Transfer of Interest

News & Analysis as of

Global Private Equity Newsletter - Summer 2016 Edition: Estate Planning Opportunities with Interests in Private Equity Funds

Typically, the sponsors of private equity funds are focused on the fundraising process and the initial launch of the fund, and little attention is devoted to the estate planning opportunities that may be best exploited at the...more

Proposed FCC Rules for Team Telecom Review of Applications with Foreign Ownership, Shorten Timeframes, Add Burdens

The FCC recently adopted a Notice of Proposed Rulemaking (“NPRM”) proposing reforms to the Executive Branch “Team Telecom” review process for certain FCC applications and petitions involving foreign ownership. The NPRM seeks...more

FCC Proposes Streamlining Foreign-Ownership Review Process

For two decades, the Federal Communications Commission (FCC) has relied on an inter-agency consulting process to evaluate matters before it that potentially raise issues of national security, foreign policy and trade policy. ...more

Antideficiency Protection Applies to Both Short Sales and Foreclosure Sales

In January, the Supreme Court of California affirmed the Court of Appeal’s application of Code of Civil Procedure section 580b and held that the statute’s antideficiency protection applies to short sales just as it does to...more

New rules for transferring shares in Russian limited liability companies and immovable property

On 29 December 2015, Federal Law No. 391-FZ, which introduces new rules for transferring shares in LLCs and immovable property ("Law"), was signed. Some of the relevant changes are summarised in this alert. ...more

So You Want to Arbitrate a Chose in Action Obtained Through an ABC?

The Court of Chancery for the State of Delaware recently issued a ruling affirming the ability of assignees in assignments for the benefit of creditors (ABCs) to assert claims against third parties originally held by the...more

No Automatic Certification For Robosigning Class

In this multidistrict litigation, plaintiffs sought certification of two classes of Arizona property owners challenging the operation of the Mortgage Electronic Registration Systems (MERS) in transferring the beneficial...more

Keeping the “Family” in Family Business: Succession of Ownership Does Not Always Mean Succession of Control and Income

As family business owners often are advised, business succession planning should include some form of estate planning. This advice is especially true when an owner wishes to transfer a business to future generations by gift...more

Saudi Arabia Issues New Regulations for Companies, Altering Regulatory Landscape

Innovative changes address company and investor concerns as Saudi Arabia moves to modernize its corporate legal regime. On 9 November 2015, the Council of Ministers of the Kingdom of Saudi Arabia approved the...more

Joint Venture Governance And Business Opportunity Issues

The joint venture is a vehicle for the development of a business opportunity by two or more entities acting together, and will exist if the parties have: (1) a community of interest in the venture, (2) an agreement to share...more

Pay to Play: Appellate Division Upholds Ruling that Payment is Required to Qualify for Champerty Safe Harbor Provision

In Justinian Capital SPC v. WestLB AG, etc. et al., 2015 N.Y. Slip Op. 04381 (1st Dep’t May 21, 2015), the Appellate Division affirmed the February 25, 2014 decision of the New York County Supreme Court, Commercial Division...more

California Makes it Easier to Transfer Insurance Coverage Rights

Last week, the California Supreme Court ruled in Fluor Corp. v. Superior Court, No. S205889, 2015 WL4938295 (Cal. 2015), that an insurer is precluded from refusing to honor an insured’s assignment of rights for past losses...more

The Ray Charles’s Foundation Doesn’t Have to “Hit the Road Jack”: Ninth Circuit Permits Foundation to Challenge the Validity of...

On July 31, 2015, the Ninth Circuit reversed the Central District of California’s dismissal of an action brought by the Ray Charles Foundation, seeking, among other things, a judicial determination of the validity and...more

The Time to Transfer Entity Interests Is Now - Trust and Estates Update Vol. 2015, Issue 1

Upcoming IRS regulations may significantly limit and reduce planning opportunities to transfer minority interests in closely held entities to family members and increase the transfer tax cost associated with moving such...more

Possible Regulatory Changes Could Reduce Tax Benefits of Transfers of Interests in Family-Owned Entities

Historically, the Internal Revenue Service has closely scrutinized transfers between family members of interests in family-owned entities. Among other actions, the Service has sought to curtail the use of discounts to...more

Recent Cases of Interest to Fiduciaries

In re Estate of House, 2014 Wash. App. LEXIS 3006 (Wash. Ct. App. 2014) - A release waiving any and all claims that the parties may have or may acquire, bars recovery for unknown claims existing at the time the release...more

High Court Holds That Liability For Series Of FOS Complaints Did Not Transfer By Way Of Part VII FSMA Business Transfer Scheme

The court considered whether liability for a series of Financial Ombudsman Service (FOS) complaints had been transferred by way of an insurance business transfer scheme under Part VII of the Financial Services and Markets Act...more

Municipal Cable Franchise Transfer Toolkit

A cable operator generally cannot transfer control of its business or transfer its cable franchise without the prior approval of the franchising authority. This gives the franchising authority the opportunity to resolve...more

California Supreme Court to Review Controversial Documentary Transfer Tax Case

The California Court of Appeal recently held, in 926 North Ardmore Avenue v. County of Los Angeles, that a documentary transfer tax is triggered when a transfer of an interest in a business entity that owns real property...more

The liability of a trustee who honors a fraudulent exercise of a power of appointment

A trustee who transfers trust property to a permissible appointee for the benefit of an impermissible appointee such that the fraud on a special power doctrine is implicated incurs no liability as a consequence, unless the...more

What Happens if a Sheriff’s Deed is Transferred? Who Pays Association Assessments?

In a recent, unpublished opinion, the Michigan Court of Appeals held that the transfer of a purchaser's interest in property that was acquired through a sheriff's sale is not governed by Section 111 of the Condominium Act...more

The “Death Knell” for Family Discounts?

The Obama Administration released its proposed budget for fiscal year 2014 on April 10, which included several proposals affecting estate planning. These are described in the Treasury Department’s General Explanations of the...more

CFPB To Focus On Mortgage Servicing Transfer Compliance

The Consumer Financial Protection Bureau ("CFPB") recently warned servicers that it will be using its supervisory authority to ensure that a mortgage servicer has the appropriate policies and procedures in place to protect...more

TRANSACTIONAL: Financial Restructuring: Oil and gas "leases" and farmout agreements in bankruptcy proceedings

Most people think of an oil and gas mineral “lease” as, so named, a lease. However, this common thinking is not necessarily accurate, both with respect to state and federal law and in particular in the bankruptcy courts in...more

Court Finds No Business In This Show Business Trademark Dispute

It is a basic principle of trademark law that a mark can only be assigned with the goodwill of the business to which the mark relates, for the good reason that the mark is in fact inseparable from the business. But what kind...more

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