The court has approved my final account and report, discharged me as receiver and exonerated my bond in a difficult, litigious case I am glad to have over. An elder receiver I know told me I could still be liable for acts or...more
The sale of real and personal property in a receivership estate is governed by 28 U.S.C. §§ 2001 and 2004, and both contain procedures for both a public and private auction of property. Regarding personal property, § 2004...more
QUESTION: Should receivers appear only through counsel to avoid civil liability?
ANSWER: In Re Shattuck, 411 B.R. 378 (10th Cir. BAP 2009), which held that a receiver, who is not a lawyer, cannot appear in federal...more
The FDIC receiver of a bank served subpoenas on reinsurers, seeking information as to how the cedent insurer interpreted certain ambiguous terms in the underlying liability insurance policy. The insurer and reinsurer objected...more
I have been a receiver for quite some time and know how the system works. I have a case without much money currently in it. Instead of hiring counsel, can I file pleadings in the bankruptcy court or the district court, on...more
I just received notice that the lender to one of my clients is seeking to have a receiver appointed over my client’s shopping center. I think the proposed receiver is in the lender’s pocket and will not be neutral. The lender...more
I. FLORIDA STATE CASES - ILAN NIEUCHOWICZ -
- Sinkhole Insurance Claim: trial court was required by Fla. Stat. § 627.7074 to stay insured’s lawsuit against insurer immediately after insurer filed request for neutral...more
QUESTION: When I am appointed receiver is there anyone in particular that I need to notify?
ANSWER: There are a number of statutes which require a receiver to notify certain agencies of the receiver’s appointment. In...more
The US Court of Appeals for the Eleventh Circuit recently issued the first appellate decision holding that, in actions brought by the Federal Deposit Insurance Corporation (FDIC), the officers and directors of failed banking...more
In this issue:
- CFTC Issues No-Action Relief to FCMs Relating to Enhanced Customer Protection Rules
- Eleventh Circuit Upholds Directors’ Affirmative Defenses Based on FDIC’s Post-Receivership Conduct
My order of appointment states that I have the power to commence litigation. Do I need a separate order from the receivership court if I want to sue someone? A receiver’s “order of appointment,” along with any applicable...more
On December 17, J.P. Morgan Chase Bank filed a complaint in the United States District Court for the District of Columbia against the Federal Deposit Insurance Corporation (FDIC) seeking $1 billion in indemnification for...more
In addition to Georgia's relatively swift non-judicial foreclosure process, lenders with a defaulting borrower in Georgia have the option of seeking a receivership over property securing their loans. A court-appointed...more
Can a receiver be assigned to a referee by stipulation, and take instruction from the referee? A receiver is an officer of the court, appointed by and directed by the court....more
In Anderson v Krafft-Murphy Co. Inc., 2013 Del. LEXIS 597 (Del. Nov. 26, 2013), the Delaware Supreme Court held that Sections 278 and 279 of the Delaware General Corporation Law, 8 Del. C. §§ 278-279, require a dissolved...more
The Supreme Court of the State of Delaware recently reversed a Court of Chancery decision declining to appoint a receiver for a dissolved Delaware corporation, Krafft-Murphy Company, Inc. (Krafft). The Chancery Court...more
I hired a property management company to aid me in managing a receivership property. A defendant in the case has threatened to sue the management company for action taken at my request. Can the defendant sue the management...more
If all goes as planned, the Uniform Law Commission will finalize and promulgate a model act dealing with the appointment and powers of commercial real estate receivers at some point in 2015. Last month, the Drafting...more
After a receiver is appointed to enforce a settlement, can the defendant, a California corporation, appeal the judgment and order appointing the receiver, or is the receiver the only party that has the right to appeal?...more
QUESTION: The receiver in a case I am involved in was appointed six months ago. She initially did not file her oath. After repeated letters from me, she finally did so last month. The oath she filed is not sworn. Is the oath...more
As of August 2013, since the fallout from the recent financial crisis, the FDIC as receiver for failed banks has brought suit against former directors and officers of 76 failed institutions. These lawsuits are based on...more
As a creditor or co-owner of a failing and mismanaged business, you are probably watching your investment or secured collateral disappear. What can you do to preserve value in your investment?
When servicers or lenders think of having to foreclose on commercial property in the State of Florida, what immediately comes to mind is a lengthy judicial foreclosure process, and difficulty in enforcing rights provided in...more
QUESTION: The receiver in a case I am involved in was appointed six months ago.
She initially did not file her oath. After repeated letters from me, she finally did so last month. The oath she filed is not sworn. Is the...more
If the Nevada Supreme Court affirms a lower court’s ruling that a private sale of real property by a receiver constitutes a foreclosure sale, the lending industry (e.g., lenders, special servicers and maybe borrowers) will...more
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