[WSBAPT] securing a lending transaction with sovereign Indian tribe

[Paul Neumiller]

Fascinating concept.  Please let us know what you discover.


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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Carl Gay
Sent: Thursday, August 13, 2020 3:49 PM
To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] securing a lending transaction with sovereign Indian tribe

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
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