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Last update: Mar 19, 2007
Greenberg Traurig: From The Ground Up Mar 01, 2006
Tax Legalities Impact Developers, Property Owners, and Borrowers in Arizona, California, and Florida Arizona: Income from Sale of Mortgages and Servicing Rights Subject to Arizona Tax A recently published Arizona tax case will be of interest to developers who finance real property sales through a mortgage affiliate. MDC Holdings financed the sale of homes in Arizona through an affiliated mortgage company, HomeAmerican, located in Denver
Goodwin Procter: Isolating Securitized Assets from the Credit and Operat... Jan 15, 2006
Typically this involves structuring designed to separate the issuing entity and its assets from the bankruptcy estate of the sponsor bankruptcy law principles of "substantive consolidation" and "true sale." When the sponsor is a bank or thrift the analysis is more complex because structuring must address not only the unique insolvency rules that govern bank and thrift receiverships but also must address the more generalized concerns that are tied to the safety and soundness of the banking system
Goodwin Procter: Bank Regulatory Issues in Securitization and Credit Der... Jan 15, 2006
Presumably this would be done in a manner that is consistent with the applicable state laws governing the application of proceeds of sale of collateral, including obligations with respect to any surplus and rights with respect to any deficiency. 25 The term "qualified financial contract" includes any securities contract (including a margin loan, a master netting agreement and a contract for the sale of mortgage loans and interests in mortgage loans other than participation interests), commodity
Goodwin Procter: Isolating Securitized Assets from the Credit and Operat... Apr 08, 2005
Typically this involves structuring designed to separate the issuing entity and its assets from the bankruptcy estate of the sponsor bankruptcy law principles of "substantive consolidation" and "true sale." When the sponsor is a bank or thrift the analysis is more complex because structuring must address not only the unique insolvency rules that govern bank and thrift receiverships but also must address the more generalized concerns that are tied to the safety and soundness of the banking system
Winstead: Bankruptcy Issues Related to Foreclosure and Repossessi... Feb 08, 2005
BANKRUPTCY ISSUES RELATED TO FORECLOSURE AND REPOSSESSION. Foreclosure and Repossession in Texas Bankruptcy Issues Related to Foreclosure and Repossession
Pepper Hamilton: Stay Relief: What Actions Must a Creditor Take? Sep 17, 2004
The district court denied the summary judgment motion on the basis that InterBusiness had failed to timely file a petition to fixed the value of the real estate owned by the debtor, Annlick Farm Supply, Inc. , within six-months following a foreclosure sale, in contravention of the Pennsylvania Deficiency Judgment Act, 42 PA. Cons. Annlick s real property was thereafter sold to InterBusiness at foreclosure on May 1, 2003
Greenberg Traurig: Anatomy of an Involuntary Corporate Bankruptcy Mar 01, 2004
Involuntary bankruptcy proceedings are available to aggressive creditors facing a debtor who is incompetent, whose business is declining in value or is no longer viable due to mounting operational or financial issues, whose assets face certain foreclosure and a loss of equity above the perfected liens, whose assets have nominal innate liquidation value except through a sale of the enterprise, or whose directors and officers are deadlocked on major strategic decisions or have engaged in the
Snell & Wilmer: What Every Loan Officer Should Know About Utah's O... Dec 01, 2003
In practical effect, the rule dictates the procedure by which a lender may collect a debt secured by realty, that is, the lender must complete foreclosure upon the real property collateral before filing suit for a money judgment against the debtor. Strictly speaking, the rule does not absolutely prohibit a secured creditor from filing suit before completing a non-judicial foreclosure
Saul Ewing: Section 363(f) Sale "Free and Clear" Can Dive... Aug 01, 2003
Section 363(f) Sale "Free and Clear" Can Divest a Tenant's Leasehold Interest in Estate Property. It gives the trustee or debtor in possession the power to conduct something analogous to a foreclosure sale, which has the effect of discharging liens, encumbrances and other interests in and against the property
Saul Ewing: "Section 363(f) Sale "Free and Clear" Ca... Aug 01, 2003
Section 363(f) Sale "Free and Clear" Can Divest a Tenant's Leasehold Interest in Estate Property. It gives the trustee or debtor in possession the power to conduct something analogous to a foreclosure sale, which has the effect of discharging liens, encumbrances and other interests in and against the property
Akerman Senterfitt: 05/14/03 - Bankruptcy Update Spring 2003 May 14, 2003
Thus a purchaser of a judgment debtor's goods at a garage sale acquires the goods subject to the judicial lien, but has his own lien to protect the value he paid to the judgment debtor. Notwithstanding the centralized filing of judgment liens, the lien is still enforced through a sheriff's levy and sale
Clifford Chance: Security Agreements Under Revised Article 9 Apr 03, 2003
22 If the secured party chooses to do so, it must be done in a "commercially reasonable manner."23 This allows the secured party to accept a note from a buyer at a foreclosure sale and to credit the debtor with such note by establishing a commercially reasonable discount value for the note or crediting the debtor as payments under the note are received. (11) "Payment intangibles" are general intangibles under which the account debtor's principal obligation is monetary and is brought within
Winstead: Effectiveness of Waiver of Deficiency Offset by Guarant... Apr 01, 2003
On February 1, 2000, LaSalle conducted a non-judicial foreclosure of the Facility. 00 at the time of foreclosure
Blank Rome: Real Estate Update Apr 01, 2003
Contents: Construction Lenders Must Disclose Information To Takeout Lenders Appraisers’ Liability To Strangers Foreclosures: Bargain Purchase Stands Mortgages: Most Courts Will Not Imply Prepayment Rights Construction Lenders Must Disclose Information To Takeout Lenders A recent Arizona case explores the duties of a construction lender to disclose information to the permanent (takeout) lender about the financial condition of the Borrower. The corporate seller then retained the appraiser to
Lane Powell: Creditors' Rights In Oregon And Washington Mar 28, 2003
A deed of trust may be foreclosed either judicially or by a non-judicial trustee's sale. The primary advantages of proceeding non-judicially is that non-judicial foreclosures are usually less expensive and faster than judicial foreclosures
Lane Powell: Rights And Remedies Of Secured And Unsecured Credi Mar 28, 2003
Depending on the collateral, counsel or the creditor should order current UCC, judgment, and tax lien searches or a lot book report or judicial foreclosure guarantee. If permitted by the underlying agreement, a creditor should attempt to include all late charges, attorney fees, maintenance expenses, and foreclosure costs as part of its secured claim
Goodwin Procter: Beware Unintended Personal Liability On Mezzanine Debt Mar 24, 2003
...foreclosure, to take control of the property owner through its ownership of equity interests, and thus to indirectly control the mortgage borrower and realize the net equity in the real estate. However, some springing recourse guaranties do exclude recourse to the guarantor for liabilities caused through no fault of the borrower after foreclosure under the specific loan for which the guaranty is provided
Faegre & Benson: Making Commercial Mortgage Loans on Property in Minneso... Mar 01, 2003
...com Firm Serves as Lead Counsel in Sales of Marshall Field s, Mervyn sCorporate Counsel Profile: David Sislowski, Frontier AirlinesDiane Davies appointed to the Colorado Supreme Court Unauthorized Practice of Law CommitteeFaegre n Serves as Lead Counsel on Gander Mountain IPO More Articles Forward this article to a colleague Register for legal updates via email More Information on Real Estate More Information on Corporate Real Estate Representation Making Commercial Mortgage Loans on Property in
Goodwin Procter: Bankruptcy Issues for the Business Lawyer — an Ove... Jan 17, 2003
8 Use, Sale, or Lease of Property. 9 Sale Free and Clear of Interests of Others
Brown Raysman: Nonrecourse Loans (PDF) Nov 20, 2002
A typical nonrecourse provision from the 1980s and early 1990s, before the current influx of additional carveouts, may have read, in part, as follows: Nothing in this Mortgage shall (a) limit the right of the Mortgagee to name the Mortgagor as a party defendant in any action or suit for foreclosure under this Mortgage so long as no judgment in the nature of a personal monetary judgment shall be enforced against the Mortgagor or any of the Mortgagor's partners, officers, directors, shareholders
Poyner and Spruill: How Long Can You Go - In Foreclosure? - November 2002 Nov 01, 2002
Employee Benefits Bulletin - May 2000 Print this Page How Long Can You Go - In Foreclosure. The largest source of litigation concerning Article 9 of the Uniform Commercial Code is what the UCC calls “disposition of collateral after default,” commonly referred to as UCC foreclosures
Shearman & Sterling: English translation* Oct 01, 2002
C. Participating Mortgages Mortgage Enforcement and Foreclosure A. Judicial Foreclosure B. Nonjudicial Foreclosure C. Deed in Lieu of Foreclosure D. Redemption Rights E. Receiverships F. One Action Rule Lease Financing Issues A. Assignments of Rents B. Lockboxes C. Priority of Tenant Leases and "SNDAs" D. Ground Leasing Financing Bankruptcy Issues A. Automatic Stay B. Bankruptcy Estate and "Strong-Arm" Powers C. Fraudulent Conveyances/Preferences D. Assignments of Rents and Cash Collateral E.
