News & Analysis as of

Condition Precedent

Real Property & Title Insurance Update: Week Ending March 24, 2017

by Carlton Fields on

REAL PROPERTY UPDATE - Foreclosure/Condition Precedent: servicer did not meet its burden of proving it satisfied condition precedent of giving notice of acceleration by failing to provide evidence that notice letter had...more

Commercial Division Enforces Strict Compliance With Change-of-Control Notice Requirement

In GSMC II 2006-GC6 Bridgewater Hills Corporate Center, LLC v. Lexington Realty Trust, Case No. 653117/2015, 2016 BL 378261 (N.Y. Sup. Ct. Nov. 2, 2016), Justice Jeffrey K. Oing of the Commercial Division denied a motion to...more

Real Property & Title Insurance Update: Weeks Ending December 2 & 9, 2016

by Carlton Fields on

REAL PROPERTY UPDATE - Deficiency/Subject Matter Jurisdiction: approving the 3d DCA’s opinion that an assignee of a foreclosure judgment can maintain a separate action for deficiency under Florida Statutes, Section...more

Impeding the Counterparty’s Ability to Satisfy a Condition Precedent Could Result in Liability

Justice Jeffrey K. Oing in the Commercial Division handed down a decision recently that discusses frustration of the occurrence of a condition precedent by parties to commercial contracts. Nesconset ZJ 1 v. Nesconset...more

Reducing M&A risks related to national security reviews

by White & Case LLP on

As national security reviews grow in impact, investors need to be mindful of potential adverse consequences resulting from such reviews International M&A deal advisors are acutely aware of the growing impact of national...more

The Unwind: ‘I Don’t Want It’

In the inaugural column of ‘‘Power and Taxes,’’ we discussed the tensions surrounding the requirement that an investor be an owner when a project is placed in service in order to qualify for the investment tax credit under...more

Subcontractor Required to Strictly Comply with General Contractor’s Contractual Claim Provisions

by Farrell Fritz, P.C. on

In construction, incorporating a “prime contract” by reference into a subcontract is commonplace. Recently the Courts have broadly construed such “incorporation” provisions, often to the detriment of subcontractors....more

Colorado Court Applies Notice-Prejudice Rule to Pollution Buy-Back Endorsement

In its recent decision in MarkWest Energy Partners, L.P. v. Zurich American Insurance Co., 2016 Colo. App. LEXIS 956 (Colo. App. July 14, 2016), the Court of Appeals of Colorado had occasion to consider whether Colorado’s...more

Brexit – what can private equity funds do to hedge against sterling risk?

by Reed Smith on

We have seen a dramatic increase in interest in hedging FX risk related to investments by private equity funds. The precipitous decline in the value of sterling has caused complications for funds which are in the process...more

A Look at an Insured's Post-Loss Duty to Cooperate: Exactly How Much Cooperation is Necessary?

The Eleventh Circuit Court of Appeals reaffirmed that an insurer is entitled to summary judgment when its insured fails to abide with the policy’s cooperation clause, a condition precedent to filing suit.  See Wu v. Safeco...more

Energy Transfer May Terminate Merger Agreement Based on Lack of Tax Opinion

by White & Case LLP on

In a litigation involving one of the biggest M&A deals in 2015, the Delaware Court of Chancery ruled that it will not compel Energy Transfer Equity, L.P. to complete its proposed acquisition of The Williams Companies, Inc. It...more

Subcontractor’s Failure to Strictly Comply With Notice Provision Costs $200,000

by Burr & Forman on

Whether you are an owner, contractor, subcontractor or supplier, you will want to read the rest of this post since it illustrates precisely what all those attorneys have been telling you for years: “Please, please, please...more

Overview of Chinese Insurance Law

by Cozen O'Connor on

As global insurers continue to penetrate the Chinese market, our offices are seeing an ever increasing number of Chinese law related inquiries, including in the fields of credit and political risk, property and other lines....more

Minnesota Supreme Court Addresses SOL in Construction Defect Suit

In the case of 328 Barry Avenue, LLC v. Nolan Properties Group, LLC, 871 N.W.2d 745 (Minn. 2015), the Supreme Court of Minnesota considered the statute of limitations under Minn. Stat. § 541.051, subd. 1, for actions “arising...more

One Word Makes All The Difference – The Distinction Between “Pay If Paid” and “Pay When Paid” Clauses

Payment clauses in California construction contracts are often complex and multi-layered. This is especially true in contracts between general contractors and their subcontractors. The general does not want to pay the subs...more

Can a Guarantor Waive his Right to a Foreclosure Confirmation Proceeding in Georgia?

by Bryan Cave on

Yes. On Monday, February 22, 2015, in a case closely watched by commercial real estate lenders, borrowers and guarantors, the Supreme Court of Georgia issued its opinion in PNC Bank, N.A. v. Smith, et al., S15Q1445. ...more

Insurance Recovery Law - December 2015

Court Rejects Attempt to Broaden "Employer's Liability" Exclusion, Requiring Coverage - Why it matters: A New York federal court recently ruled that an "Employer's Liability" exclusion in a CGL policy applies only when...more

Renewable Energy Developers ? Beware of your Land Options

by White & Case LLP on

Four Arrows Investments 68 v Abigail Construction (20470/2014) [2015] ZASCA 121 - In a recent judgment the Supreme Court of Appeal held that any sale of a portion of agricultural land, whether conditional or not, shall...more

Six Points That Any Buyer of Student Housing Should Consider

Student housing is attractive to investors, especially at much sought-after universities with growing enrollments. Unlike a traditional multifamily transaction, a student housing deal places great importance not only on the...more

Not So Friendly 'Friendly Discussion'

by Reed Smith on

‘Friendly discussion’. Two words that perhaps on first sight appear uncontroversial as to their meaning. However, when put into the dispute resolution clause of a contract, these two seemingly simple words can create issues...more

Fifth Circuit Predicts When the Texas Prompt Pay Act Begins to Accrue

by Cozen O'Connor on

In a recent decision, the Fifth Circuit considered when the 18 percent damages interest under the Texas Prompt Payment of Claims Act (Prompt Pay Act) accrues and whether an insurer can waive a policy’s one-year cost reporting...more

(US) Commercial Real Estate Brokerage Agreements: Imprecise Commisson Language Can Cost You

by Reed Smith on

It would be unfair (and likely bad faith) for a property owner to terminate a brokerage agreement prior to entering into a sales agreement or lease just to avoid paying a real estate commission. Yet, if a property owner is...more

Virginia Federal Court Sustains Late Notice Disclaimer

In its recent decision in E Dillon & Co. v. Travelers Cas. & Sur. Co. of America, 2015 U.S. Dist. LEXIS 76295 (W.D. Va. June 12, 2015), the United States District Court for the Western District of Virginia, applying Virginia...more

Kentucky Federal Court Sustains Hospital Insurer’s Denial of Claim Due to Untimely Notice, Declines to Require Insurer Show...

by Wilson Elser on

The U.S. District Court for the Eastern District of Kentucky recently held that an insurer properly denied coverage to a hospital because the hospital gave untimely notice of the claim. In Ashland Hospital Corporation v. RLI...more

An Unlikely Condition Precedent to Foreclosure in Florida

by Carlton Fields on

Mortgage servicers beware. Mortgagors in Florida are defending residential mortgage foreclosures based on the allegation that the servicer failed to give them notice of assignment of the right to bill and collect on the debt...more

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