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Deviation From Statutory Scheme In Sale Of Receivership Property

The sale of real and personal property in a receivership estate is governed by 28 U.S.C. §§ 2001 and 2004, and both contain procedures for both a public and private auction of property. Regarding personal property, § 2004...more

West Virginia Bankruptcy Courts Split on When Foreclosure Sale is Final

Lenders that exercise their rights to foreclose upon collateral are often met with a bankruptcy filing near or shortly after the date of sale. Obviously, if a lender learns of a bankruptcy prior to the foreclosure, the sale...more

Appeal Court Re-Writes Rules Relating to Insolvent Tenants

Landlords' set to obtain "full value" as a result of re-statement of ancient equitable principle - Pillar Denton Limited and others v Jervis and others - Outline - In a ruling relating to the stricken...more

Can a Defendant Sue a Receiver’s Property Management Company, or Are They Protected from a Lawsuit Like a Receiver?

I hired a property management company to aid me in managing a receivership property. A defendant in the case has threatened to sue the management company for action taken at my request. Can the defendant sue the management...more

Chapter 11 Bankruptcy Basics: Debtor In Possession

Many companies that file for Chapter 11 bankruptcy protection do not end up in a rapid liquidation. Some, after a successful reorganization period, emerge from the bankruptcy process still viable and financially healthy. ...more

Litigation News -- Summer 2013

In This Issue: "Can Bankruptcy Be A Tool To Combat Eminent Domain? Probably Not" and "Finding the Facts Before the Lawsuit Begins: Pre-Complaint Discovery in Pennsylvania" Excerpt from Can Bankruptcy Be A Tool...more

In re Swift

Chief Bankruptcy Judge Avoids Post-Petition Transfer 19 Years After Bankruptcy Filing

The Debtor failed to disclose, among other things, the existence of certain real estate interests in his schedules in a Chapter 7 case filed in 1994. The Chapter 7 Trustee objected to discharge for failing to disclose all...more

Rogers Towers: Denying Discharge for Passive Falsification of Financial Statements

As we have discussed in previous posts, if a debtor actively falsifies a financial statement to obtain a loan, such debt is not dischargeable in a subsequent bankruptcy proceeding under § 523(a)(2)(B) of the Bankruptcy Code....more

Louisiana Receivers In Foreclosure - "Keep-er Away From My Collateral!!" Part II

In my prior post, I discussed (1) what a keeper is and (2) why you should designate a Keeper. This post examines (3) the benefits of a Keeper and (4) some risks relating to a Keeper....more

The Tide Turns Against Hybrid Plans in the Circuit Where They Began

In this article from the February 2013 ABI Journal, I review the reasoning of several recent decisions which depart from previous precedent permitting the treatment of real estate loans beyond the term of a chapter 13 plan....more

Rogers Towers: A Troubling Interpretation: Prepetition Foreclosures as Preferential Transfers under § 547

As stated in Doug Waldorf’s post below, the concept of property valuation in regards to a deficiency judgment is well established within the Eleventh Circuit. The fair market value of the property is established at the...more

State Law Update: Michigan Excludes Certain Loans From State Mortgage Laws, Extends Loan Modification Program

On December 22, Michigan Governor Rick Snyder signed three bills—SB 1283, SB 1284, and SB 1285—to exclude from state mortgage laws, including its predatory lending law and loan originator licensing act, any loan transaction...more

A New Kind of PIN: Essential Requirements for Recording Deeds of Trusts in North Carolina

The Fourth Circuit Court of Appeals recently ruled in the case of In Re: McCormick that a recorded North Carolina deed of trust indexed in a county’s grantor/grantee index may nevertheless be avoided by a trustee in...more

Who owns the rents? Recent cases highlight uncertainty as to effect of mortgage rent assignments in New York bankruptcies

Originally published in the August 27, 2012 issue of Thomson Reuters News & Insight. Amid the recent proliferation of commercial mortgage defaults in New York, the question of whether property of a debtor’s bankruptcy...more

What Constitutes a "Mortgage" Under Illinois Law?

A ruling by a Bankruptcy Court in Illinois that a bankruptcy trustee could avoid two mortgages which utilized a standard form used by the lending industry would constitute a precedent opening the door to avoidance of...more

New Opinion Addressing Automatic Stay Relief in Single-Asset Real Estate Cases (In re 2655 Bush LLC, Bankr. N.D. Cal.)

Read the opinion here: http://chapter11cases.com/new-bankruptcy-opinion-in-re-2655-bush-llc-bankr-court-nd-california-2012-case-no-12-30388-tec-issue-automatic-stay-relief-in-single-asset-real-estate-case/ Summary In a...more

Breaking News: Insurance Coverage for "Hidden" Mechanics' and Materialmen's Lien Claims in North Carolina is Disappearing

Even in good economic times, lien claims asserted by subcontractors and material suppliers abound and lead to costly disputes. As in many states, North Carolina’s materialmen’s lien statutes create a system where “hidden” or...more

If It Looks Like a Duck, err, a SARE Debtor...

Recently, the Ninth Circuit Court of Appeals brought smiles to the faces of many lenders (especially Bank of America, the appellee and secured lender) when it refused to combine the assets of related debtors without a...more

Susquehanna Bank v. United States of America (In Re Restivo Auto Body, Inc.

Plaintiff's memo of law in support of it's motion for summary judgment against the IRS

A lender holding $1 Million lien on bankrupt's real property sued for lien priority over approximately $200,000 in IRS liens attaching to the same property. The parties filed cross-motions for summary judgment, based on very...more

Ninth Circuit Issues a Bankruptcy Opinion Favorable to Lenders to SPEs

In its recent decision in Meruelo Maddux Properties, Inc., the Court of Appeals for the Ninth Circuit held that an entity that meets the definition of a “single real estate” debtor under the Bankruptcy Code...more

Real Estate Lenders Rejoice: Ninth Circuit Holds that the Property Held by One Debtor in a Bankruptcy Case Involving a...

On January 27, 2012, the Ninth Circuit Court of Appeals held that a property level debtor was subject to the single asset real estate provisions of the Bankruptcy Code even though the debtor was one of fifty-three debtor...more

"Cuando el IVA concursa"

Una reciente reforma legal habilita a la AEAT para el cobro de las cuotas de IVA devengadas con motivo de operaciones inmobiliarias realizadas por empresas en concurso....more

"Cuando el IVA concursa"

Una reciente reforma legal facilita a la AEAT el cobro de las cuotas de IVA devengadas con motivo de operaciones inmobiliarias hechas por sociedades en concurso....more

Windmill Durango Office, LLC, Chapter 11 Confirmation

A Wolf in Sheep's Clothing: Why a Blended Rate Approach with Coerced Loan Inputs Must Be Rejected as an Appropriate Cramdown...

Chapter 11 Cramdowns, §1129(b)(2)(A)(ii) and Appropriate Interest Rates for a Cramdown: To force a reorganized debtor in a chapter 11 cramdown to use unintended markets in order to set necessary interest rates on its new...more

Important Changes to Federal Bankruptcy Rules Effective December 1, 2011 by Patricia Antonelli, Esq.

Mortgage holders and servicers should prepare for important changes to Federal Bankruptcy Rules of Procedure ("FRBP"), effective December 1, 2011, including requirements for new forms. The changes to FRBP 3001, the...more

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