HVCRE: The Continuing Saga of Lenders
Key Highlights - - Interest of innocent third party without notice not an absolute bar on rescission remedy. - Lenders, project companies, subcontractors and suppliers should seek risk mitigation measures to decrease...more
Lenders and contractors may want to take additional precautions before they take title to a newly constructed home through foreclosure (or deed in lieu of foreclosure) following a recent decision by the Colorado Supreme...more
In 1791, Thomas Jefferson and James Madison proposed the first mechanics liens legislation in order to promote development in Washington. The Maryland Assembly (which governed Washington at that time) passed the...more
On July 9, 2014, Pennsylvania Governor Tom Corbett signed a bill (S.B. 145) into law that amends the Pennsylvania Mechanics’ Lien Law of 1963 (the “Lien Law”). The new law took effect on September 8, 2014 and affects...more
On July 16, 2014, Illinois enacted Public Act 98-764 (Senate Bill 3023) (“SB 3023”), which amends the Illinois Mechanics Lien Act (770 ILCS 60/ et seq.) (the “Act”) to prohibit subordination of mechanics liens on Illinois...more
A common perception in the construction industry is that the most valuable part of an unbonded stop payment notice is the paper it is written on, at least when it is served on a construction lender. While an unbonded stop...more