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Sixth Circuit Finds Excess Carrier Had Duty to Indemnify Insured for Property Damage Arising From Alleged Misrepresentations and...

In a decisively pro-policyholder decision issued by the United States Court of Appeals for the Sixth Circuit in IMG Worldwide, Inc. v. Westchester Fire Ins. Co., Nos. 13-3832, 13-3837 (6th Cir. July 15, 2014), the court...more

North Carolina Supreme Court Clarifies the Enforceability of Waivers and Releases of Claims and Defenses in Forbearance Agreements

On August 20, 2014, the North Carolina Supreme Court issued an opinion clarifying the enforceability of waivers and releases of claims and defenses granted by borrowers and guarantors in forbearance agreements. RL REGI N.C.,...more

CERCLA’s Three Year Statute of Limitations for Contribution Applies To Non-CERCLA Settlements

Parties which settle environmental liability in a judicially approved settlement have three years from the date of that settlement in which to seek contribution even if the settlement is not a CERCLA settlement. That is the...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

Texas Court Lays Out a Useful Roadmap of the Defenses to a Hailstorm Claim

Hailstorm claims for damage to roofs often involve belated notification that an already old or damaged structure has been further compromised. In a recent Texas case, the court provided a primer for carriers confronting such...more

Lease Termination: Do You Really Mean It?

A commercial landlord sought relief from the automatic stay so that it could complete prepetition eviction proceedings against the debtor. The debtor objected, arguing that it had a right to assume the lease. The case turned...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

Legal Update: New Transfer Tax Disclosure Requirement

After January 1, 2015, documentary transfer tax will no longer be a private affair. It is common practice in commercial real estate purchase and sale transactions to provide the amount of documentary transfer tax on the...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

If the Suit Fits: A Washington Court Clarifies Triggers for the Duty to Defend

Like many other federal and state environmental laws, Washington’s Model Toxics Control Act (MTCA) exposes property owners to strict liability, regardless of fault or intent, for certain types of environmental contamination. ...more

Eastern District Of Pennsylvania: Closing Protection Letter Does Not Constitute “Insurance” For Purpose Of Statutory Bad Faith...

Bancorp Bank v. Lawyers Title Insurance Corp. , No. 13–6103 , 2014 WL 3325861 (E.D. Pa. Jul. 8, 2014). Eastern District of Pennsylvania explains that while Closing Protection Letter may be an indemnity contract, it is...more

Vorsteueraufteilung bei gemischt genutzten Gebäuden

BFH: Aufteilung der Vorsteuer bei gemischt umsatzsteuerpflichtig und umsatzsteuerfrei vermieteten Gebäuden richtet sich im Regelfall nach dem Flächenschlüssel. Im Grundsatz bestätigte der V. Senat des Bundesfinanzhofs...more

Suit Limitations Provisions are Enforceable. Except When They’re Not

When might a court find a reasonable and enforceable suit limitation provision neither reasonable nor enforceable? According to New York’s highest court, it’s when the provision would bar a claim to enforce the replacement...more

How Windstream Ruling Will Affect Foreign Taxpayers

In general, a REIT is a special purpose entity for U.S. federal income tax purposes that requires at least 75 percent of the value of the entity’s gross assets to consist of real estate assets, cash, cash items, and...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

Recent Amendment Implements Important Changes to the Georgia Brownfield Program

Effective on July 1, House Bill 957 (2014) (the “Amendment”) amended the Georgia Brownfield Act, O.C.G.A. § 12-8-200 et seq. (the Act). The Amendment broadens applicability of the Act, expands the pool of eligible parties...more

Office Leasing and Airline Reservations

I have been doing a lot of flying recently. So I thought I would address a question I usually get asked: “Why are office leases so long, even for a short-term lease?” Companies usually equate a long lease with high legal...more

Is there a Statute of Limitations on the Term of a Lease a Receiver can Execute?

QUESTION: I am a receiver for a shopping center. I want to enter into a five year lease for one of the stores. Is there a statute or rule that limits the term of leases a receiver can execute?...more

How Remote is Bankruptcy Remote? Is an Operating Agreement Restriction Against a Bankruptcy Filing Without the Unanimous Consent...

Nonrecourse financing is common in today's commercial real estate lending market. So too are the use of special purpose entities ("SPEs") and limited guaranties from SPE members of all or a portion of the debt, the latter of...more

A Flood by Any Other Name is Still a Flood – or Why Losses Caused by Flood Are Subject to Flood Sublimits

In New Sea Crest Healthcare Center, LLC v. Lexington Ins. Co., No. 12-CV 6414(RJD)(RLM), 2014 WL 2879839 (E.D.N.Y. June 24, 2014), the insureds suffered losses to nursing homes in two locations as a result of Hurricane Sandy....more

Beyond the Rent Roll – Retail Lease Agreements

Commercial mortgage lenders of non-owner occupied property need to be adept at reviewing leases to protect themselves from risk. Although the rent roll is a useful tool, some lenders learned during the economic downturn that...more

New York’s High Court Finds Contractual Limitation Period Unenforceable, Where it Places Policyholder in Impossible Catch-22...

How is a policyholder supposed to obtain coverage under a policy that requires the insured to bring its claim within two years of the loss and also imposes preconditions on bringing a claim that cannot reasonably be satisfied...more

Florida Insurer Waives Two-Year Requirement by Waiting That Long to First Raise It

Florida court recently held that the insurer could not rely on a policy requirement that conditioned recovery of the cost of complying with current building codes during reconstruction on having completed the work within two...more

Colorado Supreme Court Revisits Rule Against Perpetuities

In March of this year, the Colorado Supreme Court revisited a fundamental doctrine of property law, which it described as “long cherished by law school professors and dreaded by most law students: the infamous rule against...more

Mainebiz Real Estate Insider – Commercial Insurance Issues

Whether you’re a landlord or a tenant, insurance options for commercial real estate can be daunting. Knowing what to ask your insurance broker can save the day. This sampler of issues will help you and your broker manage risk...more

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