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Last update: Mar 20, 2007
Gibbons: The Secured Lender's State Law Remedies on Default... Jun 01, 2004
REAL PROPERTY FORECLOSURE The foreclosure of the factory raises a host of potential issues, ranging from environmental liability to the practical problem of whether there exists a market for the sale of the foreclosed real estate. In some states, the transfer of title of real property, whether through a deed in lieu of foreclosure or through a sheriff's sale, triggers environmental clean-up and compliance obligations on the part of the seller and/or the buyer
Gibbons: The Secured Lender's State Law Remedies on Default... Mar 16, 2004
Real Property Foreclosure: The foreclosure of the factory raises a host of potential issues, ranging from environmental liability to the practical problem of whether there exists a market for the sale of the foreclosed real estate. In many states, the transfer of title of real property, whether through a deed in lieu of foreclosure or through a sheriff's sale, triggers environmental clean-up and compliance obligations on the part of the seller and/or the buyer
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
Blank Rome: Real Estate Update Apr 01, 2003
The corporate seller then retained the appraiser to appraise the property in connection with a proposed sale of the mortgage. The appraisal cautioned it would make a “limited appraisal,” i.e., one that would utilize only the income approach and the sales comparison approach, but not the cost approach
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. An uncontested non-judicial foreclosure takes a minimum of190 days in Washington and 120 days in Oregon from the date of the underlying service or recording of a notice of default to the date of sale
Bricker & Eckler: Sales & Use Tax and Construction Contractors Apr 01, 2002
SALES AX AND CONSTRUCTION CONTRACTORS. 03 of the Revised Code, a construction contract pursuant to which tangible personal property is or is to be incorporated into a structure or improvement on and becoming a part of real property is not a sale of such tangible personal property
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. Sheriff's Fees On November 14, 2001, the Supreme Court of New Jersey in BTD-1996 NPC L.L.C. v. 350 Warren, L.P., __ N.J. __ (A-62-00, November 14, 2001) reversed the lower courts' determination that N.J.S.A. 22A:4-8 (the "Sheriff's Fee Statute"), which authorizes sheriff's to collect a percentage of the sale price
Lowenstein Sandler: "Recent Developments Cloud Spill Act Liability... Oct 22, 2001
White Oak Funding purchased the mortgage at a discount, completed the foreclosure and purchased the site for $100 at the sheriff's sale. lator hoping to profit from remediation and the sale of the site
Preston Gates & Ellis: Liening the Owner's Property Interest: A Pitfall f... Jun 21, 2001
Preston Gates & Ellis : Liening the Owner's Property Interest: A Pitfall for Contractors Performing Work for an Owner with Leased Premises ArticlesAlertsNewslettersPresentations 6. Though it rarely happens, the foreclosure leads to a sheriff's sale of the improved property, and the contractor will be paid from the proceeds of the sale
Weil: Postponement of Sheriff''s Sale In Compliance... Sep 01, 1999
Replace Font Tag Bankruptcy Bulletin Postponement of Sheriff's Sale In Compliance with State Law Does Not Violate Automatic Stay September 1999 By Celeste M. Murphy In Taylor v. Slick, the United States Court of Appeals for the Third Circuit held that the postponement (or continuation ) of a sheriff s sale in accordance with state law procedure does not violate the automatic stay imposed under section 362(a) of the Bankruptcy Code, but preserves the stayed proceedings by maintaining the status
Riker Danzig: 10/16/95 How a Residential Foreclosure Law Affects Co... Oct 16, 1995
Provisions Applicable to Residential Mortgages The most significant provision of the act is the "optional foreclosure procedure without sale," If the lender elects this procedure, once judgment of foreclosure is obtained, the need for a sheriff's sale is eliminated and the mortgaged property may be sold and conveyed through an order of the Office of Foreclosure of the Superior Court. If the optional sale procedure is elected, the Office of Foreclosure may enter an order fixing the amount, time
