News & Analysis as of

Bona Fide Purchaser

Charles E. Rounds, Jr. - Suffolk University...

“Clearing” the constructive trustee’s legal title: The doctrinal and practical considerations

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

Torres Trade Law, PLLC

New BIS Policy Cracks Down on Uncooperative Foreign Governments With Broad Implications for Parties Trading in Goods Subject to...

Torres Trade Law, PLLC on

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

Woods Rogers Vandeventer Black

They’re Back! DEQ to Resume Issuance of Landowner Liability Comfort Letters

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

Woods Rogers Vandeventer Black

Virginia DEQ Suspends Issuance of Landowner Liability “Comfort Letters”

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

Lathrop GPM

The Franchise Memorandum - Issue #269

Lathrop GPM on

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

Rivkin Radler LLP

Cash In Hand, Tax Deferral, Monetized Installment Sales: No, You Can’t Have It All

Rivkin Radler LLP on

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

Williams Mullen

Can You Resuscitate an Elderly Phase I?

Williams Mullen on

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

Williams Mullen

IRS Releases Finalized Regulations Regarding Taxation of Carried Interest

Williams Mullen on

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

Patton Sullivan Brodehl LLP

Purchaser Has No “Notice” from an Erroneous Abstract of Judgment

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

Dickinson Wright

Ohio Adopts Federal Bona Fide Prospective Purchaser Defense – With More Progress on Brownfield Redevelopment to Come?

Dickinson Wright on

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

McGlinchey Stafford

Environmental Due Diligence In The Wake Of COVID-19

McGlinchey Stafford on

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

Bennett Jones LLP

Bank Loan Repayments May Be Seized Due to Super Priority of Crown for GST/HST

Bennett Jones LLP on

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

Farrell Fritz, P.C.

Bona Fide Purchaser Avoids Rescission of Minority Shareholder’s Unauthorized Sale of Corporation’s Realty

Farrell Fritz, P.C. on

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

Farella Braun + Martel LLP

How to Effectively Manage Vapor Intrusion Risks When Acquiring and Developing Property

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

Polsinelli

The Devil's Dictionary of Bankruptcy Terms: Strong Arm Powers

Polsinelli on

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

Bradley Arant Boult Cummings LLP

Nevada Supreme Court Strikes Significant Blow Against HOA Super-Priority Foreclosure-Sale Purchasers

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

Morrison & Foerster LLP

MoFo Tax Talk - Volume 9, No. 1

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

Spilman Thomas & Battle, PLLC

Real Property 101 for Community Bankers in the Spilman Footprint

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

Cooley LLP

Blog: What States Should Know About Knowing Receipt

Cooley LLP on

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

Davis Wright Tremaine LLP

Ashley II Holdings Require Caution

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

K&L Gates LLP

Fourth Circuit Restricts “Bona Fide Prospective Purchaser” Defense

K&L Gates LLP on

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

Troutman Pepper

Fourth Circuit Brownfields Decision Stops Short Of Worst-Case Outcome

Troutman Pepper on

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

Cole Schotz

EPA Issues Revised Enforcement Guidance Regarding Tenant Liability Under CERCLA’s Bona Fide Prospective Purchaser Provision

Cole Schotz on

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

BakerHostetler

EPA Lifts Threat of CERCLA Liability for Some Tenants of Brownfields

BakerHostetler on

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

Pierce Atwood LLP

Should Tenants Worry About Environmental Liabilities For Their Leased Property?

Pierce Atwood LLP on

By 2013, most property owners have heard of the advantages of performing environmental due diligence and conducting “All Appropriate Inquiry” by obtaining an Environmental Site Assessment before purchase. Doing so is key to...more

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Updated: Dec 28, 2021:

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Information for EU and Swiss Residents

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Privacy Officer
JD Supra, LLC
150 Harbor Drive, #2760
Sausalito, CA 94965

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Privacy Officer
JD Supra, LLC
150 Harbor Drive, #2760
Sausalito, CA 94965

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Changes in Our Privacy Policy

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Contacting JD Supra

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Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

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