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Distressed Real Estate Filings to Continue
Although interest rates may have peaked, we continue to expect a large volume of distressed real estate debtors to utilize the bankruptcy system over the next couple of years. This article analyzes two recent decisions regarding distressed real estate bankruptcies, both of which involve rights of real estate lenders against proceeds of collateral other than the real estate itself. One involves the right of a lender to assert a deficiency claim against proceeds of the bankrupt debtor's insurance policy, and the other concerns whether a debtor can use the rents derived from the property that were pledged as additional collateral for the loan.
Lender Permitted to Assert Deficiency Claim Against Insurance Policy
In the first case, the U.S. Bankruptcy Court for the Eastern District of New York issued an opinion on Sept. 21 in In re Savva's Restaurant, Case No.: 22-70382-reg. According to the opinion, a mortgage lender sought to recover under the debtor's insurance policy following destruction of the property in a fire. The borrower filed a bankruptcy case and sold the property in a sale pursuant to a Chapter 11 plan. The lender entered into a stipulation consenting to the sale and agreeing its secured claim would be reduced by the amount of the net proceeds of the sale. The lender then asserted the deficiency amount against the insurance policy.
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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.
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.
Major Differences In UK, U.S. Copyright Laws
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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.