Spring/Summer 2002; Volume 3
Pennsylvania Land Title Association Sues Philadelphia Sheriff's Office. The suit, which was filed in March, 2002, was brought due to the failure of the Sheriff to comply with Pennsylvania law in handling Sheriff's Sales
Title Insurance Law Update Volume 2
...sold at Sheriff's Sale and a dispute ensued as to the priority of the judgment lien held by the wife and the mortgage held by MidState. Thus, the wife argued that her interest in the sale proceeds should have been given priority
Title Insurance Law Update Volume 1
...sold at Sheriff's Sale and a dispute ensued as to the priority of the judgment lien held by the wife and the mortgage held by MidState. The trial court held that the wife's judgment lien had priority and that MidState had constructive and actual notice of the claim
Preferential Rights
The right becomes operative if, and only if, the owner of the property receives a bona fide offer for the sale of the property. The price and terms of the sale to the holder of the preferentialrightaredeterminedby the offer from the third party: the seller must offer the interest for sale to the holder of the preferential right on the same terms that the proposed buyer proposes to pay
Blank Rome: Foreclosure Failure Foregoes Interest
Over the next four years, the borrower filed a series of bankruptcy petitions which caused the scheduled Sheriff's sales to be rescheduled. Finally, the bank managed to have a Sheriff's sale scheduled and the amount shown on the writ of execution, pursuant to the Bucks County Sheriff's real estate levy sheet, was approximately $160,000, which included the $154,000 owed by the borrower and $6,000 indicated as Sheriff's costs
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
Blank Rome: Mortgage And Lien May Survive Improper Indexing
That brings us to November of 1996 when the First Citizens National Bank searched the index in anticipation of acquiring the property at a sheriff's sale and did not find the lien of the mortgage. It then took title from the sale
Brown McCarroll: Remedies for Breach of Commercial Lease
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. The distress warrant simply authorizes the constable to seize the property and hold it until a judgment against the tenant can be obtained and then until the property can be sold pursuant to a sheriff's sale under writ of execution after judgment
Michael Best & Friedrich: Annual Survey of Wisconsin Law 2000 - Creditor/Debtor L...
At the time of the debtor's bankruptcy, he was employed in an unrelated field as a sales representative earning about $32,000. Having concluded that it could decide the issue, the court determined that an officer of a defunct corporation was a responsible person liable for Illinois sales and use taxes
Riker Danzig: 12/99 Insurance Coverage Denied on Foreclosed Propert...
The bank foreclosed on its mortgage and subsequently purchased the subject property at a sheriff’s sale in 1991. In 1992, the bank removed an underground storage tank from the property and discovered that the tank had leaked
Riker Danzig: 9/95 Governor signs Fair Foreclosure Act
While the major portions of the Act, including the optional sale procedures, are only applicable to residential mortgages, new procedures and safeguards for borrowers will be applicable in commercial situations where residential mortgage is granted to a lender as security for obligations of a borrower/guarantor, even if the underlying purpose of the loan was not for consumer needs. Optional Foreclosure Procedures Without Sale The major step taken by the Act to eliminate the time for completion
Saul Ewing: Failure to Satisfy That Mortgage Can Cause A Hefty Fine...
...direct the loan/mortgage/collection department to mark all mortgages satisfied if judgment is satisfied after a sheriff’s sale. For additional reading, the most recent Pennsylvania Supreme Court opinion on this subject is O’Donoghue v. Laurel Savings Association, 728 A.2d 914 (Pa
Ulmer & Berne: Acquisition of Auburn Ice Palace Brings New Life to a C...
