Standards/Definition
When you are collecting from a business that is closed or is in the process of closing and plans to transfer assets.
Successor Liability
The price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts.
Fair Market Value
A tool to collect potential information by visiting the business or other entities outside of the workplace.
Field Visit
Debt type that cannot be collected through a STAN action.
Other Agency Debts (OADs)
When someone pays personal expenses from their business account.
Commingling funds.
A transaction, such as a sale or transfer of assets, that is done at fair-market value and does not unfairly benefit the buyer or transferee of those assets
Arm's Length Transaction
When you want to pursue an asset held by a third party who is shielding assets controlled by our customer.
Nominee
Documentation that helps identity new ownerships and/or transfer of assets.
Purchase Agreement
The action that requires a lien be filed by statute on the original customer.
Successor Liability
A bank account with lots of activity but does not hold funds.
Pass-through account
When a non-arm's length transaction occurs to transfer assets to a person or entity.
Transferee Assessment
The two entities that may be involved in appeals or litigations of STAN actions.
ALSD and the Attorney General Office
Website available to review original or amended business filing to secure articles of incorporation or organization.
Office of the Minnesota Secretary of State (OSS) website
The two actions that have the same statute of limitations for assessing as the customer.
Alter Ego and Nominee
The business type that includes one individual.
Sole Proprietor
A customer associating so closely with a separate entity that it appears the entity is not only influenced and governed by that customer, but there is such a unity of interest and ownership that the individuality or separateness of the customer and entity has ceased.
Second Self
The most common potential cost from a STAN action.
Subpoena fees
Warehouse
The percent in which a transfer of business or assets must be more than to pursue Successor Liability.
50%
The asset type that is not available for individuals to individuals.
Leviable Income
When an entity is acting as a second self.
Alter Ego
Two things you should pursue prior to STAN actions.
Voluntary compliance and enforced collection actions
Name one thing or information you may be able to locate on a UCC1 filing.
Two options available to customers as recourse to STAN actions.
Appeal right or litigation
Stan actions that apply to a bank account asset when the relationship is business to individuals.
Nominee and Transferee