News & Analysis as of

Right of Redemption

Womble Bond Dickinson

Navigating the Complexities of Tax Lien Investments in Georgia: Time Horizons, Legal Challenges, and Strategies for Success

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Obtaining a return on a tax lien investment can have a long time horizon in Georgia. After purchasing a tax lien, an investor must wait at least a year before foreclosing the right of redemption of the tax debtor, taking...more

Allen Barron, Inc.

Connelly v Internal Revenue Service

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Connelly v. Internal Revenue Service is a landmark SCOTUS decision that will impact business owners, partners, shareholders, members, and professional practitioners from a business perspective, succession planning, as well as...more

Rivkin Radler LLP

Funding the Buyout of a Deceased Shareholder With Corporate-Owned Life Insurance – Did the Court Decide Connelly Correctly?

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You may have heard or even read about the U.S. Supreme Court’s recent decision regarding the date of death value of a deceased shareholder’s shares in a closely held corporation that owned a life insurance policy on the...more

Morrison & Foerster LLP

Deed in Escrow

Is a “deed in escrow,” sometimes referred to as a “deed in a box,” enforceable in New York? While many real estate attorneys believe that it is not, a recent court ruling illustrates that the answer may not be as...more

Rosenberg Martin Greenberg LLP

Has the Appellate Court of Maryland Disrupted the Tax Sale Market?

Real property tax certificate sales provide a way for taxing authorities to collect delinquent taxes without having to foreclose on properties and take ownership. When the purchaser of the tax sale certificate obtains the...more

Dechert LLP

European Commission Requests Changes to ELTIF 2.0 Draft Regulatory Technical Standards

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European Securities Market Authority (ESMA) submitted draft ELTIF 2.0 Regulatory Technical Standards (RTS) to the European Commission in December 2023. European Commission has informed ESMA it will only adopt the RTS once...more

Morrison & Foerster LLP

Hotel Mortgage Holder Barred from Converting Mortgage Loan In Part to Mezzanine Loan

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In a case litigated in the New York Supreme Court, the Court recently ruled that a private equity firm that acquired a mortgage loan made on the Maxwell Hotel in New York does not have the authority necessary to convert...more

Nelson Mullins Riley & Scarborough LLP

Navigating Alabama Tax Sale Redemptions: Proving Entitlement to Mesne Profits

In a recent opinion by the Alabama Supreme Court in Smith v. Cameron (SC-2023-0495), the court issued an opinion affirming a trial court’s refusal to award mesne profits to a tax deed holder following the trial court’s order...more

Hinshaw & Culbertson - Consumer Crossroads

Rhode Island Supreme Court Continues to Strictly Interpret "Clear and Unforgiving" Statutory Language Regarding Court-Approved...

In Westconnaug Recovery Co., LLC v. U.S. Bank N.A, the Rhode Island Supreme Court has continued to rule against redemption and in favor of strict application of the Rhode Island's Tax Title Act. Specifically, an interested...more

White and Williams LLP

New York County Supreme Court Upholds Accommodation Pledges

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In recent years, the claim that an accommodation pledge attached to a mortgage loan effectively “clogs” a borrower’s right of redemption has been the basis of numerous civil actions in New York courts. With the case of Atlas...more

Goodwin

Redemption Rights, Minus the Redemption

Goodwin on

A recent decision by the Appellate Division of the New York Supreme Court dealt a major blow to the investors involved in Luxor Cap. Grp. LP v. Altisource Asset Mgmt. Corp., No. 650746/20, 2023 WL 3957402, at *1 (NY App. Div....more

Farrell Fritz, P.C.

Summer Shorts: Equitable Contribution, Stock Redemption, and Other Recent Decisions of Interest

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Welcome to the 13th annual edition of Summer Shorts. This year’s edition features brief commentary on five recent decisions by New York courts in a variety of business divorce cases involving equitable contribution among...more

Farrell Fritz, P.C.

