In Koch v. David Fam. Oil & Gas Ints. P’Ship, the Court of Appeals of New Mexico held that the grantee in a deed of distribution executed by the foreign personal representative of an estate can be a bona fide purchaser in the...more
The court in Freeport-McMoRan Oil & Gas LLC v. 1776 Energy Partners, LLC, 672 S.W.3d 391 (Tex. 2023) explained that “constructive trusts, being remedial in character, have the very broad function of redressing wrong or...more
The U.S. Department of Commerce Bureau of Industry and Security (“BIS”) is cracking down on foreign governments that prevent the end-use checks the BIS uses to ensure compliance with Export Administration Regulations (“EAR”)....more
Virginia’s Department of Environmental Quality (“VDEQ”) announced via its email newsletter that it will resume issuance of Bona Fide Prospective Purchase (“BFPP”) and other “Comfort Letters” beginning September 1, 2022. This...more
On December 1, 2021, the Virginia Department of Environmental Quality (“VDEQ”) announced via a notice on its Brownfields website that it stopped accepting applications for Bona Fide Prospective Purchase (“BFPP”) and other...more
Two Illinois Federal Courts Deny Class Certification in Anti-Poaching Class Actions Against Franchisors - Two federal courts in Illinois have rejected motions to certify classes of employees who worked in franchised...more
Ask the owner of a closely held business to describe their most recently recurring nightmare and you are likely to get an earful regarding the prospect of an increased federal income tax on their profits, an increased federal...more
As an environmental practitioner, I am often asked to review Phase I environmental site assessments. The majority of Phase Is are prepared by a prospective purchaser or lessee of real property seeking to secure bona fide...more
The U.S. Department of Treasury and the Internal Revenue Service recently issued final regulations (“the Final Regulations”) regarding certain aspects of so-called carried interest under Section 1061 of the Internal Revenue...more
A judgment creditor can record an abstract of judgment, a document that identifies the judgment debtor and the amount of the debt. The abstract usually does not identify specific property. As long as it properly...more
Effective September 15, 2020, Ohio will join the list of states that have incorporated the federal “Bona Fide Prospective Purchaser” (“BFPP”) defense to hazardous substance liability into state law, through the enactment of...more
The COVID-19 pandemic has the potential for impacting prospective purchasers of real estate from performing due diligence. The Bona Fide Prospective Purchaser (BFPP), the Innocent Landowner (ILO), and the Contiguous Property...more
On May 25, 2018, the Federal Court of Canada released its decision in Her Majesty the Queen v The Toronto-Dominion Bank. The case revolved around whether the proceeds of the sale of a house by a debtor of Toronto-Dominion...more
The Lowbet Realty saga, featuring the dissolution court’s rarely used authority to rescind an unauthorized sale of the corporation’s realty under Business Corporation Law § 1114, has finally ended after six years with a...more
With increasing concern and attention being raised by regulatory agencies and the public on protecting building occupants from exposure to vapor intrusion (VI)-related contaminants, parties acquiring and developing property...more
The "Devil's Dictionary" is a quick-reference guide for commercial lenders and other restructuring professionals. In this series, we highlight many of the buzz words found in the Dictionary and used in today's bankruptcy...more
In September 2014, the Nevada Supreme Court held that an HOA could foreclose on its nominal super-priority lien and extinguish a senior mortgage in SFR Investments Pool 1, LLC v. U.S. Bank, N.A., a ruling that initially...more
IRS Publishes Proposed section 305(c) Regulations - On April 12th, the IRS published proposed regulations under Section 305(c) that address the treatment of deemed dividends to holders of stock and rights to acquire...more
What is the difference between a Deed of Trust and a Mortgage? The terms “Deed of Trust” and “mortgage” are often used by people interchangeably. Both serve to give the lender a lien as collateral for a loan but, these...more
Who can be sued? Knowing Receipt is an “equitable claim” for personal relief against a recipient of tainted assets. It is often deployed in circumstances of bribery and corruption, particularly in claims to recover stolen...more
On April 4, 2013, the Fourth Circuit Court of Appeals issued a much anticipated decision in PCS Nitrogen, Inc. v. Ashley II of Charleston LLC, No. 11-1662 (4th Cir. April 4, 2013) (Ashley II). ...more
On April 4, 2013, the Fourth Circuit issued a ruling in PCS Nitrogen Inc. v. Ashley II of Charleston that, among other things, may limit the availability of the “bona fide prospective purchaser” (“BFPP”) defense that Congress...more
In a closely watched Superfund case decided April 4, 2013, the Fourth Circuit Court of Appeals interpreted the scope of landowner liability protections Congress put in place in 2002 to "promote the cleanup and reuse of...more
Late last year, the United States Environmental Protection Agency (“EPA”) issued Revised Enforcement Guidance Regarding the Treatment of Tenants under the Federal Comprehensive Environmental Response, Compensation, and...more
Tenants who lease currently or formerly contaminated property can now benefit from protections from cleanup liability that were once available only to purchasers of such property. EPA announced its new policy in a December...more