legal concerns with lending at a Lorman CLE program
on loans and real estate in Providence on August 14,
2008.
- The Madden Law Firm,
P.C. was recently named in PBN as one of the state's top
intellectual property law firms!
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