At-Will Employment Agreement Plus Mandatory Redemption Clause Leaves Minority Shareholder-Employees Out in the Cold

Farrell Fritz, P.C. on

MiniCorp has five shareholders, all of whom are employees.  Each shareholder’s employment agreement states that they are an at-will employee of MiniCorp, and the shareholders agreement provides that when a shareholder’s...more

Nelson Mullins Riley & Scarborough LLP

Alabama Supreme Court Interprets “Preservation improvements” in Tax Sale Statutes

On Friday, the Alabama Supreme Court issued its opinion in Ex parte J.C. King III (In re: Anderson Realty Grp., LLC v. J.C. King III), No. SC-2022-0653, addressing for the first time the term “preservation improvements” in...more

Skadden, Arps, Slate, Meagher & Flom LLP

In Novel SPAC Ruling, Court Questions Fundamental SPAC Structure Under Delaware Law

With all the SPAC activity and scrutiny over the past several years, it was only a matter of time before the Delaware courts had an opportunity to weigh in on SPAC stockholder litigation. Early last year, in January...more

Miller Canfield

Foreclosure Does Not Extinguish Assignment of Rents

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Previously, we alerted you that Michigan had passed its version of the Uniform Assignment of Rents Act (MUARA). Among other things, this law clarifies that an assignment of rents is not extinguished by a foreclosure sale...more

Pillsbury Winthrop Shaw Pittman LLP

VC Update—The Down Round Is Back

Financing terms in the VC market are tightening in a hurry. As valuations of public company comparables crumble and VCs engage in stricter price discipline, startups able to raise money may only be able to do so at...more

Cadwalader, Wickersham & Taft LLP

Going Green - February 2022 - Further Developments in Mezzanine Foreclosures

The New York State Supreme Court, County of New York (the “Court”) decided in Atlas Brookview Mezzanine LLC v. DB Brookview LLC, on November 18, 2021, that an accommodation pledge entered into in connection with a mortgage...more

Mayer Brown Free Writings + Perspectives

Staying Nimble in the SPAC PIPE Market

The special purpose acquisition company (SPAC) market has begun to cool, and with that, private investment in public equity (PIPE) transactions, a financing tool used to facilitate de-SPAC transactions, have also encountered...more

Dechert LLP

Delaware Court of Chancery Issues First Decision Addressing Directors’ Fiduciary Duties in a De-SPAC Merger

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The Delaware Court of Chancery addressed for the first time fundamental precepts of Delaware law in the context of a special purpose acquisition company (“SPAC”) on January 3, 2021. In In re MultiPlan Corp. Stockholders...more

Jones Day

Delaware Redemption Actions—A New Frontier in SPAC Litigation?

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The Delaware Court of Chancery's application of the "entire fairness" standard in In re MultiPlan Stockholders Litigation is an important development for SPACs incorporated in Delaware, and it could result in more...more

Woodruff Sawyer

SPAC Market Shifts Create Additional Insurance Concerns

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The last few months have been difficult for SPACs. IPO activity slowed to a crawl. PIPEs became difficult to secure. Investors’ appetites waned. Redemptions soared. As a result, many SPAC teams put their IPO plans on hold and...more

McGlinchey Stafford

Do I Have To File A Claim To Foreclose On A Deceased Borrower’s Mortgage? - The Bullet Point: A Commercial Law Bulletin

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Ohio- Insurance coverage for data breach- Emoi Servs., LLC v. Owners Ins. Co., 2d Dist. Montgomery No. 29128, 2021-Ohio-3942 In this appeal, the Second Appellate District reversed and remanded the trial court’s...more

Morris James LLP

Company Did Not Breach Mandatory Redemption Provision Where Special Committee Determined Company Lacked Funds To Redeem All...

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Cont’l Investors Fund LLC v. TradingScreen, Inc., C.A. No. 10164-VCL (Del. Ch. July 23, 2021) - A holder of preferred stock often possesses redemption rights that permit the stockholder to require a company to repurchase...more

Morris James LLP

Chancery Finds SEC’s Filing of an Enforcement Action Did Not Trigger Redemption Right

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Tetragon Fin. Grp. Ltd. v. Ripple Labs Inc., C.A. No. 2021-0007-MTZ (Del. Ch. Mar. 19, 2021) - Plaintiff Tetragon Financial Group Limited is a shareholder of Ripple Labs, Inc., a blockchain company that uses a...more

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