A few weeks before the date of the Sheriff's sale, Ulmer was engaged to represent a potential Buyer who had extensive experience in organizing and purchasing ice time for youth hockey tournaments throughout the greater Detroit and Cleveland areas. Although there were a number of available options, the Buyer decided to negotiate an arrangement with the Bank to acquire the Bank's first mortgage prior to the Sheriff's sale
Spring/Summer 2002; Volume 3
Pennsylvania Land Title Association Sues Philadelphia Sheriff's Office. The suit, which was filed in March, 2002, was brought due to the failure of the Sheriff to comply with Pennsylvania law in handling Sheriff's Sales
Title Insurance Law Update Volume 2
...sold at Sheriff's Sale and a dispute ensued as to the priority of the judgment lien held by the wife and the mortgage held by MidState. Thus, the wife argued that her interest in the sale proceeds should have been given priority
Title Insurance Law Update Volume 1
...sold at Sheriff's Sale and a dispute ensued as to the priority of the judgment lien held by the wife and the mortgage held by MidState. The trial court held that the wife's judgment lien had priority and that MidState had constructive and actual notice of the claim
Preferential Rights
The right becomes operative if, and only if, the owner of the property receives a bona fide offer for the sale of the property. The price and terms of the sale to the holder of the preferentialrightaredeterminedby the offer from the third party: the seller must offer the interest for sale to the holder of the preferential right on the same terms that the proposed buyer proposes to pay
Blank Rome: Foreclosure Failure Foregoes Interest
Over the next four years, the borrower filed a series of bankruptcy petitions which caused the scheduled Sheriff's sales to be rescheduled. Finally, the bank managed to have a Sheriff's sale scheduled and the amount shown on the writ of execution, pursuant to the Bucks County Sheriff's real estate levy sheet, was approximately $160,000, which included the $154,000 owed by the borrower and $6,000 indicated as Sheriff's costs
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
Blank Rome: Mortgage And Lien May Survive Improper Indexing
That brings us to November of 1996 when the First Citizens National Bank searched the index in anticipation of acquiring the property at a sheriff's sale and did not find the lien of the mortgage. It then took title from the sale
Spring/Summer 2002; Volume 3
Pennsylvania Land Title Association Sues Philadelphia Sheriff's Office. The suit, which was filed in March, 2002, was brought due to the failure of the Sheriff to comply with Pennsylvania law in handling Sheriff's Sales
Title Insurance Law Update Volume 2
...sold at Sheriff's Sale and a dispute ensued as to the priority of the judgment lien held by the wife and the mortgage held by MidState. Thus, the wife argued that her interest in the sale proceeds should have been given priority
Title Insurance Law Update Volume 1
...sold at Sheriff's Sale and a dispute ensued as to the priority of the judgment lien held by the wife and the mortgage held by MidState. The trial court held that the wife's judgment lien had priority and that MidState had constructive and actual notice of the claim
Preferential Rights
The right becomes operative if, and only if, the owner of the property receives a bona fide offer for the sale of the property. The price and terms of the sale to the holder of the preferentialrightaredeterminedby the offer from the third party: the seller must offer the interest for sale to the holder of the preferential right on the same terms that the proposed buyer proposes to pay
Blank Rome: Foreclosure Failure Foregoes Interest
Over the next four years, the borrower filed a series of bankruptcy petitions which caused the scheduled Sheriff's sales to be rescheduled. Finally, the bank managed to have a Sheriff's sale scheduled and the amount shown on the writ of execution, pursuant to the Bucks County Sheriff's real estate levy sheet, was approximately $160,000, which included the $154,000 owed by the borrower and $6,000 indicated as Sheriff's costs
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
Blank Rome: Mortgage And Lien May Survive Improper Indexing
That brings us to November of 1996 when the First Citizens National Bank searched the index in anticipation of acquiring the property at a sheriff's sale and did not find the lien of the mortgage. It then took title from the sale
Fox Rothschild: PA Court Upholds Liability Limitation in Title Abstract
Accordingly, when Champion Mortgage foreclosed the earlier mortgage and the property was sold at Sheriff's Sale,The Money Store mortgage was divested and it made a claim against Chicago Title under the lender's policy. Because of the existence of the earlier mortgage, Chicago Title was
Spring/Summer 2002; Volume 3
Pennsylvania Land Title Association Sues Philadelphia Sheriff's Office. The suit, which was filed in March, 2002, was brought due to the failure of the Sheriff to comply with Pennsylvania law in handling Sheriff's Sales
