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Is the State Holding Your Association’s Money?

Like many other states, Connecticut has appointed itself as the official “lost and found” for all money abandoned within the state’s borders. We’re not talking about coins dropped on a sidewalk. Abandoned money can include...more

Waterfall Distributions for Investors – Bruce E. Methven

Managers who are organizing an investment funds....more

California Corrects Homeowner Bill Of Rights Summary

On January 1, the California Department of Corporations reissued Release No. 65-FS regarding implementation of key parts of the Homeowner Bill of Rights that established new foreclosure requirements. ...more

Does The Tarion Appeal Process Prevent A Condominium From Commencing A Civil Action?

We are often asked by condominium corporations whether an appeal of Tarion’s final decision letter will prevent them from commencing a separate civil action with respect to the same deficiencies....more

Do Condominiums Need to Disclose Mediations and Human Rights Complaints in Status Certificates?

We are often asked by clients whether there is an obligation to include ongoing human rights complaints and scheduled mediations in their status certificates....more

Corporate E-Review: OSFI and Federal Government Changes to Corporate Governance Guidelines, Credit and Debit Card Code of Conduct,...

OSFI Releases Revisions to its Draft Corporate Governance Guideline: The Ongoing Evolution of Governance Practices Corporate governance has become an increased area of focus for regulators in the financial services...more

Proposition 218’s Ban On Tax Increases Without Voter Approval Does Not Apply To Annexations

In Citizens Association of Sunset Beach v. Orange County Local Agency Formation Commission (--- Cal.Rptr.3d ----, Cal.App. 4 Dist., October 5, 2012), a California Court of Appeal considered whether Proposition 218’s ban on...more

Sutherland Salt Shaker - Vol. 3, No. 4 - September 2012

In This Issue: - Oregon DOR Out of Luck on SOL - SALT PET OF THE MONTH - To Be or Not to Be ASP: South Carolina’s Treatment of Bundled Services - Administrative Convenience Justifies Inequality in Tax Forgiveness...more

UPDATE: Sifting Through the Ashes: The Demise of Redevelopment Agencies and the Scramble to Figure Out the Next Step By Brian D....

INTRODUCTION - Faced with a multi-billion dollar budget deficit, Governor Jerry Brown targeted the dissolution of redevelopment agencies (“RDAs”) as a means to lower the deficit and redirect RDA assets to other areas of state...more

A New LLC Act for New Miami (and the Rest of Florida)

This is the first in a series of blog posts on the new Florida Limited Liability Company Act. Future posts will discuss issues relating to the Act and its ramifications on Miami (and Florida) businesses. The Need To...more

The Continued Wind Down of Redevelopment: Two Key Opportunities for Public-Private Partnerships

As we previously reported, the Redevelopment Dissolution Act (AB x1 26) dissolved all California redevelopment agencies as of February 1, 2012, and provided a complex scheme to wind down the affairs of the dissolved...more

Property Tax Savings for Green Condo Projects

How do you motivate condo developers to make green building standards a priority? Offer creative green building incentives that will make their projects more marketable. This is what Governor Cuomo had in mind for the State...more

Tax Changes in the Pennsylvania Budget

The General Assembly recently enacted several laws that make various changes to Pennsylvania taxes. These changes present traps for the unwary as well as planning opportunities for businesses and individuals seeking to reduce...more

Sifting Through The Ashes: Who Owns The Assets Of A Former Redevelopment Agency And Related Title Concerns By Brian D. Shaffer*

I. INTRODUCTION - In California Redevelopment Assn. v. Matosantos, 53 Cal. 4th 231, 135 Cal. Rptr. 3d 683, 267 P.3d 580 (2011) (“Matosantos”), the California Supreme Court confirmed the death of redevelopment agencies...more

Amendment to Tarion Addendum: More Disclosure for Condo Purchasers

The Ontario government just enacted amendments to the regulations to the Ontario New Home Warranties Plan Act. Included in the amendments are new Tarion Addendum forms which are available for use effective July 1, 2012 and...more

Act Fast to Capture Benefit of Current Gift Tax Exemption

Bay Area families that have yet to take advantage of the current gift tax exemption are running out of time. As of midnight on December 31, 2012, the $5 million exemption disappears and will be replaced by a $1 million...more

Spotlight on Anti-Money Laundering (Part 2 of 3): Establishing an AML Compliance Program at a Non-Bank Residential Mortgage...

As reported in Part 1 of this series, all non-bank residential mortgage lenders and originators (RMLOs) have until August 13, 2012 to establish an Anti-Money Laundering (AML) program as part of the new rule....more

Condominium Owners' Right to Sue Developer for Common Element Deficiencies

Section 23(1) of the Condominium Act (the “Act”) empowers a condominium corporation to sue on its own behalf and on behalf of all unit owners in respect of damage to the common elements. In the case of 1420041 Ontario Inc. v....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

Maryland Indemnity Deeds of Trust – A Closed Loophole?

Dinsmore’s Commercial Finance Practice Group frequently handles mortgage transactions where the mortgaged property is located in Maryland. One popular finance mechanism in Maryland has been the indemnity deed of trust or...more

Condominium Act Review and Public Consultation

The Ontario government recently announced that it would be undertaking a review of the Condominium Act and public consultation with condominium community stakeholders, including owners, residents, developers and property...more

Should the board consult the owners before implementing changes ? (Part III)

In our previous posts on this topic, we looked at the level of consultation required when the board contemplates renovation to the condominium or changes to the services provided to the owners. Last post dealt specifically...more

Will Demoting the DFI, DOC and DRE Matter?

The Governor’s Reorganization Plan would demote the Department of Corporations and the Department of Financial Institutions to the status of divisions within the new Department of Business Oversight. The new DBO would report...more

Federal Reserve Offers Policy Guidance for REO Rental Programs

On April 5, the FRB released a policy statement that reiterates its general policy that banking organizations should make good faith efforts to dispose of foreclosed properties, also known as REO properties, as soon as...more

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