Abandoned Property

News & Analysis as of

Proposed Regulation Issued Under New York State’s “Zombie Properties” Law: Law Firm, Attorneys, New York

The New York State Department of Financial Services (“DFS”) has proposed a new regulation (the “Proposed Regulation”) that will require mortgage lenders and servicers to report vacant and abandoned properties in accordance...more

Illinois House Revenue Committee Holds Hearing on Vacancy Fraud Act

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

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

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...

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

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

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

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

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

FDIC Addresses Risk Management Practices for Discontinued Foreclosure Proceedings

The Federal Deposit Insurance Corporation (“FDIC”) has issued guidance to banks on how to handle discontinued foreclosures, with the goal of minimizing the impact that such discontinued proceedings will have on properties and...more

West Coast Real Estate Update: March 2016 #2

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

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

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

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

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

“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

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

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

Wisconsin Courts Can Force Lenders to Make Prompt Sales of Foreclosed Properties Which Have Been Abandoned by the Borrowers

In a case that “radically revises the law on mortgage foreclosure,” the Wisconsin Supreme Court recently held in Bank of New York Mellon v. Carson, 2015 WI 15, that Wisconsin circuit courts have the authority to order a sale...more

Tenant Absence During the Lease Term: Protecting Your Property

Every landlord’s goal is to have his/her rental property under lease and occupied by tenants who will not only pay their rent on time, but who will properly use and maintain the property. After all, the property is an...more

"Are You Prepared for the Rapidly Approaching Abandoned Property Deadlines?"

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

Abandonment: When Property Drops Out of the Bankruptcy Estate

In re Rich, 510 B.R. 366 (Bankr. D. Utah 2014) – In a case that was converted from a chapter 11 reorganization to a chapter 7 liquidation, the debtor sought an order directing the trustee to abandon certain real...more

FDEP Touts the Success of the State’s Brownfields Redevelopment Program

Florida Department of Environmental Protection (FDEP) touts the success of the State’s Brownfields Redevelopment Program. Since its inception in 1997, Florida’s Brownfields Redevelopment Act ( Florida Statutes Sections...more

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