On June 14, 2023, the Second Department decided Walsh v Ocwen Loan Servicing. The court, with little fanfare, appeared to rule that cooperative apartment owners are saddled with an unavoidable risk of loss. That is, if a lender alleges that the owners have defaulted, and then conducts a nonjudicial foreclosure sale, the former owners are left with few remedies.
Co-Op Purchaser Not Entitled to Cancel Contract Stipulation of Settlement Did Not Foreclose Warranty of Habitability Claim Questions of Fact About Mitchell-Lama Succession Rights
Taking Was for a Public Purpose and Failure to Comply With Public Hearing Requirement Did Not Invalidate Taking
Fact Questions About Expansion of Nonconforming Use Subdivision Improperly Classified As Type II Action Under SEQRA ZBA Entitled to Approve Permit for Building Larger Than One Depicted In Approved Site Plan
Tenant's Early Termination Entitled Landlord to Rent Questions of Fact About Landlord's Intention to Convey Leasehold to Individual
Quiet Title Action Subject to Statute of Limitations Foreclosure Sale Purchasers Not Subject to Claim By Former Owners Specific Performance Denied Because Buyer Did Not Establish That It Was Ready to Close
On June 29, 2023, the U.S. Supreme Court set new geographic limits for infringement and false designation of origin claims raised under Sections 1114 and 1125(a) of the Lanham Act. Given the global nature of business today, the decision highlights the need for trademark owners to continually reassess and, perhaps, expand their international trademark registration strategy as product lines and brands become more international in scope.
Force majeure is lurking in the shadows of the Hollywood strikes, offering struggling studios a potential lifeline out of debt. But the best attorneys and the strongest contracts are proactive, rather than reactive. Thus, consider the following drafting tips to strengthen your force majeure language now, in the calm before the next storm.
Among the risks of cryptocurrency exchanges are bankruptcy risk and fraud, including: the inalienability of account claims, holding an unsecured claim versus an entitlement to the return of coin, and bankruptcy preference risk.
The U.S. Bankruptcy Court for the Southern District of New York summed up the importance of the determination as to when a bankruptcy case is actually filed of record, thereby triggering the imposition of the automatic stay and found that the "upload" time of a bankruptcy filing — and not the time physically "stamped" on a bankruptcy petition — determines when a case is commenced. In doing so, the Bankruptcy Court offered direction and guidelines that debtors and creditors will be well advised to observe in future cases.
