Does a lender have the right to foreclose its mortgage if a payoff of such mortgage is made by wire transfer, yet the payment fails to land in the lender’s account? This is a question recently addressed by the New York Supreme Court Appellate Division, Second Department (the “Court”). The case in question hinges on…
In an upcoming hybrid event, attorneys from fields including Restructuring & Reorganization, Real Estate, and Tax will navigate discussions around workout discussions with lenders, specifically focusing on trends observed from commercial real estate loan workouts in 2023. This forms a pivotal part of maneuvers when borrowers face the prospect of defaulting. The discussion promises a…
With commercial real estate markets navigating turbulent waters in 2023, a significant event titled ‘Navigating Workout Discussions with Lenders – Trends from 2023’ is slated to be discussed in depth on November 9th, in Dallas, TX. A key focus of this program involves the examination of critical issues surrounding commercial real estate loan workouts and…
The real estate market, notorious for its cyclical nature, has seen its most recent peak according to a report by Fox Rothschild LLP featured on JDSupra. The study argues that the chain of high-profile housing market booms which had their beginnings in 1987 and 2007 has once again reached an apex, and seems to be…
In a recent significant ruling, Delaware Chancery Court has largely denied a motion to dismiss a trade creditor’s fraudulent transfer and successor liability claims against the purchaser of a manufacturer’s assets and the manufacturer’s secured lender and majority owner. The case is ongoing and can be traced back to events occurring on Christmas Eve 2020….
In a recent case, Westconnaug Recovery Co., LLC v. U.S. Bank N.A, the Rhode Island Supreme Court ruling had a firm stance against redemption, advocating for a strict compliance with the Rhode Island’s Tax Title Act. The Court claimed that any interested party contesting the validity of tax title should assert a statutory right to…
Commercial office owners are currently facing a major decision which could potentially impact business and financial stability for years to come: to work-out loan terms or to strategically default, essentially walking out of their commitments. Unforeseen changes within the commercial real estate market have prompted these pivotal decisions. Earlier this year, an article discussed the…
In a recent decision that continues to shape the landscape of property rights in the United States, the Sixth Circuit has applied the findings of a Supreme Court case, Tyler v. Hennepin County, to affirm the right of a property owner to net tax lien foreclosure proceeds. This is another key development for property owners…
Amidst rising interest rates and an increasing number of commercial real estate loan workouts, borrowers and lenders are giving serious consideration to an alternative to the often protracted and vexing process of foreclosure: a deed in lieu of foreclosure. As the name suggests, this process involves the borrower voluntarily handing over the deed to the…
The global commerce and investment landscape has endured significant alterations over the past decades. Undoubtedly, one sector being tremendously impacted is the commercial real estate (CRE) industry. Accumulating considerable benefits from prevalent favorable financing conditions, the CRE industry found itself uniquely equipped to cope with the tumultuous aftermath of the Great Recession. The ocean of…
Legal professionals should be aware of the latest ruling by the Washington State Supreme Court regarding foreclosure and bankruptcy, which might affect how they handle similar cases in the future. According to JD Supra, the court has made a significant ruling in two separate cases on when the statute of limitations begins to run in…
In a recent development from the legal sector, the Appellate Court of Maryland has held that the “Loss Before Foreclosure Rule” should be applied to nonrecourse reserve mortgages. For legal professionals working in the property industry, this ruling can impact the application of relevant loan and property regulations. The “Loss before foreclosure rule,” as expressed…