Litigation Notes

litigation notes
Accounting Now!! Liability Transactions…Help!!!?

First Question Is, What Would Be The Entry For This Problem:
Dec. 1 Purchased office equipment from Valley Equipment Co. for $40,000, paying $10,000 and issuing a series of ten 6% notes for $3,000 each, coming due at 30-day intervals.

December 1:
(Dr) Equipment $40000
(Cr) Cash $10000
(Cr) Notes Payable $30000
You need not to compute the present value of annuity because the note is interest-bearing.

December 17:
(Dr) Loss in Litigation Claims $56000
(Cr) Litigation Claims Payable $56000

December 31:
(Dr) Notes Payable $3000
(Dr) Interest Expense $15
(Cr) Cash $30015

Interest Expense = $3000 x 6% x 1month/12months

Ocala Real Estate Litigation Attorneys Florida Lawyers

Kentucky Auto Accident Litigation Terms Defined

How Long is the Statute of Limitations in Kentucky?

You only have a certain amount of time to settle your case or file a lawsuit. In Kentucky this time is two (2) years from the date of the accident or two (2) years from the date of the last medical no-fault payment is made not to exceed four (4) years. This deadline is called the “Statute of Limitations”. Is your head spinning? As you can tell determining the statute of limitations is very technical. Either contact an attorney or play it safe and file within two years. (Note the Statute of Limitations for most other personal injury cases in Kentucky is one year. Always consult an attorney to determine this. Don’t take a chance.) It even gets a little more confusing and there are some exceptions depending on whether you have opted out of the Kentucky No-fault Statute. 99% of people have not done this and I am not going to go into this very complicated area here.

Summons or Complaint

To start a lawsuit, papers must be filed in Circuit Court and a filing fee paid. The legal names for these papers are a “Summons” and “Complaint”. When a person files a lawsuit he or she is called the “Plaintiff”. The person or corporation that is being sued is called the “Defendant”. The Plaintiff must personally serve (deliver) a copy of the Summons and Complaint on the Defendant. This can be done by certified mail, by sheriff or by a special bailiff.

Discovery

Once a lawsuit is filed and the Defendant is served the Court sets deadlines, including discovery and a trial date. These deadlines, and in particular a trial date, can help move your case toward a settlement. Additionally, both sides participate in a process of asking for and exchanging information about the case. This process is called “discovery”. Each side is allowed to investigate and find out what evidence and witnesses may be used at trial by the other side. The discovery process usually includes sending or answering written questions, called Interrogatories, and Requests for Documents. The Defendant’s attorney will also be allowed to access your medical records and work history. This may include your financial records.

Depositions

The discovery process also includes depositions. A deposition is a face-to-face meeting where the attorneys are allowed to ask a witness questions under oath while a court reporter transcribes every word. Sometimes depositions are taken by video. Any witness that may offer testimony at trial can be deposed, including you, your doctors, your friends, your family and the Defendant. If your deposition is requested, it is very important that you prepare for it with your attorney. Your conduct at the deposition will influence the value assigned to your case and affect whether the case will settle before trial.

Independent Medical Exam

When a lawsuit involves a claim for personal injuries, the Defendant is usually permitted to have a doctor of their choice examine you. This is called an Independent Medical Examination (IME). The independent does not mean that the opinion is unbiased. The doctor is hired by the insurance company. It only means that the examination is independent of the doctor patient relationship.

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