General Business Residential Real Estate

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NY Joins Texas In The Broad Use Of Appraisal

Virtually all property insurance policies include an appraisal provision to resolve disputes over the “amount of loss” for a covered claim. Historically, the phrase “amount of loss” was interpreted to limit appraisal to those...more

Breach of Contract Claims against J.P. Morgan and EMC Dismissed as Time-Barred

On August 19, in an oral ruling from the bench, Vice Chancellor J. Travis Laster of the Delaware Chancery Court dismissed as time-barred loan repurchase claims brought by U.S. Bank as trustee of an RMBS trust against JPMorgan...more

Pennsylvania Supreme Court Rules Only Original Purchasers May Recover Damages for Breach of the Builder’s Implied Warranty of...

The Pennsylvania Supreme Court ruled that a builder’s implied warranty of habitability extends only to the initial buyer of a home, and not to subsequent purchasers. In Conway v. The Cutler Group, Inc., the Court reversed an...more

Current Florida Sinkhole Statute Held to Apply Even Though Policy Used Prior Statute’s Formulation

Florida adopted a stringent, five-part definition of what constitutes a covered sinkhole loss in 2011, but many policies continue to employ the 2005 statutory formulation which merely defined “sinkhole loss” as “structural...more

Should You Pay for Something You’re Not Getting? The Pennsylvania Supreme Court Will Take Up Shedden v. Anadarko E&P Company, L.P.

The Pennsylvania Supreme Court will consider whether an oil and gas lessee’s refusal to pay a “bonus” on acreage that the lease supposedly conveyed to it, but that the lessor did not own at the time of leasing and had not...more

NAIC Report – 2014 Summer National Meeting

The National Association of Insurance Commissioners (NAIC) met for its Summer National Meeting in Louisville, Kentucky, August 14-19. International regulatory standards were a prime focus of the meeting, as the International...more

The Napa Earthquake: Now Is The Time To Think About Insurance Coverage

In the aftermath of this weekend’s earthquake, we at Farella Braun + Martel would like to offer our insights. If you have a business that was affected by the earthquake, now is the time to look at your insurance policies,...more

Who Will Think of the Tenants: Split in Authority Regarding the Interplay Between Bankruptcy Code Sections 363(f) and 365(h)(1)(A)

A useful tool granted to trustees (and debtors-in-possession) in bankruptcy is the ability to assume or reject leases.1 The trustee can exploit this power to the estate's economic advantage, either assuming or rejecting the...more

Pennsylvania Supreme Court Holds Contractor May Recover in Quantum Meruit Where Home Improvement Contract Does Not Satisfy...

Homeowners Raymond and Donna Mantia contracted Shafer Electric & Construction (“Shafer”) to build a two-car garage addition onto their house. Shafer’s proposal was extremely detailed as to the work to be completed. Despite...more

Colorado Construction Monitor - Summer 2014

In this Issue: - Denver’s construction activity approaching historic peak of 2007 - Market Update - Condominium Construction Defects Legislation Introduced - Whether for Cause or Convenience,...more

Maine Supreme Court Addresses MERS Assignments and Payoff Amounts During Cure Periods

The Maine Supreme Court has been active in the last few months – issuing several decisions that will likely impact foreclosure actions in that state. The decisions covered a full range of foreclosure issues, from whether a...more

Illinois Case Law and Legislation Update

Effective January 1, 2015, Section 18.4 of the ICPA was amended to permit a condominium Board of Directors to adopt and amend its rules and regulations to allow for electronic delivery of notices and other communications...more

Texas Supreme Court Opinions and Orders (8/14 - Part 2)

In its weekly orders on Friday, August 22, 2014, the Supreme Court was busy. The Court issued 7 opinions, granted 4 petitions for review, and set 4 mandamus petitions for argument. Scott Stolley summarized 3 of the opinions,...more

The Construction Advantage – Issue 8

In our eighth issue of The Construction Advantage, we provide you with three new cases, with two of them coming from the Maine courts. We hope that this newsletter has been helpful and informative to you so far in 2014....more

Orrick's Financial Industry Week in Review

Financial Stability Board Publishes Responses to Consultation on Proposed Reforms of the Forex Market - On August 20, the Financial Stability Board (FSB) published responses to its consultation in respect of proposed...more

Texas' Progressive Claim Affliction Is Treatable

A case recently considered by Texas' Thirteenth Court of Appeals illustrates a fact pattern becoming all too familiar in Texas first-party property insurance claims. The story goes something like this....more

Eleventh Circuit Court of Appeals Holds Statutory Definition of “Structural Damage” Applies to Homeowners Policy Issued after the...

In Shelton v. Liberty Mutual Fire Ins. Co., 2014 U.S. App. Lexis 16120 (11th Cir., August 21, 2014), the Court addressed an often-contested issue regarding homeowner’s sinkhole insurance coverage. The Sheltons filed a claim...more

New retainage law goes into effect November 6

Massachusetts enacted a new retainage law that will require owners, prime contractors and subcontractors to pay retainage according to the law’s terms on a construction contract if... ...more

Texas Federal Court Upholds HUD’s Suspension Of Mortgagee

On August 5, the U.S. District Court for the Southern District of Texas held that HUD’s decisions to immediately suspend a HUD mortgagee and its CEO were not “arbitrary and capricious” and did not violate due process. Allied...more

What Happens if a Sheriff’s Deed is Transferred? Who Pays Association Assessments?

In a recent, unpublished opinion, the Michigan Court of Appeals held that the transfer of a purchaser's interest in property that was acquired through a sheriff's sale is not governed by Section 111 of the Condominium Act...more

Vermont: There is No Cause of Action for Negligence in Adjusting a Property Loss

Last week, the Vermont Supreme Court firmly rejected the notion that an insured can bring a cognizable claim for negligence against his or her carrier in connection with the inspection and handling of a first-party property...more

The Meth Business is Dangerous; (En)trust No One

For a landlord, it’s a bad day when your tenant gets busted for operating a meth lab, and the local authorities condemn your house because it’s contaminated with the byproducts of his business. It’s even worse when you learn...more

Mortgage Enforcement: Dot Those “i”s and Cross Those “t”s – Or Else

A chapter 13 debtor objected to the portion of a mortgagee’s claim consisting of expenses related to foreclosure of its mortgage. She argued that since the mortgagee failed to comply with notice requirements under the...more

Fifth Circuit Holding Breathes Life Back Into the Contractual Liability Exclusion

Liability insurance policies typically exclude coverage for obligations arising out of the insured’s “assumption of liability in a contract or agreement.” Earlier this year, the Texas Supreme Court took a narrow view of this...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

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