Bob Olson

Bob Olson

Snell & Wilmer

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Guarantors Score Two Victories Before the Nevada Supreme Court

On May 29, 2013, the Nevada Supreme Court issued two decisions that all real estate lenders need to be aware of because they have the potential to eliminate the ability of a lender to recover a deficiency judgment from a...more

7/18/2014 - Deficiency Judgments Guarantors Lenders Mortgages Real Estate Market

Nevada Supreme Court and District Court Issue Decisions Regarding Nevada’s Limitations on Deficiency Judgments

In 2011 the Nevada Legislature enacted Assembly Bill 273 (“AB 273”) which amended NRS 40.459 by limiting deficiency judgments to the difference between the amount the lender paid to acquire the loan or obligation and the...more

6/19/2014

U.S. Supreme Court Rules That Inherited IRAs are Available to Pay Creditors

On June 12, 2014, the U.S. Supreme Court issued its opinion in Clark v. Rameker[1], opening up another source of recovery for creditors and Chapter 7 trustees in bankruptcy proceedings. In Clark, a Chapter 7 debtor inherited...more

6/18/2014 - Chapter 7 Clark v. Rameker Consumer Bankruptcy Estate Planning IRA Popular SCOTUS

Nevada Supreme Court Holds Judicial Privilege for Statements Made to the Media During Litigation is Not Absolute

In Jacobs v. Adelson, 130 Nev. Adv. Op. 44 (Mar. 29, 2014), the Nevada Supreme Court was asked to decide whether statements made to a newspaper during litigation were absolutely privileged. The case involved a defamation...more

6/17/2014 - Absolute Privilege Litigation Privilege Media

Nevada Supreme Court Reaffirms and Clarifies Sands Corp. Decision on Waiving Attorney-Client Privilege and the Work-Product...

Recently, we released a legal alert discussing the Nevada Supreme Court’s decision in Las Vegas Sands Corp. v. Eighth Jud. Dist. Ct., 130 Nev. Adv. Op. 13 (February 27, 2014), which addressed the intersection of NRS 50.125...more

6/17/2014 - Attorney-Client Privilege Federal Rules of Civil Procedure Privilege Waivers Testimony Waivers Work Product Privilege

Nevada Supreme Court Determines That Guarantor Cannot Waive Right to Receive a Notice of Default, but Substantial Compliance With...

Schleining v. Cap One, Inc., 130 Nev. Adv. Op. 36 (May 29, 2014), arises out of a loan to purchase an undeveloped piece of property, which was guaranteed by the principal of the borrower. After the borrower defaulted, the...more

6/13/2014 - Borrowers Delinquent Borrowers Foreclosure Guarantors Mortgages Notice of Default Notice Requirements Waivers

The U.S. Supreme Court Clarifies the Procedure for Unconstitutional “Core” Matters Under Stern v. Marshall in Executive Benefits...

In 2011, the U.S. Supreme Court decided Stern v. Marshall, 131 S.Ct. 2594. In Stern, the Court was faced with the question of whether the Bankruptcy Court had statutory and Constitutional authority to decide a counterclaim...more

6/13/2014 - Article III Chapter 7 Commercial Bankruptcy EBIA v Arkison Executive Benefits Insurance Agency Fraudulent Conveyance SCOTUS Stern v Marshall Tortious Interference

Nevada Supreme Court Determines That a Pre-Foreclosure Guaranty Complaint Is Not a Deficiency “Application”

In what the dissenting Justices insinuate is an elevation of form over substance, the Nevada Supreme Court denied a rehearing in Lavi v. Eighth Judicial District Court, 130 Nev. Adv. Op. 38, 2014 WL 2428749 (May 29, 2014),...more

6/11/2014 - Deficiency Judgments Foreclosure Guaranty Claims Mortgages

The Nevada U.S. District Court Narrowly Interprets Sandpointe Apartments when Ruling in Favor of Entity that Acquired Loan Before...

On June 10, 2011, Nevada enacted Assembly Bill 273 (AB 273). As codified at NRS 40.459(1)(c), AB 273 limits the ability of a loan purchaser to collect a deficiency on the note and guarantees by basing the deficiency...more

4/14/2014 - Debt Buyers Loans

Nevada Privilege Law May Be Inadvertently Waived During Witness Preparation

It is common for a witness to refer to documents when testifying in order to refresh the witnesses’ recollection. NRS 50.125 requires disclosure of any writing used to refresh a witness’ recollection before or while...more

3/20/2014 - Attorney-Client Privilege Evidence Waivers

California Bankruptcy Court Holds Junior Lienholder Liable for Payments Debtors Made to Senior Lienholder as Preferential...

Section 547 of the Bankruptcy Code allows a bankruptcy trustee to recover transfers from creditors that are labeled “preferences.” To avoid a transfer as a preference, the trustee must generally demonstrate that the transfer:...more

3/5/2014 - Commercial Bankruptcy Debtors Lienholders

Nevada Supreme Court Limits Homestead Exemption in In re Nilsson

In In re Nilsson, 129 Nev. Adv. 101 (December 26, 2013), the United States Bankruptcy Court for the District of Nevada certified the following question to the Nevada Supreme Court: Can a debtor properly claim a...more

1/13/2014 - Debtors Homestead Exemption

Nevada Supreme Court Limits Ability to Execute on Funds Contained in Joint Accounts in Brooksby v. Nevada State Bank

In Brooksby v. Nevada State Bank, 129 Nev. Adv. Op. 82 (Nov. 7, 2013), Nevada State Bank obtained a deficiency judgment against the guarantor of a commercial loan and then garnished funds contained in bank accounts jointly...more

1/9/2014 - Debtors Deficiency Judgments Garnishment Guarantors Joint Accounts

Creditors’ Deficiency Rights Impacted by Recent Nevada Supreme Court Opinion in Sandpointe Apartments, LLC v. Eighth Judicial...

On November 14, 2013, in Sandpointe Apartments, LLC v. Eighth Judicial District Court, 129 Nev. Adv. Op. 87 (Nov. 14, 2013), and in Branch Banking and Trust Co. v. Neilson, (Nov. 14, 2013) (unpublished), the Nevada Supreme...more

11/20/2013 - Contracts Clause Debtor-Creditor Deficiency Judgments FIRREA Foreclosure Preemption Secured Loans

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