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Homeowners Associations – Business Judgment Rule

Palm Springs Villa II Homeowners Association, Inc. v. Erna Parth - Court of Appeal, Fourth Appellate District (June 21, 2016) - The “business judgment rule” refers to a judicial policy of deference to the business...more

Tennessee Chancery Court Denies Motion to Dismiss $164 Million RMBS Suit Brought by Tennessee Pension Fund

On May 24, 2016, Chancellor Carol L. McCoy of the Chancery Court for Davidson County, Tennessee, declined to dismiss claims brought by the Tennessee Consolidated Retirement System (“TCRS”) against several large financial...more

Sixth Circuit Permits IRS to Force Sale of Residence Held by the Entireties Where Only One Co-owner Owed Tax

In 2002, the Supreme Court, in United States v. Craft, held that a federal tax lien could attach to one spouse’s interest in property held by the entireties even though the co-owning spouse was not liable for the unpaid...more

Doctrinal Wall Blocks Unincorporated Entity from Diversity Jurisdiction

In Americold Realty Trust v. ConAgra Foods, Inc., et al. (No. 14-1382, decided 3/7/16), the Supreme Court of the United States applied its “oft-repeated rule” regarding the citizenship of unincorporated entities to a Maryland...more

Supreme Court Severely Restricts Federal-Court Access for Non-Corporate Entities, Including Certain REITs and RICs

Business trusts, statutory trusts and non-corporate real-estate investment trusts now face a significant jurisdictional barrier that will reduce their access to the federal courts, following a March 7 ruling by the U.S....more

Allocation Clause Held Enforceable in a Duty To Defend D&O Policy

In Housing. Auth. of New Orleans v. Landmark Ins. Co., 2016 U.S. Dist. LEXIS 24419 (E.D. La. Feb. 29, 2016), the court provided a rare analysis of the interplay between a duty to defend in a D&O policy and the allocation...more

Piercing The Corporate Veil Takes More Than Just Fraud By The Individual

Many of us have endured the nightmare of a disastrous home renovation or at least enjoyed Tom Hanks in The Money Pit (How long? Two weeks, of course). Well imagine spending half a million dollars, not for a new and improved...more

Court Of Chancery Explains Jurisdiction For Veil-Piercing

This is an interesting decision for its discussion on what must be pled to obtain Chancery jurisdiction in a claim seeking to pierce the corporate veil. It is not enough to just allege the entity was used to defraud. Rather,...more

Kentucky Court Holds D&O Policy Not Triggered By Suit Against Condo Board

In its recent decision in State Auto Prop. & Cas. Ins. Co. v. Highland Terrace Counsel of Co-Owners, Inc., 2015 U.S. Dist. LEXIS 59663 (W.D. Ky. May 7, 2015), the United States District Court for the Western District of...more

Don’t Forget Your Corporate Formalities … It’ll Cost You

Many individuals believe that it is easy to protect themselves in starting a business by simply setting up a new corporation or LLC. But it is important that shareholders or members abide by corporate formalities. Even the...more

Stripping of Unsecured Second Mortgages in Chapter 7 Bankruptcies in the Crosshairs

Since its 1989 opinion in Folendore v. Small Business Admin., the Eleventh Circuit Court of Appeals has allowed debtors to completely strip off and void wholly unsecured junior liens in Chapter 7 bankruptcies under Section...more

California Supreme Court to Review Controversial Documentary Transfer Tax Case

The California Court of Appeal recently held, in 926 North Ardmore Avenue v. County of Los Angeles, that a documentary transfer tax is triggered when a transfer of an interest in a business entity that owns real property...more

Idaho Real Estate & Development Law Update: Lack of Corporate Formalities Will Not Destroy the Limited Liability Protection...

In the case of Wandering Trails v. Big Bite Excavation released June 18, 2014, the Idaho Supreme Court clarified the requirements for piercing the veil of a limited liability company or LLC and thereby imposing liability on...more

Illinois Supreme Court Reaffirms Forcible Entry Remedy, Reversing in Spanish Court Two Condominium

One of the two most anxiously awaited cases on the Illinois Supreme Court’s civil docket was handed down this morning, and it was a big win for Illinois condominium associations: a sharply divided Court reversed the...more

Editorial: Fla.'s 'Safe Harbor' Most Litigators Are Not Familiar With

First mortgage lenders acquiring title to collateral consisting of condominium units or homes in a homeowners community are afforded protection against assessment liability under both the Florida Condominium Act (Chapter 718...more

Weekly Law Resume - August 15, 2013: A Homeowner’s Lawyer May Not Attend HOA Meetings Without HOA Approval

SB Liberty, LLC v. Isla Verde Association, Inc. - Court of Appeal, Fourth Appellate District, Division One (May 22, 2013) - In 2006, Gregg and Janet Short purchased a home in the Isla Verde residential community...more

LPS Mortgage Monitor July 2013 Mortgage Performance Observations

The June Mortgage Monitor report released by Lender Processing Services (NYSE: LPS) found that the nearly 10 percent spike in the national delinquency rate reported in the company’s “First Look” at mortgage performance was...more

Appellate Notes: Week of July 15th

Welcome to our Supreme and Appellate Court summaries webpage. On this page, I provide abbreviated summaries of decisions from the Connecticut appellate courts which highlight important issues and developments in Connecticut...more

Court Of Appeal Makes Condominium Association Foreclosures More Costly

The Third District Court of Appeal recently issued an opinion that is a game changer for third-party purchasers of condominium units at foreclosure sales. The Third District’s opinion in Aventura Management, LLC v. Spiaggia...more

Illinois Supreme Court Grants Leave to Appeal Controversial Condominium Decision

May a condominium owner refuse to pay monthly and/or special assessments, in whole or in part, on the grounds that the condominium board had failed to maintain and repair the common elements of the condominium property? In...more

Is FDIC v. Van Dellem California’s Smith v. Van Gorkom?

Last Friday, the jury in FDIC v. Van Dellem (C.D. Cal. Case No. CV 10-4915 DSF (SHx)) returned a verdict totalling nearly $169 million against three former officers of the home builder division of IndyMac Bank, F.S.B. The...more

MoFo New York Tax Insights - Volume 3, Issue 11 - November 2012

In This Issue: Appellate Court Holds “Reconstitution” of Housing Cooperative Is Not Subject to City Transfer Tax; Trial Court Upholds Retroactive Application of 2010 Statutory Amendment; Tribunal Holds S Corporation...more

Opinion Letters – Do's and Don'ts (Ethics, Professionalism and Malpractice Avoidance)

Originally published in Volume 34; Number 1 - Real Property e-newsletter, The Official Publication of the Real Property Section of the North Carolina Bar Association - September 2012. This article contains practical...more

The Rules of Operational Risk

IN THIS ARTICLE Framework Controlling Credit Risk Four Basic Rules Six Even More Basic Rules Articles and Newsletters __________________________________________ Framework First and foremost, compliance decisions...more

Corporate and Financial Weekly Digest - June 8, 2012

In this issue: - Banking Regulators Propose Basel III Capital Rules - NFA Reminds Members of BSA Electronic Filing Requirements - IOSCO Publishes Final Derivatives Market Intermediary Report - Delaware...more

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