Secured Lenders

News & Analysis as of

2015 Update of Arizona's Anti-Deficiency Laws

Deadline for seeking deficiency. Section 33-814(A) of the Arizona Revised Statutes allows a foreclosing creditor (the "beneficiary"), within 90 days after the date of a trustee's sale, to commence an action to recover a...more

3rd Annual IMN Single Family Rental Investment Forum – 7 Thoughts on the State of the Single Family Rental Market

The 3rd Annual IMN Single Family Rental (SFR) Investment Forum was held at the Loews Hotel in Miami Beach last week.  Over 1,000 SFR professionals attended the forum, including buyers, investors, lenders and service...more

NC Foreclosure Statute of Limitations – A Tale of “Zombie” Deeds of Trust?

Let’s face it. Zombies are everywhere. I can’t seem to pass a movie theater or flip a TV channel without seeing or hearing something about them. So of course they were top of mind when I read the North Carolina Court of...more

Wisconsin Foreclosure Sale Process Just Got a Lot Faster

Recently, in Bank of New York Mellon v. Carson, the Wisconsin Supreme Court issued a decision that, in the words of Justice David Prosser, Jr., “radically revises the law on mortgage foreclosures” and could significantly...more

New York’s Revised UCC – Winds of Change (Part 2 of 2)

In this second and last part of this series (click here for Part 1) we discuss the changes to Article 9 (Secured Transactions) of the Uniform Commercial Code of the State of New York (the “NYUCC”), as recently amended by...more

A Practical Guide to Russian Restructurings

Introduction – Restructurings are likely to be a major topic in the Russian Federation during 2015 and beyond. From a legal perspective, the legislation pertaining to restructurings and insolvencies has benefited from...more

N.C. Court of Appeals Addresses Common Affirmative Defenses In Commercial Foreclosure Context

A recent opinion from the North Carolina Court of Appeals addresses some common borrower defenses within the context of foreclosure and statute of frauds issues: compromise and settlement, accord and satisfaction, the...more

Texas Supreme Court Opinion and Orders - 3/15

The Court issued its opinion in No. 13-0337, PlainsCapital Bank v. Martin. In an opinion by Justice Johnson (joined by Chief Justice Hecht, and Justices Green, Willett, Lehrmann, Devine, and Brown) the Court again addressed...more

7th Circuit Rules That Title Insurer Is Not Liable for Construction Liens Resulting From Lender’s Failure to Fund

The 7th Circuit has ruled that a lender is not insured by a title company for liens that arise after a construction loan became significantly out of balance and the lender stopped funding. In BB Syndication Services, Inc v....more

Don’t Get Left in the Dark: Pre-eviction Noticing Requirements Following Sunset on the Protecting Tenants at Foreclosure Act

For the past five years, foreclosing lenders have been bound by a federal law that made it much more difficult to evict non-borrower tenants and occupants of the subject property following a foreclosure sale where the lender...more

USGS’s Increase of Texas’s Earthquake Risk Level: Commercial Real Estate and Insurance Implications

Before 2008, the greater Dallas Fort Worth area, known as the Fort Worth Basin, was almost entirely void of seismic activity. Between 1950 and 2008, the only seismic activity on record was an insignificant event that experts...more

Court Exclaims “Enough!” To Homeowner Who Kept Raising Wrongful Foreclosure Claims

“There are no free houses,” began the decision issued by the Court of Appeal on March 23, 2015 in Boyce v. T.D. Service Company (B255958). Examining three years of litigation in bankruptcy court, unlawful detainer court, and...more

Wrongful Foreclosure: Acting Offensively May Short-Circuit the Need for a Defense

In recent years, lenders have been forced to defend a record number of so-called “wrongful foreclosure” lawsuits. However, several Tennessee court rulings issued this year indicate that if lenders act quickly and offensively,...more

Manufactured Home Lien: Forget Perfection, You Need To Have A Lien In The First Place

Morris v. Ark Valley Credit Union (In re Gracy), 522 B.R. 686 (Bankr. D. Kan. 2015) – A chapter 7 trustee sought to avoid a credit union’s security interest in a manufactured home by asserting his strong arm powers as a...more

USDC For Delaware Affirms Bankruptcy Court’s Denial Of Derivative Standing

On March 13, 2015, the United States District Court for the District of Delaware, in the case of Walnut Creek Mining Company v. Cascade Investment, LLC, Civ. No. 14-738-LPS (In re Optim Energy, LLC, Bankr. Case No....more

If Receiver’s Sales Aren’t Foreclosures, What Are They?

When no statute specifically authorizes a court-appointed receiver to sell real property, what type of sale is it? The Supreme Court of Nevada recently addressed this question, holding that “a receiver sale of real property...more

New York’s Revised UCC – Winds of Change (Part 1 of 2)

New York is the jurisdiction of choice for a majority of international and interstate financial transactions. Thus, lending lawyers and their clients should pay special attention to Chapter 505 of the New York Assembly...more

Seventh Circuit Court of Appeals: No Coverage under Title Insurance for Mechanics’ Liens Arising after Construction Lender Stops...

On March 12, 2015, the United States Court of Appeals for the Seventh Circuit entered an opinion interpreting “the most litigated provision in the standard-form title-insurance policy purchased by real-estate lenders to...more

The Standard Register Company Files Bankruptcy

On March 12, 2015, The Standard Register Company, based in Ohio, and several affiliates filed a voluntary chapter 11 bankruptcy petition in Delaware. The case has been docketed as case no. 15-10541, and has been assigned to...more

Blog: Cooley Selected as Co-Counsel to RadioShack Creditors’ Committee

Cooley’s Corporate Restructuring & Bankruptcy Group was selected as co-counsel by the official committee of unsecured creditors in RadioShack’s chapter 11 proceedings, which began on February 5, 2014. Quinn Emanuel will also...more

Colorado Supreme Court: Construction Lender's Subsidiary Is Not a Subsequent Purchaser - Negligence Claim May Not Be Asserted...

Lenders and contractors may want to take additional precautions before they take title to a newly constructed home through foreclosure (or deed in lieu of foreclosure) following a recent decision by the Colorado Supreme...more

It’s a Bird, It’s a Plane, It’s . . . Super Priority! A Brief Primer on Purchase Money Security Interests

What is a “Purchase Money Security Interest”? A “purchase-money security interest” (or “PMSI”) is a security interest securing a “purchase-money obligation”, or an obligation incurred by a debtor to buy collateral...more

OMG! – A Simple Error in Preparing a UCC-3 Termination Statement May Result in the Loss of a $1.5 Billion Lien

The Second U.S. Circuit Court of Appeals recently held that a secured creditor’s $1.5 billion security interest was invalidated due to an error in the preparation of its UCC-3 termination statement. A disastrous result which...more

Bernstein Shur Business and Commercial Litigation Newsletter #49

We are pleased to present the 49th edition of the Bernstein Shur Business and Commercial Litigation Newsletter. This month, we highlight recent cases that address patent infringement claims, erroneous termination of security...more

Changes to Pa. Power of Attorney Law: A Problem for Commercial Transactions

Secured lenders and other parties entering into commercial transactions face new, potentially problematic requirements under recent changes to Pennsylvania’s statute governing powers of attorney (20 Pa.C.S.A. Ch. 56), which...more

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