News & Analysis as of September 24, 2024

Foreclosure › Contract Terms

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Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of greater legislative and judicial scrutiny after systemic abuses were uncovered during the widespread foreclosure crisis resulting from the Great Recession. less -

Mechanics Lien Upheld Despite Lack of Notice to Senior Construction Lender

Bradley Arant Boult Cummings LLP on 5/9/2024

In an unpublished opinion, a California appeals court has upheld a subcontractor’s mechanics lien claim despite the subcontractor’s failure to strictly follow the procedural requirements set forth in the mechanics lien...more

Ex Parte Appointment of a Receiver Confirmed

Cadwalader, Wickersham & Taft LLP on 4/3/2024

The New York County Supreme Court recently held that in the event of foreclosure, a receiver can be appointed, regardless of necessity, when the parties have contracted for such appointment. 24 West 57 APF LLC (“Defendant”)...more

Commercial Foreclosures in Pennsylvania: How Deal Formation Impacts Litigation

Stark & Stark on 2/23/2024

The fact that commercial transactions can very easily become complex is not a novel statement. When financial institutions lend money to commercial entities, the basic documentation required to evidence the loan, promise to...more

Am I Entitled to Indemnification? - McGlinchey Commercial Law Bulletin - September 29, 2023

McGlinchey Stafford on 9/29/2023

Ohio- Conversion- Bradford v. A Star Properties, LLC, 9th Dist. Summit No. 2023-Ohio-3451- In this appeal, the Ninth Appellate District affirmed the trial court’s decision to grant defendants judgment on a claim for...more

Do I Have Standing in Florida State Court? Not So Fast.-McGlinchey Commercial Law Bulletin - January 20 2023

McGlinchey Stafford on 1/23/2023

Ohio- Liquidated Damages- Pacetti’s Apothecary v. Rebound Bracing & Pain Sol. Inc., 2d Dist. Greene, No. 2023-Ohio-93. In this appeal, the Second Appellate District affirmed the trial court’s decision finding that a late...more

Purchase Money Financing: Not Just for Homeowners

Lowndes on 8/3/2022

In recent years, many property owners have refinanced their mortgages to take advantage of low interest rates. When interest rates rise, buyers may prefer to assume a seller’s existing loan since new loans have higher...more

Further Developments in Mezzanine Foreclosures

Cadwalader, Wickersham & Taft LLP on 4/27/2022

The New York State Supreme Court, New York County Commercial Division (the “Court”) decided in U.S. Bank, N.A. v. 342 Property LLC, on February 14, 2022, that a mezzanine lender that is not a party to loan documents that...more

Confessed Judgments May Not Be the Gifts to Plaintiffs That They Imagine

Sands Anderson PC on 12/2/2021

From time to time, a contract will have a “confessed judgment” clause in it. These clauses can be a valuable tool in an agreement. Take for example, an agreement to lend money. If my agreement with you to lend you money...more

Tax Foreclosure on Royalty Did Not Include Possibility of Reverter

Gray Reed on 7/1/2021

Ridgefield Permian, LLC, et al. v. Diamondback E & P LLC, et al. addresses the scope of a property interest foreclosed upon by a tax suit in Reeves County, Texas. In this post we will shortcut the complicated facts and...more

NY Courts Tackle New Issues in a Post-COVID Court: Modification of Pre-COVID Court Orders

Farrell Fritz, P.C. on 9/15/2020

As New York courts reopen and the mandatory stay-at-home order is lifted, what remains unclear is how the numerous Executive Orders issued by Governor Andrew M. Cuomo during the COVID-19 pandemic will affect individuals and...more

New Court Decisions Analyze How the Pandemic Impacts Private Party Rights

Seyfarth Shaw LLP on 8/12/2020

As discussed in our last update, the legal landscape continues rapidly to evolve in response to COVID-19. Six recent decisions, summarized below, highlight the continuing uncertainty as to the application of certain laws and...more

Foreclosure and Receiver Issues in the United States during COVID-19

BCLP on 6/23/2020

Updated as of June 22, 2020. The following memorandum provides an overview of the responses of courts and local and state governments of certain jurisdictions in the United States, as well as of the United States federal...more