Blank Rome: May 2002 May 01, 2002
The Assessment Board had argued that it was standard procedure to send out an assessor to a property after a sale and that had the building permits been received for the applicable improvements, the assessor’s office would have made an assessment at that time. The purchaser finally defaulted in 1999, and the bank started foreclosure
Kirkland & Ellis: Global Counsel's Restructuring and Insolvency 2002... Apr 05, 2002
Dickstein Shapiro: Fiduciary Duties of Corporate Directors in a Financiall... Feb 02, 2002
...of Revlon attempted to defeat a hostile tender offer by MacAndrews s by entering into a white knight sale of the company. Metropolitan Life Insurance Co. v. RJR Nabisco, Inc., a casebroughtbyRJRNabisco'sbondholdersafterthesaleof the company in a highly leveraged transaction, is also illustrative
Shearman & Sterling: Commercial Real Estate Lending in the United States* Feb 02, 2002
C. Participating Mortgages Mortgage Enforcement and Foreclosure A. Judicial Foreclosure B. Nonjudicial Foreclosure C. Deed in Lieu of Foreclosure D. Redemption Rights E. Receiverships F. One Action Rule Lease Financing Issues A. Assignments of Rents B. Lockboxes C. Priority of Tenant Leases and "SNDAs" D. Ground Leasing Financing Bankruptcy Issues A. Automatic Stay B. Bankruptcy Estate and "Strong-Arm" Powers C. Fraudulent Conveyances/Preferences D. Assignments of Rents and Cash Collateral E.
Allen Matkins: The Commercial Mortgage Lender's Perspective of Ti... Feb 01, 2002
He focuses on commercial real estate transactions with an emphasis on large industrial facilities and is experienced in the acquisition and development of raw land and the sale, leasing and financing of existing commercial projects. legal parcel can give rise to a host of issues and problems in the event of a foreclosure or sale
Gibbons: Real Estate Update Jan 11, 2002
Commencing September 14, 2002, every contract of sale for such real property will be required to include a provision that mandates the testing of the water in accordance with the Act. The Chancery Division, as affirmed by the Appellate Division, found that the Sheriff's Fee Statute as applied to the plaintiff amounts to a tax as opposed to a fee simply compensating a government entity for actual expenses incurred in the sale
Schnader: Enforcement of Money Judgments In Mexico and the United... Oct 01, 2001
The court where the Homologación proceedings take place retains jurisdiction to decide questions related to the enforcement of the judgment such as repossession, foreclosure, sale at a public auction, etc. In addition, it is worth noting that according to Article 577 of the FCCP, a judge may enforce a judgment partially at the request of the party seeking enforcement where the judgment cannot be enforced in its totality
Allen & Overy: Significant Changes in the US Law of Secured Transactio... Aug 01, 2001
To facilitate securitization transactions, revised Article 9 also covers the sale of certain types of property (accounts, chattel paper, payment intangibles, promissory notes), and the term "security interest" is defined to include those sales. Thus, the provisions of revised Article 9 (including its limitations on the effectiveness of contractual anti-transfer and anti-assignment clauses) are not limited to secured transactions but are also applicable to these sales transactions subject to
Morgan Lewis: Wired Buildings: Extending "the Last Mile" of... Aug 01, 2001
To facilitate Licensor's right to audit, Licensee shall keep an accurate set of books and records of all Access Revenue derived from business conducted in the Building, and all supporting records such as tax reports, banking records, work orders and other sales records which are necessary to verify and substantiate Access Revenue at Licensee's headquarters. In this connection, such Licensor represents that Licensor is familiar with SEC Rule 144, as presently in effect, and understands the resale
Brown Raysman: Election of Remedies: Lender Must Choose Foreclosure or... Jul 18, 2001
Lender Must Choose Foreclosure or Action on the Debt. However, before proceeding with any enforcement actions, lenders should be cognizant on rules relating to election of remedies in foreclosure contexts
Akin Gump: Revised UCC Article 9: Its Broad and Varied Impact on R... Jul 01, 2001
In addition, revised Article 9 significantly alters the rules applicable to mortgage loan participations, offers more protection to secured lenders holding liens on proceeds of collateral when the proceeds arise after a borrower's bankruptcy, and contains a form of a "notice of sale" that is a safe harbor on which foreclosing creditors may rely. In addition, "general intangibles" now includes "software" as well as "payment intangibles." A payment intangible is defined as "a general intangible
Debevoise: The Private Equity Report Jul 01, 2001
This trend will accelerate as a result of recent tax reform legislation which will exempt the corporate gain on such sales from taxation. Formerly, German individuals enjoyed a full exemption in the case of stock gains provided their level of equity ownership in the company sold was under 10% at all times during the five years preceding the sale
Bradley Arant: Alabama and Mississippi Enact Revised UCC Article 9 Eff... Jun 25, 2001
...e., oil, gas, and other minerals upon extraction from the land, and accounts arising from the sale thereof) Commingled goods Consumer goods Equipment Farm products Fixtures Inventory Money (currency) Timber to be cut. I. Foreclosure and deficiencies
Winston Strawn: Major Revisions Made to UCC Article 9 Jun 01, 2001
Weil: Drop Dead Provision Does Not Render Plan Feasible As a ... May 01, 2001
Later that year, the debtors defaulted under the loans, and Beal commenced a foreclosure proceeding. In response to the foreclosure proceeding, the debtors filed for chapter 11 bankruptcy protection
Clifford Chance: The Advent of Revised UCC Article 9: A Practical ... Apr 05, 2001
Revised Article 9 now treats the sale of a promissory note as a financing transaction subject to Article 9. The purpose of Revised Article 9 is to modernize the law of secured transactions by expanding the scope of collateral and transactions covered, simplifying the process of perfecting security interests, and resolving certain issues regarding foreclosure under Article 9
Kirkpatrick & Lockhart: Recent Predatory Lending Developments Jan 22, 2001
Council was scheduled to meet on December 5, 2000 to vote on the Predatory Lending Protections and Mortgage Foreclosure Improvements Act of 2000 (the D.C. Act or Act). The D.C. Act would, if enacted, (i) change and redefine certain common law and existing case law relating to mortgages, deeds of trust, foreclosure, the conduct of residential lending activities, and the relationships among various persons in real property financing transactions; (ii) codify a loan and foreclosure process; (iii)
Buchalter Nemer: Due Diligence ABCs for Income Property Lending Dec 01, 2000
This is particularly critical at a time when the existing lease rentals are above market rates since the income from the property directly influences the value of the property and the price at which a lender can sell the property in a foreclosure sale. B. BURDENSOME LEASE PROVISIONS A lender may become a successor landlord for a certain period after the foreclosure sale relating to its real property collateral
Clifford Chance: When Something Goes Wrong: What to Do? Where to T... Aug 03, 2000
For instance, the collateral may have declined in value to an extent that any amount realized upon resale may be insufficient to satisfy the debtor's obligation. This problem is exacerbated because foreclosure sales generally bring distressed prices
Mayer Brown: Lenders' Update - Supreme Court Values Secured Cre... Jul 23, 2000
In so holding, the Supreme Court reversed the Fifth Circuit Court of Appeals' decision, which valued the creditor's collateral at its "foreclosure sale value," and resolved a split among other courts of appeal. In so holding, the Supreme Court rejected both the "foreclosure value" standard supported by the debtor and a "mid-point value" standard that was previously adopted in the Seventh and Second Circuits
