First Republic Executives Fail in Attempt to Recover Nonqualified Deferred Compensation Plan Assets
Business Better Podcast Episode: Know The Facts: Silicon Valley Bank Receivership FAQs for Swaps
What Does UCRERA Mean For Creditors? [More with McGlinchey Ep. 13]
Polsinelli Podcasts: Out-of-Court Alternatives to Bankruptcy
On May 15, 2024, Alabama became the thirteenth state to adopt a version of the Uniform Law Commission’s Uniform Commercial Real Estate Receiver Act (the “Act”). The Act seeks to bring more direction and clarity to...more
The New York County Supreme Court recently held that in the event of foreclosure, a receiver can be appointed, regardless of necessity, when the parties have contracted for such appointment. 24 West 57 APF LLC (“Defendant”)...more
As outlined in our previous client alert relating to the current banking environment in the wake of SVB's failure and FDIC receivership, and notwithstanding the apparent stabilization of the banking industry and financial...more
Real estate developers may be wondering what to expect for upcoming draws of construction loans or credit lines to fund real estate development if the FDIC places their lender into receivership. In the 2008/2009 financial...more
UPDATE (3/20 PM): Developments Related to Flagstar Bank, SVBB, SVB Financial Group, Credit Suisse, and First Republic Bank- On March 19, 2023, the FDIC announced that the agency has entered into a purchase and...more
Additional developments relating to the Silicon Valley Bank and Signature Bank failures have occurred, and the situation continues to evolve. Upon the closure of Silicon Valley Bank the FDIC initially created the Deposit...more
Considerations relating to Silicon Valley Bank (SVB)’s closure have continued to evolve as a result of the recent announcement by the Federal Deposit Insurance Corporation (FDIC) that it has transferred all deposits—both...more
This alert provides information for borrowers with loans from Silicon Valley Bank (“SVB”) or Signature Bank (“Signature”) based on information available from the FDIC and our clients’ experiences over the last few days. We...more
Q: Who runs SVB now? A: SVB has been placed in receivership by banking regulators. This receivership applies to Silicon Valley Bank and not its affiliates....more
By now, most will have heard the news that all deposits at Silicon Valley Bank have been made available to depositors. The Federal Deposit Insurance Corporation (FDIC), in a series of joint statements issued with the U.S....more
While unexpected, the closure by California regulators of, and the appointment of the Federal Deposit Insurance Corporation (“FDIC”) as receiver for, Silicon Valley Bank (“SVB”) is an event that is contemplated by most...more
We have received a number of inquiries from clients regarding Silicon Valley Bank’s (SVB) recent shut down by the California Department of Financial Protection and Innovation and the FDIC being named as the receiver. This is...more
Background- On March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank (SVB) and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for SVB....more
The unexpected collapse into Receivership of Silicon Valley Bank (SVB) is having a significant, disruptive affect in many areas of commerce. It creates any number of actual and potential problems and concerns for depositors...more
On June 20, 2022, Rhode Island Governor Daniel J. McKee signed into law the Rhode Island Commercial Receivership Act (“CRA”), which updates and modernizes Rhode Island receivership practice. Pub. L. 2002, ch. 107 and 108. The...more
The North Carolina Commercial Receivership Act went into effect a year ago. The Act, codified in Article 38A of Chapter 1 of the North Carolina General Statutes, was the first substantive update to existing North Carolina...more
The sale order should require that the receiver file an accounting of its activities as receiver within so many days of the sale of the property. Once that has been filed, the secured lenders counsel can file a motion to...more
Aside from the management and preservation of the property, there are several additional things the receiver should do upon entry of the receivership order and the filing of the surety bond, if required....more
Nine states, including Florida, have passed the Uniform Commercial Real Estate Receivership Act, what’s called the UCRERA. Manuel Farach (Fort Lauderdale) and Marshall Grodner (Baton Rouge), Members in McGlinchey's Business...more
Florida’s Uniform Commercial Real Estate Receivership Act (UCRERA) went into effect on July 1, 2020, clarifying the standards for appointment of a receiver for commercial real estate and the receiver’s powers and duties. ...more
There is good news for commercial lenders in Maryland seeking the appointment of a receiver over a borrower or solely over real estate collateral. On April 30, 2019, Governor Hogan signed into law HB 1065, which creates an...more
Receiverships are an extraordinary remedy that can maximize the return to creditors by freezing assets and allowing a third party to conduct necessary litigation. John Gardner (Raleigh) and David Neu (Seattle) join host...more
Creditors seeking to exercise control over a borrower or collateral may utilize a number of remedies. They may seek a foreclosure or UCC sale, assignment for the benefit of creditors, file an involuntary bankruptcy petition...more
The UCC was supposed to make enforcing negotiable instruments a simpler, more streamlined process. It has proven anything but in Florida. Continuing a trend that now stretches back years, mortgage lenders have had an...more
Lenders have a number of options when faced with a borrower in default. In Tennessee, one option to seriously consider is seeking appointment of a receiver. A receiver will step into the role of the borrower or management...more