News & Analysis as of

Abandoned Property

Enforcement of Vacant and Abandoned Property Ordinances on Rise

by Barley Snyder on

Banks and other mortgage servicers are receiving notices from companies like ProChamps, which have been retained to assist municipalities with enforcement of vacant property ordinances. These enforcement actions could...more

Pennsylvania Treasury Issues Guidance Document Interpreting 2016 Amendments to the Pennsylvania Unclaimed Property Law

by K&L Gates LLP on

On March 7, 2017, the Pennsylvania Treasury Department issued a new guidance document and a set of responses to frequently asked questions (“FAQs”) interpreting changes to the Pennsylvania Unclaimed Property Law enacted on...more

Ohio Legislature Concludes 131st General Assembly in Marathon Session Lasting Until 3:30 AM Last Friday

by Roetzel & Andress on

After a whirlwind final week of the lame duck session, where the Legislature passed various, often times emotion-evoking measures (including gun rights, abortion, unemployment compensation fund changes, municipal minimum wage...more

California Updates Unclaimed Property Law to Recognize Electronic Recurring Bank Account Activity

by Alston & Bird on

On September 22, California Governor Jerry Brown signed AB 2258 into law, which revises California’s Unclaimed Property Law (UPL) to expressly recognize that certain electronic recurring transactions constitute...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

In a “highly anticipated” ruling from the US Court of Appeals for the DC Circuit, a three-judge panel has found the structure of the Consumer Financial Protection Bureau unconstitutional, holding that the current organization...more

The Eleventh Circuit has spoken: “Debtors who surrender property must get out of the creditor’s way”

In recent years, there has been a hotbed of litigation across the nation, particularly in Florida state and bankruptcy courts, regarding a debtor’s ability to contest a secured creditor’s foreclosure notwithstanding the...more

What Do I Do With This Stuff? Dealing With Abandoned Property After Foreclosure

by Snell & Wilmer on

You’ve successfully foreclosed on a commercial building in California, and, thankfully, the borrower moved out after foreclosure or after a period of tenancy. But the borrower left behind all sorts of property – furniture,...more

Illinois House Revenue Committee Holds Hearing on Vacancy Fraud Act

by Franczek Radelet P.C. on

While overall there is little activity in the General Assembly, the House Revenue Committee is meeting today for a hearing on an interesting piece of property tax legislation. The hearing is on HB4363, which would create the...more

Federal Court Decision Warns Delaware: Be Prepared to Defend Audit Practices in Court

by Reed Smith on

The United States District Court for the District of Delaware dismissed a lawsuit against the Delaware State Escheator, Abandoned Property Audit Manager, and the Secretary of Finance, and Kelmar Associates, LLC, but it came...more

Second DCA Reaffirms Sinkhole Insurers' Contractual Right to Withhold Payment for Subsurface Repairs Until the Policyholder...

Two new opinions show the Second DCA continues to hold that if an insurance policy providing sinkhole coverage authorizes the insurer to withhold payment for subsurface repairs until the policyholder presents a signed...more

NY Strengthens Law Concerning Zombie Properties as Well as Good Faith Negotiations

by Hinshaw & Culbertson LLP on

New York Senate Bill S8159 - On June 23, 2016, the New York State Legislature passed a bill imposing new requirements upon mortgage servicers seeking to foreclose on defaulted home loans. The bill — S8159, dubbed the...more

New York Imposes Duty on Mortgage Lenders to Maintain “Zombie Properties” and Increases Lenders’ Exposure for Premises Liability...

by Wilson Elser on

On June 23, 2016, New York State enacted legislation imposing a duty on banks and mortgage companies to maintain one- to four-family residential properties abandoned by their owners before they have foreclosed on the...more

New York Imposes Expanded Duties on Mortgage Servicers

by Ballard Spahr LLP on

New York Governor Andrew Cuomo signed AB 10741 into law on June 23, 2016. AB 10741, which is designed to address abandoned homes, known as zombie properties, amends several provisions of New York law and requires mortgage...more

Recovering Possession of Abandoned Residential Property

by Reed Smith on

The headline news from the Housing and Planning Act 2016 (the ‘Housing and Planning Act’) makes it look as though there is a good new solution to enable residential landlords to get their property back in their control when...more

The AER Makes Waves with its Response to the Redwater Decision

by Field Law on

HIGHLIGHTS The Alberta Energy Regulator (AER) issued Bulletin 2016-16 which has put in place interim measures in response to the Court of Queen’s Bench decision in Redwater Energy Corporation (Re) (Redwater) - ...more

FDIC Clarifies Supervisory Expectations for Abandoned Foreclosures

by Locke Lord LLP on

On March 2, 2016, the FDIC issued clarification of their supervisory expectations of financial institutions’ risk management policies concerning the discontinuation of foreclosure proceedings, commonly referred to as...more

West Coast Real Estate Update: March 2016 #2

by Holland & Knight LLP on

FDIC Clarifies "Abandoned Foreclosures" Guidelines - The Federal Deposit Insurance Corporation (FDIC) clarified on March 2, 2016, its existing guidelines with respect to the decision by any FDIC-supervised institution to...more

Upcoming Abandoned Property Deadlines

by Hodgson Russ LLP on

Just a friendly reminder that the first deadline for New York’s annual abandoned property due diligence mailings is quickly approaching. Here’s a quick recap of the deadlines and the rules governing New York’s abandoned...more

Looking Back: Delaware's Comprehensive Unclaimed Property Program Reform

by Pepper Hamilton LLP on

The recent reforms have not impacted the power and authority of the Office of the State Bank Commissioner to examine Delaware financial institutions for compliance with the escheat laws, but the shortened look-back period...more

Abandoned Property Filing Deadlines Approach

by Hodgson Russ LLP on

Winter is right around the corner. For businesses that have abandoned property on their books (and virtually every operating entity has abandoned property, whether it knows it or not), that means due diligence letters must...more

H.B. 2067: A Statutory Method for Unilateral Rescission

by McGuireWoods LLP on

In a move greatly benefiting lienholders and loan servicers, Texas Governor Greg Abbott recently signed H.B. 2067, amending the Texas Civil Practice and Remedies Code to allow for the unilateral rescission of the acceleration...more

Wisconsin Foreclosure Sale Process Just Got a Lot Faster

Recently, in Bank of New York Mellon v. Carson, the Wisconsin Supreme Court issued a decision that, in the words of Justice David Prosser, Jr., “radically revises the law on mortgage foreclosures” and could significantly...more

4 Key Restructuring Considerations for Distressed E&P Companies

by Latham & Watkins LLP on

“For distressed exploration and production (E&P) companies and their lenders, there can be many significant legal issues associated with restructuring,” according to Latham & Watkins partner Mitchell Seider. Seider is...more

Stemming the Blight: New Jersey Supreme Court Affirms Eminent Domain Powers

by Cole Schotz on

The New Jersey Constitution provides for taking of blighted property for the purposes of development, redevelopment or to clear such property of blight. ...more

When "Shall" Means "Shall": Wisconsin Supreme Court Requires Mortgage Lenders to Sell Abandoned Properties in Foreclosure

by Foley & Lardner LLP on

Last week the Wisconsin Supreme Court issued its decision in Bank of New York v. Carson, 2015 WI 15. The case is significant for its potential lasting effects on mortgage foreclosures in Wisconsin. The Carson case involves...more

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