Frost Brown Todd: Ten Ways That Revised Article 9 Will Change Your (Lendi... Jul 01, 2000
Gibbons: In-Sites May/June 2000 Jun 01, 2000
Can counsel for a tenant be liable for malpractice if he fails to obtain a title search on the landlord's property and it turns out that the landlord's property is in foreclosure. In Davin v. Daham (approved for publication March 6, 2000) the Appellate Division ruled that a landlord's counsel has an affirmative duty to advise his clients to make disclosure to prospective tenants of a pending foreclosure and must withdraw from representing his client if the client refuses to make the disclosure
Weil: Fiduciary Duties Of Controlling Shareholders Dec 01, 1999
Other decisions hold that a controlling shareholder similarly has no duty to sell its shares merely because the sale would profit the minority, may reject any transaction that is presented to it if the transaction is not in its best interests as a shareholder, and may sell its shares at a premium not available to other shareholders. Did this shareholder breach any duty to minority shareholders when it (i) purchased a loan to the corporation in order to make itself the corporation s largest
Weil: Defining the Meaning of "Claim" Under the Ban... Nov 01, 1999
Alfred Gilbert, who held a non-controlling general partnership interest in BFG, filed a lawsuit against the debtor, BFG, and their respective interest holders, alleging that the foreclosure and sale was a sham designed to divest him of his interest in the debtor. He sought damages in excess of $2 million and equitable relief that included the reinstatement of BFG s partnership interest in the debtor
Paul Weiss: Examining Portfolio Financings' Legal Business Iss... Oct 12, 1999
In addition to compensating the lender for the loss of diversification, the release premium -- to the extent there are net sales or refinancing proceeds to pay it -- may reflect the lender's view that, as between the lender and the borrower, the lender should be entitled to all or the lion's share of such "excess" proceeds. Indeed, lenders sometimes require that all net sale proceeds (in the event of a sale) or net refinancing proceeds (in the
Weil: Chapter 11 Filing Found To Be in Good Faith Due To Thre... Jul 01, 1999
Troutman Sanders: Spring 1999 Apr 01, 1999
As a result, some tenants request language that the tenant is not responsible for property tax increases arising out of the sale or refinancing of the property. Landlords resist this language for a number of reasons, including the difficulty in determining what the assessment would have been in the absence of a sale or refinance
Honigman: Attachment Does Not Invalidate Foreclosure Sale The 199... Jan 01, 1999
Attachment Does Not Invalidate Foreclosure Sale. Plaintiff filed an action in state court, later removed to the federal district court, seeking to invalidate the foreclosure sale of Plaintiff's property
Weil: Chapter 11 Counsel Fee Carve-Outs: Priority Must Be Spe... Oct 01, 1998
Following the lifting of the stay, Freddie Mac obtained the appointment of a receiver for the Blackwood Property in the United States District Court and subsequently obtained a judgment of foreclosure with respect to the Property. At the foreclosure sale, Freddie Mac bid and acquired title to the Blackwood Property
Jones Day: Business Restructuring Review Jul 31, 1998
The following year, two creditors' committees appointed in the cases were authorized by the bankruptcy court to commence an adversary proceeding seeking to avoid as fraudulent Grace's sale in 1998 of its food packaging unit Cryovac to Sealed Air Corporation ("Sealed Air"), the global manufacturer of Bubble-Wrap® air cellular cushioning. Specifically, the committees alleged that the sale should be avoided as a constructively fraudulent transfer under Bankruptcy Code section 544(b) and the Uniform
Anderson Kill & Olick: Financial Services Advisor : Summer 1998 Jul 01, 1998
The debtor filed a Chapter 11 petition to prevent a foreclosure sale. The debtor proposed a plan that would pay unsecured claims ten cents
Heller Ehrman: Materials on the Revised UCC Article 9 Jun 30, 1998
Article 9 has always applied to the sale of "accounts." Revised Article 9 continues this rule. 6 Former Article 9 defined "accounts" to include payment obligations arising out of only the sale or lease of goods or the provision of services
Weil: Second Circuit Addresses the Application of the New Val... Mar 01, 1998
Immediately prior to a foreclosure sale, the debtor filed a chapter 11 petition with the United States Bankruptcy Court for the Southern District of New York. During its exclusive period, when only the debtor may file a plan under the Bankruptcy Code, the debtor proposed a chapter 11 plan that was challenged by BT/SAP. The proposed plan would (1) pay tax claims in full, (2) provide Coltex with the option to pay BT/SAP s secured claim (valued at $2
Orrick: Orrick Responds to Joint Committee on Taxation Report o... Jan 01, 1998
Kirkland & Ellis: Actually Fradulent Transfers and Constructively Fradule... Jan 01, 1998
Shaw Pittman: Real Estate Law Monitor Dec 01, 1997
Damages in a Tax Sale Case. In a recent case, the District of Columbia Court of Appeals affirmed the decision of the Superior Court for the District of Columbia limiting the damages of a tax sale purchaser to a refund of the purchase price paid for certain tax sale properties plus interest
Faegre & Benson: Residential Lien-Stripping In Chapter 13 Bankruptcy Oct 01, 1997
Heller Ehrman: The Financing of Intellectual Property Under Revised UC... Aug 21, 1997
If a right of termination alone does not create a security interest, then the person holding the termination right would not have to file a financing statement to protect its rights because no security interest exists,26 or comply with the Article 9 foreclosure rules. Current Law Current Article 9 has always applied to the sale of "accounts."33 Revised Article 9 continues this rule
Adams Kleemeier: Successor Liability Under State Law and the Bankruptcy ... Jun 18, 1997
This uncertainty exists in nonbankruptcy sales such as bulk transfers, receivership and foreclosure/ UCC Article 9 sales as well as in bankruptcy sales under şş 363 and 1129. Furthermore, in the context of a bankruptcy sale, there is a conflict between the Bankruptcy Code and the state law of successor liability due to the competing policies behind each
Adams Kleemeier: Bankruptcy and the Secured Creditor Jun 18, 1997
Addressed will be the impact of the automatic stay, the need for adequate protection, the debtor's valuation of secured claims, the Chapter 11 confirmation process, the trustee's avoidance powers, the rights of lessors and lessees, the debtor's use of cash collateral and the debtor's use, sale or lease of property. This same analysis has been used with regard to foreclosure proceedings; if the sale has not been completed prior to the filing of the debtor's bankruptcy petition, then the debtor
Adams Kleemeier: Doing Business With Troubled Companies Apr 01, 1997
Where a transaction relates to the sale of goods, Article 2 of the Uniform Commercial Code allows a creditor to demand adequate assurance of performance, stop goods in transit or reserve to itself, under the terms of shipping, a security interest in the goods as security for the buyer's performance. Foreclosure under a power of sale in a deed of trust is the usual method of realizing a secured creditor's interest in real property and extinguishing a debtor's right of redemption
Shaw Pittman: Real Estate Law Monitor Apr 01, 1997
Realtors, home builders, and title companies, for example, believe that the proposal would reduce the number of real estate sales. "Uniform Commercial Code -- Bulk Sales Act of 1996" (D.C. Act 11-499) (44 DCR 2597)
Goodwin Procter: Commercial Loans: Workout and Collection Legal Issues Jan 29, 1997
