Resources
Experience

Banking: Establishment of Non-Depository Trust for National Company

Verrill served as special counsel to a national firm in the chartering and licensing of a Maine non-depository trust company as the client’s wholly-owned subsidiary. Non-depository trust companies are highly regulated, and the matter involved a complex application process and close work with state regulatory authorities. Establishing the new company also required navigating the federal Dodd-Frank Act, which included ambiguous language that might have prohibited non-depository trust companies. To solve the ambiguity, Verrill worked with members of the US Senate to include a floor colloquy addressing the matter. After nearly a year,, Verrill and the client were able to efficiently establish and license the new nondepository trust company, as well as license the company for operations in the jurisdiction of its principal office.

Firm Highlights

Publication/Podcast

Divide by 40, Indeed

In response to prior posts on Paycheck Protection Program math, I did receive several messages suggesting that 30 hours – and not 40 as I had stated – was the proper basis for computing...

Matter

Allagash becomes Maine’s First Benefit Corporation

Allagash Benefit Event
News

Ensuring Paycheck Protection Program Loan Forgiveness

On May 8, Forbes published an article, "Here's What You Can Do Now to Ensure Paycheck Protection Program Loan Forgiveness," discussing eligible businesses looking for the Paycheck Protection Program (PPP) funding that was made...

Matter

Banking: Helping Non-Depository Trust Companies Do Business in Other States

Verrill has helped to form more non-depository trust companies in Maine than any other law firm. We have also helped our trust clients when they look to expand their business into other states. In...

News

39 Verrill Attorneys Named 2019 Super Lawyers and Rising Stars

Verrill Attorney Karen Frink Wolf Again Named One of New England’s Top 100 Attorneys and Top 50 Women Attorneys (December 11, 2019) – The 2019 edition of New England Super Lawyers and Rising Stars...

Matter

Heating Oil and HVAC Systems Acquisitions

HVAC
Publication/Podcast

Should You Adjust Your Plans Based on the New PPP Forgiveness Guidance?

Your inbox is likely flooded with news about the forgiveness guidance from the Small Business Administration (SBA) that came in the form of instructions on how to fill out the application. These instructions provided...

News

38 Verrill Attorneys, Across Four Offices, Recognized in 2020 Chambers & Partners Guide

(April 27, 2020) – Verrill has been rated as a Leading Firm in a total of ten categories and subcategories as evaluated by London-based Chambers & Partners , one of the world's most respected...

Publication/Podcast

PPP Math for the Self-Employed: And, Yes, There is Still Time

The Small Business Administration reports that as of May 23 it still had nearly $150 billion of untapped Paycheck Protection Program funds. The Program has been underutilized by self-employed business owners, in part due...

Publication/Podcast

FINALLY!!! . . . SBA Guidance on the Forgiveness Math

The Punch Line : On Friday, May 15, the Small Business Administration published a new form entitled Loan Forgiveness Application Instructions for Borrowers which, at long last, provides a great deal of guidance on...