News & Analysis as of September 20, 2024

Assignments › Commercial Property Owners

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An assignment is the transfer of a right or benefit from one party to another party. Assignments can occur in contract or real estate contexts. A contract assignment refers to a situation where one party to a contract transfers his/her rights or benefits under the contract to a third party. In a real estate assignment, an interest holder transfers his/her interest in a particular parcel to another party. less -

Polsinelli Podcasts: Out-of-Court Alternatives to Bankruptcy

Federal Real Estate in a Turbulent Market, Part II

Holland & Knight LLP on 8/15/2024

This is the second of a two-part series addressing special considerations for government lessors in the current commercial real estate market. Part I addressed the risks posed by government downsizing and early lease...more

Michigan Adopts Its Version of the Uniform Assignment of Rents Act

Miller Canfield on 6/28/2022

In May 2017, we highlighted the Sixth Circuit’s opinion in Town Center Flats. Briefly, Town Center Flats held that ownership of a commercial property’s rents transferred to a lender when (1) a commercial loan is secured by a...more

Treatment of Commercial Leases in Tenant Bankruptcy – The Basics

Farella Braun + Martel LLP on 7/13/2020

As the COVID-19 pandemic continues to wreak havoc with the nation’s economy, we have started to see bankruptcy filings by well-known companies such as GNC, J. Crew, Neiman Marcus, Modell’s, 24 Hour Fitness, Gold’s Gym, and...more

When the Same Lender Has Both a Senior and Junior Deed of Trust (Revisited)

Patton Sullivan Brodehl LLP on 5/20/2019

Almost two years ago, Money and Dirt covered a Fourth District California Court of Appeal opinion addressing an apparent split of authority regarding how a lender can enforce senior and junior deeds of trust on the same...more

Assigned Rents Not Bankruptcy Estate Property After Assignment is Enforced

Miller Canfield on 5/8/2017

On May 2, 2017, the Sixth Circuit Court of Appeals clarified whether a bankruptcy debtor retains any property rights in rents after defaulting on a loan that includes an assignment of rents. The case, Town Center Flats,...more

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