22 PUBLIC OR PRIVATE SALE.. 22 CONDUCT OF THE SALE: COMMERCIAL REASONABLENESS.
Pillsbury Winthrop: Selected Affordable Housing Lending Issues Jan 01, 1997
The common characteristics of the financing provided by these governmental programs generally include low interest rates, provisions for subordination to primary financing, provisions for due on sale or refinancing, and loans which are payable, if at all, out of net cash flow (sometimes referred to as "residual receipts," "net operating income," etc. Equity for these projects is typically raised through the sale of limited partnership interests in the borrowing entity which ownership interest
Orrick: Municipal Bond Provisions of the Taxpayer Relief Act of... Jan 01, 1997
Shearman & Sterling: Lenders and Fiduciaries Oct 01, 1996
3 In connection with pre-foreclosure activities, the Act clarifies that the lender is considered to be "participating in the management" of secured property only if it does one of the following: Exercises decision-making control over the environmental compliance of the property such that it has undertaken responsibility for hazardous substances handling or disposal practices. With respect to post-foreclosure activities, the Act makes clear that the lender may take title to the secured property
Troutman Sanders: Fall 1996 Oct 01, 1996
Jones then filed a deficiency action against Moye and Dennard, the original makers of the loan, to recoverthedifferencebetweentheoutstandingamount of the loan and the amount received at the foreclosure sale. Neither Hill nor Hayes was made a party to this action
Riker Danzig: 10/16/95 How a Residential Foreclosure Law Affects Co... Oct 16, 1995
Riker Danzig Article (167) 10/16/95 How a Residential Foreclosure Law Affects Commercial Lenders Mark S. Rattner, Esq. The Fair Foreclosure Act, which becomes effective as to foreclosures commenced from and after Dec. 4, 1995, was enacted in response to the fact that the residential foreclosure process in New Jersey is the most time-consuming in the country
Mortgage Foreclosure: Drafting the Documents
Mortgage Foreclosure JONATHAN R. SMITH 214. SCOPE OF PAPER This paper addresses basic legal considerations and documents pertaining to nonjudicial foreclosure of deed of trust liens against real property in Texas
Norwest Mortgage
4th ___, 02 C.D.O.S. 3084 Mortgagee's Accidental Full Credit Bid at Non-Judicial Foreclosure Sale Satisfied Debt and Extinguished Lien on Insurance Proceeds, Relieving Insurer of Obligation to Pay. judgment entered by the Superior Court, San Diego County, concluding that the plaintiff's full credit bid at a foreclosure sale satisfied the debt and thereby
When The Going Gets Tough For Your Customers
Where a transaction relates to the sale of goods, Article 2 of the Uniform Commercial Code ("UCC") allows a creditor to demand adequate assurance of performance, stop goods in transit or reserve to itself, under the terms of shipping, a security interest in the goods as security for the buyer's performance. Foreclosure under a power of sale in a deed of trust is the usual method of realizing a secured creditor's interest in real property and extinguishing a customer's right of redemption
Summaries of recently published appellate decisions
2001)Mortgage Foreclosure Invalid for Grossly Inadequate PriceArizona adopts the position of the Restatement (Third) of Property: Mortgages § 8. 3, that a foreclosure sale should be set aside based upon a grossly inadequate foreclosure sale price
Waivers
Would a recital that entering into this sale will reduce the deficiency be of benefit. Isn't this what is required as a matter of law
Akin Gump: Automatic Stay of Bankruptcy May Be Annulled Under Cert...
In many cases involving secured creditors, the debtor will file for bankruptcy immediately preceding a foreclosure sale. In some instances, however, the foreclosure sale may actually be completed by the secured lender without knowledge or notice of the bankruptcy filing
Akin Gump: Articles
"True Sale" Analysis. Even under state law, a transfer of assets to a special purpose entity to enable financing for the "seller" may be attacked as a legal fiction and recharacterized as a secured loan disguised as a sale transaction
Blank Rome: Foreclosures: Bargain Purchase Stands
A recent Pennsylvania Superior court decision upheld a sheriff's sale even when the buyer obtains a bargain price as low as 57% of the estimated fair market value of the property. "Grossly Inadequate" In that case President Judge Del Sole held that in order to upset a sheriff's sale where no misconduct occurs in the bidding process, the price would have to be "grossly inadequate." In the Blue Ball Case, after the borrower defaulted on several promissory notes and mortgages covering four tracts
Brown McCarroll: Remedies for Breach of Commercial Lease
Foreclosure of a Deed of Trust Lien. Without a subordination agreement, a lease executed after a deed of trust is filed of record is a junior encumbrance which may be extinguished at the foreclosure sale
Bulkley: Are You Prepared For The Next Economic Downturn?
COMMERCIAL ADVERTISING AND FORECLOSURES The U.S. Supreme Court's 1994 decision in BFP v. Resolution Trust Corp. was for a time mistakenly interpreted by some lenders to eliminate a requirement of commercial advertising in connection with mortgage foreclosure sales. The BFP case held that a non-collusive foreclosure sale conducted in compliance with applicable state law could not be attacked in a subsequent bankruptcy proceeding on the basis that sale failed to generate "reasonably equivalent
Cooley Godward: Buying Intellectual Property from Troubled Companies
   AdvantagesThe major advantages of bankruptcy, from the perspective of a prospective buyer of the seller’s intellectual property assets, are:·       Acquisition with the approval of the bankruptcy court reduces the risk of later challenge to the sale, including challenges by creditors under the fraudulent transfer laws.  Once the court has approved the sale and its order becomes final, the trustee may avoid the sale only if the sale was controlled by an agreement among
Honigman Miller: Changing Hats Does Not Change Liability Under Consent O...
When the lender foreclosed its mortgage on the landfill in 1995, a limited partnership known as Osceola County Waste Services, L.P. (OCWS) purchased the landfill at the foreclosure sale. The general partner of OCWS was Environmental Rehab, Inc. (ERI), and a corporation for which McCarthy was the sole officer, shareholder, and director
Honigman Miller: EPA and DEQ Agreement Protects Lenders From RCRA Correc...
