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Full Recourse Enforcement of Non-Recourse Loans
Two recent cases from Michigan could have far-reaching implications nationwide regarding the enforceability of non-recourse loans as fully recourse. Indeed, if the decisions in Wells Fargo Bank, N.A. v. Cherryland Mall Limited Partnership, 2011 WL 6785393 (Mich. App., Dec. 27, 2011) and 51382 Gratiot Avenue Holdings, LLC v. Chesterfield Development Company, LLC, et al., 2011 WL 6153023 (E.D.Mich., Dec. 12, 2011) are accepted in jurisdictions outside of Michigan, many non-recourse CMBS loans could very well be converted to recourse simply because a special purpose entity (“SPE”) requirement, such as insolvency by the borrower, has been breached. And guarantors, as a result, could face a flood of deficiency claims in respect of loans they believed to be non-recourse. Needless to say, CMBS lenders, borrowers and guarantors should take the time to understand the issues raised in these two Michigan cases.
Background on CMBS Transactions
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.