Oklahoma’s Fair Pay for Construction Act

Oklahoma’s Fair Pay for Construction Act applies to public contracts, and requires prompt payment of contract monies to contractors and subs. Here are the Act’s highlights: The awarding agency must make progress payments within 30 days after submission of an invoice. The awarding agency cannot reduce an invoice of a prime contractor without describing the […]

The Change Order

Except in the middle of a battlefield, nowhere must men coordinate the movement of other men and all materials in the midst of such chaos and with such limited certainty of present facts and future occurrences as in a huge construction project . . .  even the most painstaking planning frequently turns out to be […]

What is Oklahoma’s Homestead law?

The Oklahoma homestead law protects your primary residence from the forced sale by creditors. Our lawmakers consider the family home a cherished possession. As such, a creditor (one to whom you owe money) cannot force its sale unless to satisfy a mortgage, mechanic’s lien, or unpaid taxes. A creditor can, however, file a judgment lien […]

Before you sign an oil and gas well lease…

Assume you are approached by a landman who wants to lease your 80 mineral acres.  As far as you know, your place has never been under lease, but you understand that your neighbor is receiving handsome checks since a well was drilled on his place. That oil and gas lease will remain in full force […]

“How do I avoid being sued?”

While at my favorite Italian restaurant last week, I was asked “how do I avoid being sued?”  The short answer:  you don’t.  Things happen.  While it is impossible to prevent lawsuits, you can avoid losses by using sound asset protection strategies. Consider Sam, who is the managing member of a successful oil and gas company […]

Before you sign that real estate purchase contract, do this . . .

Perform a background search before you sign a real estate contract.  The search is intended to spot any obvious problems before you spend money and time on the matter. Check the Oklahoma Secretary of State records.  If the Seller is a business entity, then it should be in “good standing.”  If the Seller is a […]

Escrow

Most think of escrow in the sense of purchasing a home:  you deposit earnest money with the title company; that money is held in escrow while you inspect the home; and at closing, the purchase price of the home is reduced by the sum held in escrow.  Yet, escrow has other benefits in today’s world. […]

Does a Revocable Living Trust Protect your Assets?

Suppose that you plan to get re-married, and in order to keep your assets separate from your significant other you set up a revocable living trust, naming yourself as trustee and sole beneficiary.  Three years later, a neighbor trips on your door step, breaks his leg, and wins a lawsuit against you.  Can the neighbor […]

The Oklahoma Limited Liability Company (“LLC”)

As with a corporation, all owners of an LLC enjoy limited personal liability.  That means that being a member of an LLC doesn’t normally expose you to legal liability for business debts and court judgments against the business.  Generally, if you become an LLC member, you risk only your share of capital paid into the […]

Suppose an unsecured debtor doesn’t pay. What’s next?

A savvy creditor should understand the nature and availability of remedies if a debtor defaults. Such knowledge is especially important to unsecured creditors, since the options upon default are relatively few and frequently unsatisfactory-why? More often than not, the only remedy available to the unsecured creditor is to file a lawsuit, proceed to judgment (an […]

On August 27, 2013, Gary Quinnett presented a legal seminar on commercial real estate issues. The attendees rated him "Excellent"