Third, at all times before foreclosure, the lender must neither operate the facility nor participate in the management of the facility, as those terms are defined in the CERCLA and in Part 201 of NREPA. Fourth, if and when the lender forecloses, and until the lender resells the property, no one may conduct any activities at the facility that are regulated under RCRA or Part 111, or that involves "significant hazardous substances use" as defined in MDEQ's "due care" rules issued under Part 201 of
Isaacson: February 1999 Issue
Lieff sues for a commission under a contract for sale of a business. Here, the case was close because the business was a tenant at will in the building where it did business, the business subsequently negotiated a new lease with the landlord, but the leasehold was not, technically speaking, transferred as part of the sale
Isaacson: Annual Review
FORECLOSURE, LIENS, RECEIVERS 11. The court holds that the abandonment provisions of C.R.S. §38-22-109(7) apply to extend the time for commencement of a foreclosure action under §38-22-110, where the contractor abandons work on the project before its completion
Morris: The EPA's New Lender Liability Rule: Quelling the ...
These include sale and leasebacks, conditional sales, installment sales, factoring agreements, accounts receivable financing and consignments. What About Foreclosure
Morris: The EPA's New Lender Liability Rule: Quelling the ...
These include sale and leasebacks, conditional sales, installment sales, factoring agreements, accounts receivable financing and consignments. What About Foreclosure
Morris: The EPA's New Lender Liability Rule: Quelling the ...
These include sale and leasebacks, conditional sales, installment sales, factoring agreements, accounts receivable financing and consignments. What About Foreclosure
Stroock: "'Levandusky' Update: Slim Odds on Rever...
There, plaintiffs' shares were purchased in a foreclosure sale by a co-op director. renovation, sold the apartment in a demolished state, and sued the co-op for breach of contract and damages, including their expenses in the aborted renovation and their loss on the re-sale
Weil: Foreclosure Sale Extinguishes Debtor's Redemption ...
Replace Font Tag Bankruptcy Bulletin Foreclosure Sale Extinguishes Debtor s Redemption Right Despite Undelivered Deed August 2003 Download Newsletter By Ronit J. Berkovich In Rodgers v. County of Monroe (In re Rodgers), the United States Court of Appeals for the Second Circuit held that, under New York law, when property is sold at a public auction in the context of either a tax or mortgage foreclosure, the sale extinguishes a debtor s right of redemption in the property regardless of whether a
Weil: Sixth Circuit Applies Dewsnup and Prohibits "Strip...
The Court noted that, under its interpretation of section 506(d), secured creditors would receive the benefit of their bargain because creditors liens on real property would stay with the property until a foreclosure sale. Thus, if there were an increase in the value of the real property between the time a court made a determination as to the value of the property and the time of the sale, the secured creditor would rightly be the beneficiary of the gain
Weil: Seventh Circuit Holds that Debtor Can Sell Estate Prope...
The court ruled in favor of the debtor-lessor, having found that the lessee had failed to object to the sale or reserve its rights at the hearing approving the sale. Section 363(f) authorizes the sale of a debtor's property "free and clear of all liens, claims, encumbrances, and interests" if any one of five conditions is satisfied
Winston Strawn: Vessel Liens and Vessel Repair Duties
Norwest Mortgage
4th ___, 02 C.D.O.S. 3084 Mortgagee's Accidental Full Credit Bid at Non-Judicial Foreclosure Sale Satisfied Debt and Extinguished Lien on Insurance Proceeds, Relieving Insurer of Obligation to Pay. judgment entered by the Superior Court, San Diego County, concluding that the plaintiff's full credit bid at a foreclosure sale satisfied the debt and thereby
When The Going Gets Tough For Your Customers
Where a transaction relates to the sale of goods, Article 2 of the Uniform Commercial Code ("UCC") allows a creditor to demand adequate assurance of performance, stop goods in transit or reserve to itself, under the terms of shipping, a security interest in the goods as security for the buyer's performance. Foreclosure under a power of sale in a deed of trust is the usual method of realizing a secured creditor's interest in real property and extinguishing a customer's right of redemption
Summaries of recently published appellate decisions
2001)Mortgage Foreclosure Invalid for Grossly Inadequate PriceArizona adopts the position of the Restatement (Third) of Property: Mortgages § 8. 3, that a foreclosure sale should be set aside based upon a grossly inadequate foreclosure sale price
Waivers
Would a recital that entering into this sale will reduce the deficiency be of benefit. Isn't this what is required as a matter of law
Akin Gump: Automatic Stay of Bankruptcy May Be Annulled Under Cert...
In many cases involving secured creditors, the debtor will file for bankruptcy immediately preceding a foreclosure sale. In some instances, however, the foreclosure sale may actually be completed by the secured lender without knowledge or notice of the bankruptcy filing
Akin Gump: Viewing the LTV Steel ABS Opinion in its Proper Context
"True Sale" Analysis. Even under state law, a transfer of assets to a special purpose entity to enable financing for the "seller" may be attacked as a legal fiction and recharacterized as a secured loan disguised as a sale transaction
Blank Rome: Foreclosures: Bargain Purchase Stands
A recent Pennsylvania Superior court decision upheld a sheriff's sale even when the buyer obtains a bargain price as low as 57% of the estimated fair market value of the property. "Grossly Inadequate" In that case President Judge Del Sole held that in order to upset a sheriff's sale where no misconduct occurs in the bidding process, the price would have to be "grossly inadequate." In the Blue Ball Case, after the borrower defaulted on several promissory notes and mortgages covering four tracts
Honigman Miller: Changing Hats Does Not Change Liability Under Consent O...
When the lender foreclosed its mortgage on the landfill in 1995, a limited partnership known as Osceola County Waste Services, L.P. (OCWS) purchased the landfill at the foreclosure sale. The general partner of OCWS was Environmental Rehab, Inc. (ERI), and a corporation for which McCarthy was the sole officer, shareholder, and director
Honigman Miller: EPA and DEQ Agreement Protects Lenders From RCRA Correc...
Third, at all times before foreclosure, the lender must neither operate the facility nor participate in the management of the facility, as those terms are defined in the CERCLA and in Part 201 of NREPA. Fourth, if and when the lender forecloses, and until the lender resells the property, no one may conduct any activities at the facility that are regulated under RCRA or Part 111, or that involves "significant hazardous substances use" as defined in MDEQ's "due care" rules issued under Part 201 of
Morris: The EPA's New Lender Liability Rule: Quelling the ...
These include sale and leasebacks, conditional sales, installment sales, factoring agreements, accounts receivable financing and consignments. What About Foreclosure
Morris: The EPA's New Lender Liability Rule: Quelling the ...
These include sale and leasebacks, conditional sales, installment sales, factoring agreements, accounts receivable financing and consignments. What About Foreclosure
Morris: The EPA's New Lender Liability Rule: Quelling the ...
These include sale and leasebacks, conditional sales, installment sales, factoring agreements, accounts receivable financing and consignments. What About Foreclosure
Stroock: "'Levandusky' Update: Slim Odds on Rever...
There, plaintiffs' shares were purchased in a foreclosure sale by a co-op director. renovation, sold the apartment in a demolished state, and sued the co-op for breach of contract and damages, including their expenses in the aborted renovation and their loss on the re-sale
Weil: Foreclosure Sale Extinguishes Debtor's Redemption ...
