[WSBAPT] securing a lending transaction with sovereign Indian tribe

[Carl Gay]

Dear Listmates,

 

My client is re-negotiating a loan to a Tribe.

The loan is currently secured by a first deed of trust on a non-reservation
parcel.

The Tribe seeks a release of the deed of trust and substitute collateral of
a pledge of the Tribe’s “full faith, credit and taxing power to the payment
of the principal and interest as a first charge upon all revenues of the
Tribe 
.”.

The new promissory note includes a waiver of sovereign immunity and consent
to venue in state court in the event of default and collection.

Has anyone had any experience with such a pledge for collateral and who
might be willing to share some advice?

Many thanks.

 

Carl Gay

 

CARL LLOYD GAY

 

Non nobis solum nati sumus

     “Not unto ourselves alone are we born” 

           ~the motto of Willamette University~

             

GREENAWAY, GAY, MEDINA & MYERS

Attorneys and Counselors at Law                     

734 East First Street       Suite A

Port Angeles, Washington   98362

Email                       <mailto:carl at greenawaylawfirm.com>
carl at greenawaylawfirm.com

Telephone               (360) 452-3323


Facsimile                  (360) 452-3724 

 

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