Afik News is the bi-weekly professional magazine of Afik & Co. Attorneys and Notary
SubscribeA promissory note signed against an oral commitment for investment is not enforceable if the investment did not go through
Commercial, Banking and Financial
Dispute Resolution
Two entrepreneurs were signed on a loan agreement and promissory notes in the amount of USD 350,000 by an investor promising against this to invest a million Dollars in a company of theirs. Until the point of signing the notes and the loan agreement the entrepreneurs did not personally owe the “lender” anything, because the […]
A Dirge for the Companies – In Every Generation they Rise up to Destroy Us
Intergenerational Law (Trusts, Estates, Lasting Powers of Attorney, Parenting)
Business, Corporate and Joint Ventures
Lasting Power of Attorney
If in the past it was customary to bury a man along together with animals and much property to support him in the afterlife, today this practice is less than acceptable. So why are businesses and companies sometimes buried, inadvertently, together with their owners? For example, a high-tech entrepreneur and a major shareholder in a […]
An agreement unlimited in time may be deemed as violating public policy and will be limited
Commercial, Banking and Financial
Dispute Resolution
A company specializing in brokerage for the raising of financial loans entered into an agreement with a borrower for off-bank loan from a third party. The agreement between the companies included a clause, according to which the agreement was unlimited in time, does not require the broker to be the effective cause in securing the […]
A retailer who received from a manufacturer goods for sale in consignation is liable for goods that were not sold but disappeared
Commercial, Banking and Financial
Dispute Resolution
A food manufacturer sold goods to a retailer under consignment terms, so that the retailer only pays for the goods it has actually sold. At the end of the contract, the goods remained in the hands of the retailer, and the manufacturer did not collect such despite the retailer repeated demands to collect them, and […]
A tenant that continues to hold the asset after terminating the lease may be deemed to have withdrawn from the termination
Real Estate
Commercial, Banking and Financial
Dispute Resolution
Tenants sent their landlord a notice of termination of the lease as he did not fix electricity issues, but nevertheless continued to hold the apartment for over six months. The Court held that when the tenants chose to keep holding the apartment, they effectively waived the termination notice, and the landlord was thus entitled to […]
When an apartment is not recorded at the land registry there in no need for any recording for a pledge to obligate a receiver in bankruptcy
Real Estate
Business, Corporate and Joint Ventures
Dispute Resolution
A person took out a loan and against it mortgaged his rights in an apartment. Because the apartment has not yet been recorded at the Land Registry, the mortgage was registered only with the Mortgage Registrar and not in the Land Registry and even a cautionary note on the future obligation to record a mortgage […]
Non-execution of a contract due to lack of good faith in the negotiation may cause the contract to be deemed as if executed
Commercial, Banking and Financial
Public Law, Environment and Tenders
Dispute Resolution
The Haifa Municipality Tender Committee did not discuss the results of a taxi service tender for many months despite repeated inquiries, contending that it was necessary for committee members to study the tender and therefore discussed other tenders and that the chairman of the committee was not present. Finally the bidder that was supposed to […]