Replace Font Tag Bankruptcy Bulletin Foreclosure Sale Extinguishes Debtor s Redemption Right Despite Undelivered Deed August 2003 Download Newsletter By Ronit J. Berkovich In Rodgers v. County of Monroe (In re Rodgers), the United States Court of Appeals for the Second Circuit held that, under New York law, when property is sold at a public auction in the context of either a tax or mortgage foreclosure, the sale extinguishes a debtor s right of redemption in the property regardless of whether a
Weil: Sixth Circuit Applies Dewsnup and Prohibits "Strip...
The Court noted that, under its interpretation of section 506(d), secured creditors would receive the benefit of their bargain because creditors liens on real property would stay with the property until a foreclosure sale. Thus, if there were an increase in the value of the real property between the time a court made a determination as to the value of the property and the time of the sale, the secured creditor would rightly be the beneficiary of the gain
Weil: Seventh Circuit Holds that Debtor Can Sell Estate Prope...
The court ruled in favor of the debtor-lessor, having found that the lessee had failed to object to the sale or reserve its rights at the hearing approving the sale. Section 363(f) authorizes the sale of a debtor's property "free and clear of all liens, claims, encumbrances, and interests" if any one of five conditions is satisfied
Winston Strawn: Vessel Liens and Vessel Repair Duties
Norwest Mortgage
4th ___, 02 C.D.O.S. 3084 Mortgagee's Accidental Full Credit Bid at Non-Judicial Foreclosure Sale Satisfied Debt and Extinguished Lien on Insurance Proceeds, Relieving Insurer of Obligation to Pay. judgment entered by the Superior Court, San Diego County, concluding that the plaintiff's full credit bid at a foreclosure sale satisfied the debt and thereby
When The Going Gets Tough For Your Customers
Where a transaction relates to the sale of goods, Article 2 of the Uniform Commercial Code ("UCC") allows a creditor to demand adequate assurance of performance, stop goods in transit or reserve to itself, under the terms of shipping, a security interest in the goods as security for the buyer's performance. Foreclosure under a power of sale in a deed of trust is the usual method of realizing a secured creditor's interest in real property and extinguishing a customer's right of redemption
Summaries of recently published appellate decisions
2001)Mortgage Foreclosure Invalid for Grossly Inadequate PriceArizona adopts the position of the Restatement (Third) of Property: Mortgages § 8. 3, that a foreclosure sale should be set aside based upon a grossly inadequate foreclosure sale price
Waivers
Would a recital that entering into this sale will reduce the deficiency be of benefit. Isn't this what is required as a matter of law
Akin Gump: Automatic Stay of Bankruptcy May Be Annulled Under Cert...
In many cases involving secured creditors, the debtor will file for bankruptcy immediately preceding a foreclosure sale. In some instances, however, the foreclosure sale may actually be completed by the secured lender without knowledge or notice of the bankruptcy filing
Akin Gump: Viewing the LTV Steel ABS Opinion in its Proper Context
"True Sale" Analysis. Even under state law, a transfer of assets to a special purpose entity to enable financing for the "seller" may be attacked as a legal fiction and recharacterized as a secured loan disguised as a sale transaction
Blank Rome: Foreclosures: Bargain Purchase Stands
A recent Pennsylvania Superior court decision upheld a sheriff's sale even when the buyer obtains a bargain price as low as 57% of the estimated fair market value of the property. "Grossly Inadequate" In that case President Judge Del Sole held that in order to upset a sheriff's sale where no misconduct occurs in the bidding process, the price would have to be "grossly inadequate." In the Blue Ball Case, after the borrower defaulted on several promissory notes and mortgages covering four tracts
Honigman Miller: Changing Hats Does Not Change Liability Under Consent O...
When the lender foreclosed its mortgage on the landfill in 1995, a limited partnership known as Osceola County Waste Services, L.P. (OCWS) purchased the landfill at the foreclosure sale. The general partner of OCWS was Environmental Rehab, Inc. (ERI), and a corporation for which McCarthy was the sole officer, shareholder, and director
Honigman Miller: EPA and DEQ Agreement Protects Lenders From RCRA Correc...
Third, at all times before foreclosure, the lender must neither operate the facility nor participate in the management of the facility, as those terms are defined in the CERCLA and in Part 201 of NREPA. Fourth, if and when the lender forecloses, and until the lender resells the property, no one may conduct any activities at the facility that are regulated under RCRA or Part 111, or that involves "significant hazardous substances use" as defined in MDEQ's "due care" rules issued under Part 201 of
Morris: The EPA's New Lender Liability Rule: Quelling the ...
These include sale and leasebacks, conditional sales, installment sales, factoring agreements, accounts receivable financing and consignments. What About Foreclosure
Morris: The EPA's New Lender Liability Rule: Quelling the ...
These include sale and leasebacks, conditional sales, installment sales, factoring agreements, accounts receivable financing and consignments. What About Foreclosure
Morris: The EPA's New Lender Liability Rule: Quelling the ...
These include sale and leasebacks, conditional sales, installment sales, factoring agreements, accounts receivable financing and consignments. What About Foreclosure
Stroock: "'Levandusky' Update: Slim Odds on Rever...
There, plaintiffs' shares were purchased in a foreclosure sale by a co-op director. renovation, sold the apartment in a demolished state, and sued the co-op for breach of contract and damages, including their expenses in the aborted renovation and their loss on the re-sale
Weil: Foreclosure Sale Extinguishes Debtor's Redemption ...
Replace Font Tag Bankruptcy Bulletin Foreclosure Sale Extinguishes Debtor s Redemption Right Despite Undelivered Deed August 2003 Download Newsletter By Ronit J. Berkovich In Rodgers v. County of Monroe (In re Rodgers), the United States Court of Appeals for the Second Circuit held that, under New York law, when property is sold at a public auction in the context of either a tax or mortgage foreclosure, the sale extinguishes a debtor s right of redemption in the property regardless of whether a
Weil: Sixth Circuit Applies Dewsnup and Prohibits "Strip...
The Court noted that, under its interpretation of section 506(d), secured creditors would receive the benefit of their bargain because creditors liens on real property would stay with the property until a foreclosure sale. Thus, if there were an increase in the value of the real property between the time a court made a determination as to the value of the property and the time of the sale, the secured creditor would rightly be the beneficiary of the gain
Weil: Seventh Circuit Holds that Debtor Can Sell Estate Prope...
The court ruled in favor of the debtor-lessor, having found that the lessee had failed to object to the sale or reserve its rights at the hearing approving the sale. Section 363(f) authorizes the sale of a debtor's property "free and clear of all liens, claims, encumbrances, and interests" if any one of five conditions is satisfied
Winston Strawn: Vessel Liens and Vessel Repair Duties
Norwest Mortgage
4th ___, 02 C.D.O.S. 3084 Mortgagee's Accidental Full Credit Bid at Non-Judicial Foreclosure Sale Satisfied Debt and Extinguished Lien on Insurance Proceeds, Relieving Insurer of Obligation to Pay. judgment entered by the Superior Court, San Diego County, concluding that the plaintiff's full credit bid at a foreclosure sale satisfied the debt and thereby
Summaries of recently published appellate decisions
2001)Mortgage Foreclosure Invalid for Grossly Inadequate PriceArizona adopts the position of the Restatement (Third) of Property: Mortgages § 8. 3, that a foreclosure sale should be set aside based upon a grossly inadequate foreclosure sale price
Waivers
Would a recital that entering into this sale will reduce the deficiency be of benefit. Isn't this what is required as a matter of law
Akin Gump: Automatic Stay of Bankruptcy May Be Annulled Under Cert...
