Call 855-808-4530 or email GroupSales@alm.com to receive your discount on a new subscription.
In the real estate business, as in many others, the question of just who is contractually responsible when things go wrong is a recurring one, particularly when a closely-held corporation or other business entity is involved. If rent goes unpaid, is the business’ proprietor on the hook, or the corporation of which he is the sole owner? Or when a guarantor fails to come through after a lessee defaults, can he and his business entities be treated as one in the same, so that satisfaction can be had through attachment of the company’s assets? A scenario similar to these played out in case recently decided by the Appellate Court of Illinois, First District, Second Division: Golfwood Square LLC v. O’Malley, 2018 IL App (1st) 172220-U (8/11/2018). In Golfwood, the court had to decide just how much responsibility a business entity could be made to shoulder that was not directly involved in a dispute between a commercial lessor and the guarantor of its lessee’s contractual responsibilities.
By Janice G. Inman
Is a property leased to a farming tenant a commercial property or an agricultural property? What about a building leased to a government entity? The distinction can make a difference in the tax laws that apply to the parcel.
By Andrew Dector
When members of the military are be called into action, the impact could be felt right here at home by our commercial landlords, especially those whose tenants are composed of businesses owned or operated by a sole proprietor, or an owner with one or two employees.
By Theresa A. Driscoll
Lessors who repossess property immediately prior to a lessee bankruptcy filing may be required to return such property or face sanctions by the bankruptcy court. Federal courts are currently split on the issue of whether the lessor must voluntary surrender property seized pre-petition or may hold such property until the debtor obtains an order of turnover.
By Mathew B. Tully and Barry Crushell
Proper planning and the ability to pivot will help American companies with UK, EU commercial property interests.