Title Insurance Law Update Volume 2
...sold at Sheriff's Sale and a dispute ensued as to the priority of the judgment lien held by the wife and the mortgage held by MidState. Thus, the wife argued that her interest in the sale proceeds should have been given priority
Title Insurance Law Update Volume 1
...sold at Sheriff's Sale and a dispute ensued as to the priority of the judgment lien held by the wife and the mortgage held by MidState. The trial court held that the wife's judgment lien had priority and that MidState had constructive and actual notice of the claim
Preferential Rights
The right becomes operative if, and only if, the owner of the property receives a bona fide offer for the sale of the property. The price and terms of the sale to the holder of the preferentialrightaredeterminedby the offer from the third party: the seller must offer the interest for sale to the holder of the preferential right on the same terms that the proposed buyer proposes to pay
Blank Rome: Foreclosure Failure Foregoes Interest
Over the next four years, the borrower filed a series of bankruptcy petitions which caused the scheduled Sheriff's sales to be rescheduled. Finally, the bank managed to have a Sheriff's sale scheduled and the amount shown on the writ of execution, pursuant to the Bucks County Sheriff's real estate levy sheet, was approximately $160,000, which included the $154,000 owed by the borrower and $6,000 indicated as Sheriff's costs
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
Blank Rome: Mortgage And Lien May Survive Improper Indexing
That brings us to November of 1996 when the First Citizens National Bank searched the index in anticipation of acquiring the property at a sheriff's sale and did not find the lien of the mortgage. It then took title from the sale
Fox Rothschild: PA Court Upholds Liability Limitation in Title Abstract
Accordingly, when Champion Mortgage foreclosed the earlier mortgage and the property was sold at Sheriff's Sale,The Money Store mortgage was divested and it made a claim against Chicago Title under the lender's policy. Because of the existence of the earlier mortgage, Chicago Title was
Spring/Summer 2002; Volume 3
Pennsylvania Land Title Association Sues Philadelphia Sheriff's Office. The suit, which was filed in March, 2002, was brought due to the failure of the Sheriff to comply with Pennsylvania law in handling Sheriff's Sales
Title Insurance Law Update Volume 2
...sold at Sheriff's Sale and a dispute ensued as to the priority of the judgment lien held by the wife and the mortgage held by MidState. Thus, the wife argued that her interest in the sale proceeds should have been given priority
Title Insurance Law Update Volume 1
...sold at Sheriff's Sale and a dispute ensued as to the priority of the judgment lien held by the wife and the mortgage held by MidState. The trial court held that the wife's judgment lien had priority and that MidState had constructive and actual notice of the claim
Preferential Rights
The right becomes operative if, and only if, the owner of the property receives a bona fide offer for the sale of the property. The price and terms of the sale to the holder of the preferentialrightaredeterminedby the offer from the third party: the seller must offer the interest for sale to the holder of the preferential right on the same terms that the proposed buyer proposes to pay
Blank Rome: Foreclosure Failure Foregoes Interest
Over the next four years, the borrower filed a series of bankruptcy petitions which caused the scheduled Sheriff's sales to be rescheduled. Finally, the bank managed to have a Sheriff's sale scheduled and the amount shown on the writ of execution, pursuant to the Bucks County Sheriff's real estate levy sheet, was approximately $160,000, which included the $154,000 owed by the borrower and $6,000 indicated as Sheriff's costs
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
Blank Rome: Mortgage And Lien May Survive Improper Indexing
That brings us to November of 1996 when the First Citizens National Bank searched the index in anticipation of acquiring the property at a sheriff's sale and did not find the lien of the mortgage. It then took title from the sale
Fox Rothschild: PA Court Upholds Liability Limitation in Title Abstract
Accordingly, when Champion Mortgage foreclosed the earlier mortgage and the property was sold at Sheriff's Sale,The Money Store mortgage was divested and it made a claim against Chicago Title under the lender's policy. Because of the existence of the earlier mortgage, Chicago Title was
Preferential Rights
The right becomes operative if, and only if, the owner of the property receives a bona fide offer for the sale of the property. The price and terms of the sale to the holder of the preferentialrightaredeterminedby the offer from the third party: the seller must offer the interest for sale to the holder of the preferential right on the same terms that the proposed buyer proposes to pay
Blank Rome: Foreclosure Failure Foregoes Interest
Blank Rome: Mortgage And Lien May Survive Improper Indexing
