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Lesson #1: Know Who You Are Doing Business With & Their Financial State of Mind

I was asked to review a recent case from New Jersey captioned “ Vollers Excavating and Construction, Inc. v. Citizens Bank of Pennsylvania (March 5, 2012). It appears to stand for the proposition that a bank is not liable to a subcontractor on a job where the construction borrower of the bank, a general contractor, filed for bankruptcy leaving the subcontractor without a remedy. After reviewing the case, the loan documentation clearly indicated the loan proceeds would not be subject to the claims of any subcontractor.

1 Step You Can Take for Protection Against Bankrupt Manufacturers

I wish I had mentioned this issue in my recent presentation to the ABA Construction Forum but another solar manufacturer filed bankruptcy. Given the issues with the economic viability of sustainable products, owners and contractors need to look closely at sustainable manufacturers by protecting themselves with contract language.

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