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
It is not a secret that the long term care and senior housing industry continues to experience significant financial distress due to, among other things, the lingering effects of the COVID-19 pandemic and rising interest...more
Historically, Arizona courts have granted receivers certain powers and duties related to commercial real estate and certain residential property in accordance with A.R.S. § 12-1241,1 and A.R.S. § 12-1242.2 For example,...more
Lenders, investors, and mortgage servicers will have a more favorable and standardized framework for protecting their interests in distressed debt when applying for appointments of commercial receivers beginning July 1, 2023,...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
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
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
Commercial loan documents typically include provisions granting a lender the right to obtain appointment of a receiver following a loan default. Historically, these provisions were most often used by lenders to put in place a...more
The Michigan Uniform Assignment of Rents Act (“MUARA”), which takes effect on September 22, 2022, strengthens both the right to obtain a receiver and the power of the receiver to collect past due rent. The MUARA also confirms...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
Historically, receiverships for commercial real estate were used to collect rents and fees generated by income-producing properties prior to the completion of foreclosure sales on those properties. While receiverships are...more
Courts overseeing receivers generally enjoy broad discretion in directing and approving a receiver’s proposed actions. But does that authority extend to a receiver not only granting a super-priority lien ahead of existing...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
2020. What a year! While many of us were expecting that an economic downturn was due after so many years of positive economic growth, none of us were expecting it to come in quite this fashion. But one positive change has...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
Under California’s State Housing Law (Health and Safety Code sections 17910-17998.3), if an apartment building owner fails to comply with a notice to repair or abate building standard violations issued by an enforcement...more
A snapshot of noteworthy cases from the Spring terms of the North Carolina appellate courts related to lending practices, property rights and construction in North Carolina - Money - FORECLOSURE: - Lender...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
If the Nevada Supreme Court affirms a lower court’s ruling that a private sale of real property by a receiver constitutes a foreclosure sale, the lending industry (e.g., lenders, special servicers and maybe borrowers) will...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