Bar Exam Toolbox Podcast Episode 146: Listen and Learn -- Mortgages and Priority
CPLR 3213, which is a procedural device permitting a plaintiff, under certain circumstances, to obtain summary relief at the very beginning of a lawsuit, provides, in pertinent part: When an action is based upon an...more
The Litigation Byte is the new name and format for McGlinchey’s Commercial Law Bulletin. Our new format reflects McGlinchey’s national coverage and our expanded footprint while still serving up the digestible, insightful...more
On July 23, 2024, the U.S. Court of Appeals for the D.C. Circuit reversed the U.S. Tax Court in holding that inventory gain recognized by a nonresident alien individual partner on the sale of her interest in a U.S....more
In AAA, BBB, CCC v DDD (HCCT 39/2023) [2024] HKCFI 513 (date of decision: 16 February 2024), the Hong Kong Court of First Instance (“the Court”) provides much welcomed guidance on the situation where there is a group of...more
Assume that X and Y agree to the following: X will transfer ownership of Prop to Y, and Y will transfer cash to X. What just happened? Obviously, X has sold Prop to Y. If the amount of cash that X receives is greater than...more
Last summer, bankers and the lawyers who advise them breathed a collective sigh of relief when the Second Circuit Court of Appeals upheld a U.S. District Court's opinion that notes in a bank syndicated loan were not...more
Recent headlines have revealed distress in the real estate market, which may lead to opportunities for investors willing to take a bit of risk. There are many examples all over the country of groups with debt looking for...more
A recent opinion out of the Florida Fifth District Court of Appeal makes clear that the failure of a lender or its successor in interest to introduce and authenticate original promissory notes at trial may result in the...more
Municipalities issuing general obligation promissory notes under section 67.12 (12) of the Wisconsin Statutes may now take advantage of a statutory maximum maturity date of 20 years. 2023 Wisconsin Act 128 (the “Act”) took...more
It is not often that we examine a case involving the doctrine of champerty. The last time we did so was on March 8, 2023 (here). We also examined the champerty doctrine in 2021 (here), 2020 (here), and 2016 (here)....more
In an appeal heard by the Appellate Division of the Supreme Court in the First Judicial Department of New York, the Court recently ruled that a court may reform a guaranty after the statute of limitations for a reformation of...more
In Franklin Savings Bank v. Bordick, issued on February 29, 2024, the Law Court reversed a decision of the Business and Consumer Docket (BCD) and remanded a personal property recovery judgment for further analysis regarding...more
It should go without saying that people make mistakes. After all, people are human, and humans make mistakes. When people draft a document, especially a lengthy or complex one, it is not uncommon for a mistake to be...more
Volume 4, Issue 2, 2024 Welcome! Welcome to the second issue of Promissory Notes - our banking and finance e-newsletter - for 2024. Business today is characterized by relentless change. To assist our clients in navigating...more
In Boal v International Capital Management Inc.(“Boal”), the Ontario Court of Appeal (the “Court”) considered the pleading requirements for certification of a breach of fiduciary duty cause of action. In holding that it was...more
Ohio- Enforceability of Arbitration Agreement- Bryan Costin v. Midwest Vision Partners LLC., 8th Dist. Cuyahoga No. 112651, 2024-Ohio-463. The Eighth District Court of Appeals recently affirmed the trial court’s ruling...more
The common understanding of the right to convert debt to equity under a convertible promissory note has shifted following a Nevada county court ruling in Toptal v. Grosz. In the court’s motion granting partial summary...more
Typically, one would expect a lender to argue that a borrower was in breach for failing to repay a note on or after its maturity date. However, a friend recently alerted me to a case in which the lender argued that the...more
A common theme in commercial litigation is the assertion of a breach of contract claim and a fraudulent inducement claim. A plaintiff claiming a breach of contract must show (1) the existence of a contract; (2) the...more
In past articles, we have examined a motion under CPLR § 3213... CPLR § 3213 is a procedural mechanism that allows a party to make a motion for summary judgment before filing a complaint in actions based upon “an instrument...more
Obligations reduced to a promissory note are often accompanied by a written guaranty. The law treats the guaranty as an independent obligation. A case recently decided by California’s First District Court of Appeal —...more
As we have often explained in the articles in which we have examined fraud claims, to withstand a motion to dismiss, the plaintiff must plead fraud with particularity as required under CPLR § 3106(b), cannot lump all the...more
London, UK - Sullivan & Worcester (Sullivan) is advising Arqit Limited (Arqit), a leader in quantum-safe encryption, in relation to its documentary framework to support the creation, issue and storage of electronic promissory...more
The scenario is fairly common. A bank makes a loan to a business. The owners of the business guarantee the loan. The business defaults. The owners blame each other for the failure of the business. When the bank demands...more
For the entirety of this lawyer’s career, it was universally accepted that if one spouse was going to keep the marital residence, that property needed to be refinanced so that the spouse passing title (i.e., moving on) was no...more