In many cases involving secured creditors, the debtor will file for bankruptcy immediately preceding a foreclosure sale. In some instances, however, the foreclosure sale may actually be completed by the secured lender without knowledge or notice of the bankruptcy filing
Akin Gump: Viewing the LTV Steel ABS Opinion in its Proper Context
"True Sale" Analysis. Even under state law, a transfer of assets to a special purpose entity to enable financing for the "seller" may be attacked as a legal fiction and recharacterized as a secured loan disguised as a sale transaction
Blank Rome: Foreclosures: Bargain Purchase Stands
A recent Pennsylvania Superior court decision upheld a sheriff's sale even when the buyer obtains a bargain price as low as 57% of the estimated fair market value of the property. "Grossly Inadequate" In that case President Judge Del Sole held that in order to upset a sheriff's sale where no misconduct occurs in the bidding process, the price would have to be "grossly inadequate." In the Blue Ball Case, after the borrower defaulted on several promissory notes and mortgages covering four tracts
Cooley Godward: Buying Intellectual Property from Troubled Companies
   AdvantagesThe major advantages of bankruptcy, from the perspective of a prospective buyer of the seller’s intellectual property assets, are:·       Acquisition with the approval of the bankruptcy court reduces the risk of later challenge to the sale, including challenges by creditors under the fraudulent transfer laws.  Once the court has approved the sale and its order becomes final, the trustee may avoid the sale only if the sale was controlled by an agreement among
Goodwin Procter: Bank Regulatory Issues in Securitization and Credit Der...
Presumably this would be done in a manner that is consistent with the applicable state law rules for application of proceeds of sale of collateral, including obligations with respect to any surplus and rights with respect to any deficiency. conceptual concern that had been raised by the accounting profession with respect to the recognition of sales of assets by banks under Financial Accounting Standard ("FAS") 140, "Accounting for Transfers and Servicing of Financial Assets and Extinguishment of
Honigman Miller: Changing Hats Does Not Change Liability Under Consent O...
When the lender foreclosed its mortgage on the landfill in 1995, a limited partnership known as Osceola County Waste Services, L.P. (OCWS) purchased the landfill at the foreclosure sale. The general partner of OCWS was Environmental Rehab, Inc. (ERI), and a corporation for which McCarthy was the sole officer, shareholder, and director
Honigman Miller: EPA and DEQ Agreement Protects Lenders From RCRA Correc...
Third, at all times before foreclosure, the lender must neither operate the facility nor participate in the management of the facility, as those terms are defined in the CERCLA and in Part 201 of NREPA. Fourth, if and when the lender forecloses, and until the lender resells the property, no one may conduct any activities at the facility that are regulated under RCRA or Part 111, or that involves "significant hazardous substances use" as defined in MDEQ's "due care" rules issued under Part 201 of
Kaufman & Canoles: The New Bankruptcy Law and the Business Creditor
All too often these creditors are prevented from foreclosing on the real estate collateral because of an owner’s multiple bankruptcy filings, usually occurring just before the date of a scheduled foreclosure sale. Under the new law, in cases of multiple bankruptcy filings or where the real estate is transferred without the consent of the secured creditor, the court can issue an order granting a secured creditor relief from the automatic stay that otherwise would prohibit creditor action
Morris: The EPA's New Lender Liability Rule: Quelling the ...
These include sale and leasebacks, conditional sales, installment sales, factoring agreements, accounts receivable financing and consignments. What About Foreclosure
Morris: The EPA's New Lender Liability Rule: Quelling the ...
These include sale and leasebacks, conditional sales, installment sales, factoring agreements, accounts receivable financing and consignments. What About Foreclosure
Morris: The EPA's New Lender Liability Rule: Quelling the ...
These include sale and leasebacks, conditional sales, installment sales, factoring agreements, accounts receivable financing and consignments. What About Foreclosure
Stroock: "'Levandusky' Update: Slim Odds on Rever...
There, plaintiffs' shares were purchased in a foreclosure sale by a co-op director. renovation, sold the apartment in a demolished state, and sued the co-op for breach of contract and damages, including their expenses in the aborted renovation and their loss on the re-sale
Weil: Foreclosure Sale Extinguishes Debtor's Redemption ...
Replace Font Tag Bankruptcy Bulletin Foreclosure Sale Extinguishes Debtor s Redemption Right Despite Undelivered Deed August 2003 Download Newsletter By Ronit J. Berkovich In Rodgers v. County of Monroe (In re Rodgers), the United States Court of Appeals for the Second Circuit held that, under New York law, when property is sold at a public auction in the context of either a tax or mortgage foreclosure, the sale extinguishes a debtor s right of redemption in the property regardless of whether a
Weil: Sixth Circuit Applies Dewsnup and Prohibits "Strip...
The Court noted that, under its interpretation of section 506(d), secured creditors would receive the benefit of their bargain because creditors liens on real property would stay with the property until a foreclosure sale. Thus, if there were an increase in the value of the real property between the time a court made a determination as to the value of the property and the time of the sale, the secured creditor would rightly be the beneficiary of the gain
Weil: Seventh Circuit Holds that Debtor Can Sell Estate Prope...
The court ruled in favor of the debtor-lessor, having found that the lessee had failed to object to the sale or reserve its rights at the hearing approving the sale. Section 363(f) authorizes the sale of a debtor's property "free and clear of all liens, claims, encumbrances, and interests" if any one of five conditions is satisfied
Winston Strawn: Vessel Liens and Vessel Repair Duties
Norwest Mortgage
4th ___, 02 C.D.O.S. 3084 Mortgagee's Accidental Full Credit Bid at Non-Judicial Foreclosure Sale Satisfied Debt and Extinguished Lien on Insurance Proceeds, Relieving Insurer of Obligation to Pay. judgment entered by the Superior Court, San Diego County, concluding that the plaintiff's full credit bid at a foreclosure sale satisfied the debt and thereby
Summaries of recently published appellate decisions
2001)Mortgage Foreclosure Invalid for Grossly Inadequate PriceArizona adopts the position of the Restatement (Third) of Property: Mortgages § 8. 3, that a foreclosure sale should be set aside based upon a grossly inadequate foreclosure sale price
Waivers
Would a recital that entering into this sale will reduce the deficiency be of benefit. Isn't this what is required as a matter of law
Akin Gump: Automatic Stay of Bankruptcy May Be Annulled Under Cert...
In many cases involving secured creditors, the debtor will file for bankruptcy immediately preceding a foreclosure sale. In some instances, however, the foreclosure sale may actually be completed by the secured lender without knowledge or notice of the bankruptcy filing
Akin Gump: Viewing the LTV Steel ABS Opinion in its Proper Context
"True Sale" Analysis. Even under state law, a transfer of assets to a special purpose entity to enable financing for the "seller" may be attacked as a legal fiction and recharacterized as a secured loan disguised as a sale transaction
Blank Rome: Foreclosures: Bargain Purchase Stands
A recent Pennsylvania Superior court decision upheld a sheriff's sale even when the buyer obtains a bargain price as low as 57% of the estimated fair market value of the property. "Grossly Inadequate" In that case President Judge Del Sole held that in order to upset a sheriff's sale where no misconduct occurs in the bidding process, the price would have to be "grossly inadequate." In the Blue Ball Case, after the borrower defaulted on several promissory notes and mortgages covering four tracts
Cooley Godward: Buying Intellectual Property from Troubled Companies
   AdvantagesThe major advantages of bankruptcy, from the perspective of a prospective buyer of the seller’s intellectual property assets, are:·       Acquisition with the approval of the bankruptcy court reduces the risk of later challenge to the sale, including challenges by creditors under the fraudulent transfer laws.  Once the court has approved the sale and its order becomes final, the trustee may avoid the sale only if the sale was controlled by an agreement among
Honigman Miller: Changing Hats Does Not Change Liability Under Consent O...
