News & Analysis as of

Bankruptcy Beat: The Second Circuit Establishes a Binding Standard For Lien Extinguishment Under a Plan of Reorganization

The Second Circuit Court of Appeals recently issued an opinion, City of Concord, N.H. v. N. New England Tel. Operations, LLC (In re N. New England Tel. Operations LLC), 795 F.3d 343 (2d Cir. 2015), addressing an issue of...more

Ninth Circuit Permits Lien-Voidance for Chapter 20 Debtors

Bankruptcy practitioners routinely advise secured creditor clients to file protective proofs of claim in bankruptcy proceedings despite those clients’ ability to ignore bankruptcy proceedings and decline filing claims without...more

Torts – Effect of Howell Decision on Purchased Medical Liens

Anna Uspenskaya v. Clare Meline - Court of Appeal, Third District (October 28, 2015) - Howell v. Hamilton Meats & Provisions, Inc. (2011) 52 Cal.4th 541 was a landmark case in which the California Supreme Court...more

Banks Beware: DIP Loans May Prime Setoff Rights

This question was posed to counsel seeking to have a debtor in possession (DIP) loan prime a setoff right, a situation which – if not monitored and timely objected to – may result in a bank (or other entity with a setoff...more

California’s Secured Promissory Note Exemption

The line between real property transactions and securities transactions is not always clear.  California Corporations Code Section 25100(p) provides an exemption for a promissory note secured by a lien on real property...more

Oregon Court of Appeals Holds Engineer Must Provide Property Owner with Notice of Lien Rights in Order to Perfect and Foreclose on...

In Multi/Tech Engineering Services, Inc. v. Innovative Design & Construction, LLC [274 Or App 389 (2015)], the Oregon Court of Appeals held that an engineer was required to provide a property owner with notice of lien rights...more

Buyer (and its Creditors) Beware: SemCrude District Court Finds That Purchasers Took Oil and Gas Free and Clear of Producers'...

Although almost eight years have lapsed since the chapter 11 cases of Tulsa, Oklahoma-based SemCrude L.P. were confirmed, many of the issues at the forefront of those cases are re-emerging in light of the recent uptick in oil...more

A Legislative El Niño for California?: New 2016 Employment Laws for the State’s Private Sector Employers

Experts are predicting a 95% chance of heavier-than-usual seasonal rainfall this year in Southern California based on the phenomenon known as “El Niño.”  Did the California Legislature and its Governor produce a comparable...more

Does Your Custody Agreement Comply?

All custody agreements will need to comply with new content requirements from 1 November 2015 as set out by the Australian Securities & Investments Commission (ASIC) in Regulatory Guide 133: Managed investments and custodial...more

Constitutional Clarification for Nevada HOA Super-Priority Foreclosures

Since the Nevada Supreme Court’s infamous decision in SFR Investments Pool 1, LLC v. U.S. Bank, N.A. in September 2014, the mortgage community has continued to fight to save senior deeds of trust from extinguishment due to an...more

District Court Confirms Netting/Setoff Practices

In a recent decision related to the SemCrude bankruptcy, the federal district court upheld the Bankruptcy Court’s rulings on the efficacy of certain common risk-mitigation tools used in the energy trading and marketing...more

Broker Commissions: Technical Requirements Trump Equitable Considerations

In re Oak Knoll Assocs., L.P., 525 B.R. 175 (Bankr. D. Me. 2015) – A real estate broker sought allowance of an administrative expense claim for his commission in connection with a sale of real estate.  The debtor and...more

Settlement Proceeds: When Does Cash Become Quasi Real Estate?

Farmer v. Citizens Nat’l Bank of Athens (In re Davis), 528 B.R. 757 (Bankr. E.D. Tenn. 2015) – A chapter 7 trustee sought a court determination that the trustee had a superior claim to settlement proceeds arising from...more

When a Driver’s License Is More Than a Bad Picture: Is Your UCC Financing Statement Still Effective?

UCC Financing Statements Must Contain the Debtor’s Correct Name - “[A] financing statement is sufficient only if it [among other things] . . . provides the name of the debtor. “ N.C. Gen. Stat. § 25-9-502(a)(1) (emphasis...more

Cargo owner has no claim for conversion where a shipper has discharged cargo into storage due to cargo owner’s failure to present...

Sang Stone Hamoon Jonoub Co Ltd v Baoyue Shipping Co Ltd (“The Bao Yue”) [2015] EWHC 2288 (Comm) - The dispute related to a cargo of iron ore carried from Iran to China by the Defendant Shipper. The bill of lading had...more

Courts, States Continue to Wrestle with Homeowners Association Assessment Liens

The circumstances under which a condominium or homeowners association (HOA) lien for unpaid assessments may wipe out a lender’s mortgage lien continues to evolve across the country. As noted in our previous alerts regarding...more

How Nevada SB 306 and Court Rulings Have Changed the Foreclosure Landscape - Counsel's Corner with Jon Patterson

What changes were brought about to the HOA foreclosure sale landscape by the passage of SB 306 in Nevada? SB 306 contained a number of important revisions to Nevada’s super-priority lien statute that will provide...more

Mistaken Date Reference in Security Agreement Costs Bank its Lien Priority

It’s a common occurrence – a mortgagor or grantor signs the security instrument a day or two in advance of the loan, or perhaps a note is re-signed a couple of days after closing to correct an error in the original note....more

HOA Super Priority Legal Battles Continue in the Silver State: What Senate Bill 306 Means for Nevada HOAs, Lenders and Homeowners

In 1991, the Nevada Legislature enacted the Uniform Common-Interest Ownership Act (UCIOA) which had been promulgated by the National Conference of Commissioners on Uniform State Laws (NCCUSL) (the Statute). This law provides...more

Nevada HOA Super-Priority Lien Statute Preempted by Federal Law, Holds U.S. District Court

On Monday, the U.S. District Court for Nevada issued significant decisions in three cases, holding that a foreclosure on a Nevada HOA’s super-priority lien could not extinguish a deed of trust securing a debt owned by a...more

Courts in New York and Singapore Reach Opposite Conclusions on the Validity of Interpleader Applications Arising out of the OW...

On 7 November 2014, OW Bunker A/S (“OW”), a global supplier and trader of marine fuel, filed for bankruptcy in Denmark. Further bankruptcies of OW subsidiaries and affiliates swiftly followed, including the bankruptcy of...more

US Supreme Court Decision in Bank of America, N.A. v. Caulkett

In a 9-0 decision released on June 1, 2015, the US Supreme Court ruled, in Bank of America, N.A. v. Caulkett, 135 S. Ct. 1995 (2015), that a debtor in a Chapter 7 bankruptcy proceeding may not void a junior mortgage lien...more

9th Circuit Throws Lifebuoy to California Drowning In Workers’ Compensation Liens

The United States Court of Appeals for the Ninth Circuit resuscitated a contentious provision of California’s SB 863. In a unanimous decision on June 29, 2015, the court in Angelotti Chiropractic, Inc. v. Christine Baker, et...more

Utah Legislative Update

The 2015 Legislative Session in Utah came to a close earlier this year and the lien laws once again got a makeover, although not as significant as prior changes the past few years. Prior to this session, the biggest change...more

It’s Time We Finally Do Something About §42-1-580

My rule: blogs should be short and to the point, no more than four paragraphs. I have chastised attorneys in my firm who have created blogs that turned into epistles. Well, here is their chance to criticize me, because there...more

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