The Williams Mullen Financial Services & Real Estate Quarterly Newsletter

Williams Mullen

Goodbye LIBOR - Hello Operational Headache!

A sea of change is on the horizon for benchmark interest rates as financial regulators respond to the need to replace the London Interbank Offered Rate (“LIBOR”). LIBOR has lost the favor and, in some respects, the trust of banks, investors and regulators in light of scandals precipitated by “LIBOR-fixing” (fraudulent manipulations by traders) at several banks.
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Title Endorsement Basics

Title insurance is issued using standardized forms of policies and endorsements. The most commonly used forms for commercial properties are those promulgated by the American Land Title Association (ALTA), a nationwide title insurance industry group. A title endorsement is an addition to or limitation of title insurance coverage that is attached to a title insurance policy. Full article »

RS Delivers Major Blow to Virginia’s Land Preservation Program -

On June 11, 2019, the IRS and U.S. Department of Treasury issued final regulations requiring taxpayers to reduce their charitable contribution deduction by the amount of any state or local tax credits received (or expected to be received) in return for the contribution. This hurts a variety of taxpayers who are expecting to receive a Federal income tax deduction in exchange for an otherwise qualified charitable contribution.
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Enforceability of Cross-Default Clauses in Bankruptcy

So, your distressed tenant filed for bankruptcy? Commercial landlords in this situation often are “surprised” to learn that their tightly wound lease agreements can be unraveled at the proverbial snap of a finger. The Bankruptcy Code, for instance, allows a debtor 60 days after the petition date to bring its lease obligations current. 11 U.S.C. § 365(d)(5). Full article »

Virginia Landlord Considerations for Tenant Use of Marijuana

Although Virginia remains ones of the stricter states in the nation when it comes to marijuana use, the General Assembly has shown some movement toward loosening those restrictions. On March 9, 2018, a new law took effect that allowed for use and dispensing of cannabidiol (CBD) to alleviate the symptoms of any diagnosed condition or disease. Full article »

Pay-if-Paid Clauses: A Surety’s Defense for Payment Bond Claims?

A construction project can be a breeding ground for general contractor versus subcontractor payment disputes. Whether it is payment for extra work subject to the project owner’s approval, slow pay or no pay by the project owner, and the general contractor has provided a payment bond, the payment bond surety is often the target of a subcontractor’s lawsuit for payment. Full article »

Virginia’s Renewed General Industrial Stormwater Discharge Permit Includes a Mix of Tougher and More Flexible Standards

In the ever-increasing effort to control nutrient (phosphorous and nitrogen) loads into the Chesapeake Bay watershed, Virginia and other Bay states are looking for additional means to ratchet down nutrient-laden stormwater discharges. Full article »

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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