When the lender foreclosed its mortgage on the landfill in 1995, a limited partnership known as Osceola County Waste Services, L.P. (OCWS) purchased the landfill at the foreclosure sale. The general partner of OCWS was Environmental Rehab, Inc. (ERI), and a corporation for which McCarthy was the sole officer, shareholder, and director
Honigman Miller: EPA and DEQ Agreement Protects Lenders From RCRA Correc...
Third, at all times before foreclosure, the lender must neither operate the facility nor participate in the management of the facility, as those terms are defined in the CERCLA and in Part 201 of NREPA. Fourth, if and when the lender forecloses, and until the lender resells the property, no one may conduct any activities at the facility that are regulated under RCRA or Part 111, or that involves "significant hazardous substances use" as defined in MDEQ's "due care" rules issued under Part 201 of
Kaufman & Canoles: The New Bankruptcy Law and the Business Creditor
All too often these creditors are prevented from foreclosing on the real estate collateral because of an owner’s multiple bankruptcy filings, usually occurring just before the date of a scheduled foreclosure sale. Under the new law, in cases of multiple bankruptcy filings or where the real estate is transferred without the consent of the secured creditor, the court can issue an order granting a secured creditor relief from the automatic stay that otherwise would prohibit creditor action
Morris: The EPA's New Lender Liability Rule: Quelling the ...
These include sale and leasebacks, conditional sales, installment sales, factoring agreements, accounts receivable financing and consignments. What About Foreclosure
Morris: The EPA's New Lender Liability Rule: Quelling the ...
These include sale and leasebacks, conditional sales, installment sales, factoring agreements, accounts receivable financing and consignments. What About Foreclosure
Morris: The EPA's New Lender Liability Rule: Quelling the ...
These include sale and leasebacks, conditional sales, installment sales, factoring agreements, accounts receivable financing and consignments. What About Foreclosure
Stroock: "'Levandusky' Update: Slim Odds on Rever...
There, plaintiffs' shares were purchased in a foreclosure sale by a co-op director. renovation, sold the apartment in a demolished state, and sued the co-op for breach of contract and damages, including their expenses in the aborted renovation and their loss on the re-sale
Winston Strawn: Vessel Liens and Vessel Repair Duties
Norwest Mortgage
4th ___, 02 C.D.O.S. 3084 Mortgagee's Accidental Full Credit Bid at Non-Judicial Foreclosure Sale Satisfied Debt and Extinguished Lien on Insurance Proceeds, Relieving Insurer of Obligation to Pay. judgment entered by the Superior Court, San Diego County, concluding that the plaintiff's full credit bid at a foreclosure sale satisfied the debt and thereby
Summaries of recently published appellate decisions
2001)Mortgage Foreclosure Invalid for Grossly Inadequate PriceArizona adopts the position of the Restatement (Third) of Property: Mortgages § 8. 3, that a foreclosure sale should be set aside based upon a grossly inadequate foreclosure sale price
Waivers
Would a recital that entering into this sale will reduce the deficiency be of benefit. Isn't this what is required as a matter of law
Akin Gump: Automatic Stay of Bankruptcy May Be Annulled Under Cert...
In many cases involving secured creditors, the debtor will file for bankruptcy immediately preceding a foreclosure sale. In some instances, however, the foreclosure sale may actually be completed by the secured lender without knowledge or notice of the bankruptcy filing
Akin Gump: Viewing the LTV Steel ABS Opinion in its Proper Context
"True Sale" Analysis. Even under state law, a transfer of assets to a special purpose entity to enable financing for the "seller" may be attacked as a legal fiction and recharacterized as a secured loan disguised as a sale transaction
Honigman Miller: Changing Hats Does Not Change Liability Under Consent O...
When the lender foreclosed its mortgage on the landfill in 1995, a limited partnership known as Osceola County Waste Services, L.P. (OCWS) purchased the landfill at the foreclosure sale. The general partner of OCWS was Environmental Rehab, Inc. (ERI), and a corporation for which McCarthy was the sole officer, shareholder, and director
Honigman Miller: EPA and DEQ Agreement Protects Lenders From RCRA Correc...
Third, at all times before foreclosure, the lender must neither operate the facility nor participate in the management of the facility, as those terms are defined in the CERCLA and in Part 201 of NREPA. Fourth, if and when the lender forecloses, and until the lender resells the property, no one may conduct any activities at the facility that are regulated under RCRA or Part 111, or that involves "significant hazardous substances use" as defined in MDEQ's "due care" rules issued under Part 201 of
Kaufman & Canoles: The New Bankruptcy Law and the Business Creditor
All too often these creditors are prevented from foreclosing on the real estate collateral because of an owner’s multiple bankruptcy filings, usually occurring just before the date of a scheduled foreclosure sale. Under the new law, in cases of multiple bankruptcy filings or where the real estate is transferred without the consent of the secured creditor, the court can issue an order granting a secured creditor relief from the automatic stay that otherwise would prohibit creditor action
Morris: The EPA's New Lender Liability Rule: Quelling the ...
These include sale and leasebacks, conditional sales, installment sales, factoring agreements, accounts receivable financing and consignments. What About Foreclosure
Morris: The EPA's New Lender Liability Rule: Quelling the ...
These include sale and leasebacks, conditional sales, installment sales, factoring agreements, accounts receivable financing and consignments. What About Foreclosure
Morris: The EPA's New Lender Liability Rule: Quelling the ...
These include sale and leasebacks, conditional sales, installment sales, factoring agreements, accounts receivable financing and consignments. What About Foreclosure
Stroock: "'Levandusky' Update: Slim Odds on Rever...
There, plaintiffs' shares were purchased in a foreclosure sale by a co-op director. renovation, sold the apartment in a demolished state, and sued the co-op for breach of contract and damages, including their expenses in the aborted renovation and their loss on the re-sale
Weil: Foreclosure Sale Extinguishes Debtor's Redemption ...
...subform goes here [New Subform containing lookups to Data Dictionary] Department: Practice Group: Legal Services: Legal Services: Legal Services Subcategories: Industries: Sector: Sub Sector 1: Description: Geography: Region: Country: Offices: Bankruptcy Bulletin Foreclosure Sale Extinguishes Debtor s Redemption Right Despite Undelivered Deed August 2003 Download Newsletter By Ronit J. Berkovich In Rodgers v. County of Monroe (In re Rodgers), the United States Court of Appeals for the Second
Weil: Sixth Circuit Applies Dewsnup and Prohibits "Strip...
The Court noted that, under its interpretation of section 506(d), secured creditors would receive the benefit of their bargain because creditors liens on real property would stay with the property until a foreclosure sale. Thus, if there were an increase in the value of the real property between the time a court made a determination as to the value of the property and the time of the sale, the secured creditor would rightly be the beneficiary of the gain
Weil: Seventh Circuit Holds that Debtor Can Sell Estate Prope...
The court ruled in favor of the debtor-lessor, having found that the lessee had failed to object to the sale or reserve its rights at the hearing approving the sale. Section 363(f) authorizes the sale of a debtor's property "free and clear of all liens, claims, encumbrances, and interests" if any one of five conditions is satisfied
