Appraisal

News & Analysis as of

The Ropes Recap: Mergers & Acquisition Law News - Second Quarter 2014

In this issue: -Delaware Legislative Update -Delaware Supreme Court Upholds Facial Validity of Fee-Shifting Provisions in Bylaws of Delaware Non-Stock Corporation -News from the Courts: -Court...more

New York DFS Unveils Shared Appreciation Mortgage Rule

The New York Department of Financial Services (DFS), in accordance with Section 6-F of the New York Banking Law, recently adopted regulations authorizing shared mortgage appreciation modifications in limited...more

What Should the Trustee of a Private ESOP Do?

The Department of Labor (DOL) recently entered into an agreement with GreatBanc Trust Company settling claims relating to its service as trustee of an employee stock ownership plan (ESOP) holding stock of a private company....more

FPPC Revises Regulations Regarding Conflicts of Interest Involving Real Property

The Fair Political Practices Commission recently changed its conflict of interest regulation concerning real property owned or leased by public officials. The old rule was that if an official owned (or had a long-term lease...more

DOL Settlement Is a Cautionary Tale for ESOP Trustees

The Department of Labor (DOL) recently settled a case involving an employee stock ownership plan (ESOP) that provides guidance but also a warning for trustees and employers contemplating ESOP transactions that later go awry....more

To Indemnify or Not to Indemnify? That Is the Question!

We are taught early on that we are each responsible for our own actions. If we make a mistake that results in damages to someone else, we have to pay for those damages. That is the basic concept of indemnification, and the...more

Laidler v. Hesco Bastion Environmental, Inc., C.A. No. 7561-VCG (Del. Ch. May 12, 2014) (Glasscock, V.C.)

In this memorandum opinion, the Court of Chancery determined the fair value of the petitioner’s stock in a statutory appraisal proceeding arising from the short-form merger of Hesco Bastion USA, Inc. (the “Company”) into the...more

Reliance on Professional Advice Avoids Valuation Penalty

In Whitehouse Hotel Ltd Partnership v. Commissioner, No. 13-60131 (6/11/2014), the Fifth Circuit Court of Appeals vacated the Tax Court’s enforcement of a gross undervaluation penalty imposed on a taxpayer claiming a...more

I Speak for the Real Estate Appraiser

My children loved The Lorax by Dr. Seuss, an environmentally friendly book in which a creature called the Lorax spoke “for the trees.” While real estate appraisers are not subject to the environmental difficulties that our...more

OCC Integrates Interagency Rules, Proposes Integrated Licensing Rules

On May 16, the OCC issued a final rule to integrate its interagency rules, which would combine, without any substantive amendments, rules related to consumer protection in insurance sales, BSA compliance, management...more

Third Circuit Rejects Requests for Reserve and Reinsurance Information and Supplemental Payments During Appraisal Process in...

The United States Court of Appeals for the Third Circuit has upheld the right of insurance carriers to withhold reserve and reinsurance information in first-party bad faith actions. Although an unpublished decision, Mirarchi...more

Fannie Mae Updates Property Eligibility And Appraisal Requirements, Other Selling Policies

On April 15, Fannie Mae issued Selling Guide Announcement SEL 2014-03, which includes numerous selling policy updates. Based on a comprehensive review of its current requirements, the announcement provides a series of new or...more

Florida, Georgia And Texas Appraisal Update: Is Causation A Coverage Question For The Court Or A Damages Question For The Panel?

In most jurisdictions, underlying coverage issues must be resolved prior to invoking appraisal in a first-party property claim. The question of what constitutes a coverage issue (typically reserved for a court’s judicial...more

Utah Amends Mortgage Licensing Act

On April 1, Utah enacted SB 332, which amends the Utah Residential Mortgage Practices and Licensing Act, the Real Estate Licensing and Practices Act, and the Real Estate Appraiser Licensing and Certification Act to establish...more

And You Thought Dissenters’ Rights Didn’t Apply To Delaware LLCs

Delaware’s Limited Liability Company Act provides that a limited liability company agreement or an agreement of merger or consolidation or plan of merger may provide for appraisal rights. 6 Del. Code § 18-210. Does this...more

Sellers Cannot Look to the Appraiser When Lenders Pull the Plug on a Prospective House Flip

An outgrowth of Arizona’s housing downturn in recent years has been the proliferation of would-be real estate investors who purchase, renovate and flip residential properties. On the other hand, in part to prevent the next...more

Financial Industry Regulators Seek Comment on Appraisal Management Companies Rule

The Consumer Financial Protection Bureau along with five other federal agencies recently issued a joint proposed rule (Proposed Rule) regarding Appraisal Management Companies (AMCs) as required by Section 1473 of the...more

Fannie Mae, Freddie Mac Clarify Rural Property Appraisal Requirements

On April 1, Freddie Mac issued Bulletin 2014-05, and on March 25, Fannie Mae issued Lender Letter LL-2014-02, in response to directives from the FHFA to clarify certain requirements related to appraisals for properties...more

Joint Regulators Issue Proposed Rule on Requirements for Appraisal Management Companies

On March 24, six agencies issued a proposed rule that would implement minimum requirements for state registration and supervision of appraisal management companies (AMCs). An AMC is an entity that serves as an intermediary...more

Federal Regulators Issue Proposal on Minimum Requirements for Appraisal Management Companies

Collectively, the FDIC, the OCC, FRB, CFPB, NCUA and FHFA issued a proposed rule establishing the minimum requirements for mortgage appraisal management companies. An appraisal management company is generally an entity that...more

Federal Regulators Propose Framework for State Supervision of Appraisal Management Companies

On March 24, the Federal Reserve Board, the OCC, the FDIC, the CFPB, the FHFA, and the NCUA proposed a rule to implement the Dodd-Frank Act’s minimum requirements for registration and supervision of Appraisal Management...more

Federal Regulators Issue Joint Proposed Rule Regarding Appraisal Management Companies

On March 24, 2014, the CFPB along with five other federal agencies issued a joint proposed rule (“Proposed Rule”) regarding Appraisal Management Companies (“AMC”) as required by section 1473 of the Dodd-Frank Act...more

Illinois Court Holds Services Performed By Sub for Parent Comes Within E&O Policy

In its recent decision in Hilco Trading LLC v. Liberty Surplus Ins. Co., 2014 Ill. App. LEXIS (Ill. 1s Mar. 17, 2014), the Appellate Court of Illinois for had occasion to consider whether appraisals and evaluations prepared...more

Agencies Issue Proposed Rule On Minimum Requirements For Appraisal Management Companies

Six agencies have issued a proposed rule that would implement minimum requirements for state registration and supervision of appraisal management companies, or AMCs. An AMC is an entity that serves as an intermediary between...more

State Licensing Requirements for Appraisal Management Companies

Appraisal management companies (AMC) are now required to register with and be subject to state supervision. In each state where AMCs provide services in connection with federally related mortgage transactions (as that term is...more

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