Foreclosure and Receiver Issues in the United States during COVID-19

BCLP on 6/19/2020

The following memorandum provides an overview of the responses of courts and local and state governments of certain jurisdictions, as well as of the federal government, to the COVID-19 outbreak. The analysis has a particular...more

Commercial Leases & COVID-19

Dentons on 4/28/2020

Iowa Orders - In March, Governor Reynolds issued proclamations intended to provide relief for residential evictions and leases: ..March 20, 2020 - suspended residential evictions and lease terminations because of...more

Guarantor Provisions to Negotiate in Non-Recourse Financing

Woods Rogers on 11/12/2019

Many commercial real estate loans are “non-recourse,” which means in general terms that foreclosing on the real estate securing the loan is the lender’s sole remedy for a borrower’s failure to repay the loan. The lender is...more

Texas Supreme Court Holds That Contractual Clauses That Waive The Statute Of Limitations May Be Enforceable

Winstead PC on 6/19/2019

In Godoy v. Wells Fargo Bank, N.A., a bank sued a guarantor to recover on a deficiency following a foreclosure sale. No. 18-0071, 2019 Tex. LEXIS 443 (Tex. May 10, 2019)....more

Developers Must Explicitly Reserve Construction Right in Phased Condominium Project

Conn Kavanaugh on 6/14/2019

As any seasoned developer knows, condominium development projects involve a delicate interplay between the developer, unit owners, the condo association, and the lenders that fund construction and acquisition costs. Last...more

Broad Settlement Discharges Mineral Liens

Gray Reed on 4/29/2019

When you prepare, review and/or sign settlement agreements you sometimes pay less attention than you should to the details of those “standard” releases! Acme Energy Services, d/b/a Big Dog Drilling v. Staley et al. says,...more

Not All Deed of Trust Attorney Fee Clauses are Created Equal

Patton Sullivan Brodehl LLP on 11/30/2018

Lenders who prevail on claims arising from a deed of trust can always recover their attorney fees from the losing party as long as the deed of trust says something about fee recovery, right? It’s not that simple....more

Eleventh Circuit Rules Reverse Mortgage Companies Not Prohibited from Foreclosing on Non-Borrowing Spouses

Bradley Arant Boult Cummings LLP on 10/15/2018

Mortgagees of Home Equity Conversion Mortgages (“HECMs,” more commonly known as reverse mortgages) obtained a significant victory in an important federal appellate court, which ruled last month that non-borrowing spouses are...more

Negotiability of HELOC Notes under Florida Law

BCLP on 6/29/2018

In Third Fed. Sav. & Loan Ass’n of Cleveland v. Koulouvaris, No. 2D17-773, 2018 WL 2271112 (Fla. 2d DCA 2018), Florida’s Second District Court of appeal analyzed, in the context of trial exhibit authentication, whether the...more

Foreclosure Included the Minerals Because the Documents Say So

Gray Reed on 4/24/2018

In XTO Energy v. EOG Resources, a title dispute over the mineral estate in 1,653 acres in Atascosa and McMullen counties, Texas, the loser tried both, to no avail....more

Winning While Losing with Attorneys' Fees Provisions

Ward and Smith, P.A. on 2/15/2018

The United States District Court for the Middle District of North Carolina recently issued a decision that demonstrates the power of attorneys’ fees provisions in promissory notes and guaranty agreements. In TD Bank v. Jay...more

Recent Arizona Commercial Law Cases

Snell & Wilmer on 7/18/2017

Over the last few months there have been several significant commercial law cases in Arizona. These have included four Court of Appeals and three Supreme Court cases, each addressing common loan document provisions and...more

West Coast Real Estate Update: February 2017 #2

Holland & Knight LLP on 2/22/2017

Jury Trial Waiver Undone by a Fundamental California Policy - It is common for commercial contracts to contain a choice of law provision. Some commercial contracts may even contain a clause that waives the right to seek...more

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Foreclosure › Contract Terms

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