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Barnes & Thornburg LLP Chicago, IL Document Search Results (29) Show: results per page Sort by:  | Lenders Beware: Eleventh Circuit’s Ruling in TOUSA Increases Fraudulent Transfer Risk
John T. Gregg, Timothy S. McFadden, John W. Mills; Barnes & Thornburg LLP;
Legal Alert/Article May 24, 2012, previously published on May 23, 2012 On May 15, 2012, the United States Court of Appeals for the Eleventh Circuit held that security interests and liens granted by subsidiaries of a borrower to refinance obligations owed to the borrower’s lenders constituted fraudulent transfers under section 548(a)(1) of the Bankruptcy Code in...
| | Seventh Circuit Holds Pay-if-Paid Provisions Are Not Void Under Indiana Public Policy
Timothy J. Abeska, Scott R. Murphy, Clifford J. Shapiro; Barnes & Thornburg LLP;
Legal Alert/Article May 15, 2012, previously published on May 14, 2012 On May 11, 2012, the U.S. Court of Appeals for the Seventh Circuit issued a decision in BMD Contractors, Inc. v. Fidelity and Deposit Company of Maryland (No. 11-1345), affirming a lower court summary judgment in favor of a surety on a payment bond.
| | “What Do You Mean That I Can’t Foreclose My Mortgage and Sue the Guarantor at the Same Time? Since When?”
John T. Gregg, Patrick E. Mears; Barnes & Thornburg LLP;
Legal Alert/Article April 25, 2012, previously published on April 23, 2012 The answer is, “since April 17, 2012.” On that day, the Michigan Court of Appeals, Michigan’s intermediate appellate court, issued its opinion in Greenville Lafayette, LLC v. Elgin State Bank (Case No. 308450), which reversed a decision of the Montcalm County Circuit Court on the...
|  | IRS Releases 2012 Annual Inflation Factor and Reference Prices for Section 45 Production Tax Credits
Larry D. Blust, William P. Ewing, Randal J. Kaltenmark, Timothy J. Riffle, Larry J. Stroble; Barnes & Thornburg LLP;
Legal Alert/Article April 25, 2012, previously published on April 2012 The IRS recently released the inflation adjustment factor and reference prices for the 2012 calendar year, which are necessary for calculating the Section 45 production tax credits. Based on the 2012 inflation factor of 1.4799, there are no changes from 2011 in the tax credit amounts for...
| | Illinois Mortgages Subject to Avoidance In Bankruptcy Absent Strict Adherence to Illinois Mortgage Statute
Michael Campbell, John T. Gregg, Patrick E. Mears; Barnes & Thornburg LLP;
Legal Alert/Article April 24, 2012, previously published on April 20, 2012 The United States Bankruptcy Court for the Central District of Illinois recently held that an Illinois mortgage is subject to avoidance in bankruptcy pursuant to 11 U.S.C. § 544(a)(3) unless the mortgage contains among other things, (i) the amount of the debt, (ii) the maturity date of the...
| | Indiana Supreme Court Affirms Ambiguity, Unenforceability of Pollution Exclusion in CGL Policies
Charles M. Denton, John P. Fischer, Adam K. Hollander; Barnes & Thornburg LLP;
Legal Alert/Article March 29, 2012, previously published on March 26, 2012 In State Auto Mutual Ins. Co. v. Flexdar, Inc., No. 49S02-1104-PL-199, --- N.E.2d --- (Ind. Mar. 22, 2012), the Indiana Supreme Court last week affirmed longstanding Indiana precedent holding that the standard “pollution exclusion” typically appearing in commercial general liability...
| | Secured Lenders Beware: Well Testing and Drilling by Third-Party Constitutes First Actual Physical Improvement Under Michigan Construction Lien Act
John T. Gregg, Patrick E. Mears; Barnes & Thornburg LLP;
Legal Alert/Article March 12, 2012, previously published on March 9, 2012 The Michigan Court of Appeals recently held that well testing and drilling performed on vacant real estate that was later developed into a subdivision constituted the first actual physical improvement under the Michigan Construction Lien Act, MCL 570.1191 et seq. (the Act). As such, when a secured...
| | Legislation Proposed in State of Michigan to Declare Solvency Covenants of Non-Recourse Loans Unenforceable
John T. Gregg, Patrick E. Mears, Kenneth W. Vermeulen; Barnes & Thornburg LLP;
Legal Alert/Article March 9, 2012, previously published on March 7, 2012 A proposed bill entitled the Nonrecourse Mortgage Loan Act and recently introduced to the Senate for the State of Michigan would regulate the use and enforceability of certain loan covenants in non-recourse commercial transactions. Presumably, the bill, Senate Bill No. 992 introduced on Feb. 29,...
| | Michigan’s Emergency Financial Manager Law and Its Impact on Creditors of Municipalities and School Districts
John T. Gregg, Patrick E. Mears; Barnes & Thornburg LLP;
Legal Alert/Article March 9, 2012, previously published on March 2012 On Feb. 29, 2012, a Michigan citizens’ group opposed to the State of Michigan’s emergency financial manager law (officially entitled “Local Government and School District Fiscal Accountability Act,” MCL §§ 141.1501 et seq. and referred to herein as the...
| | L-1 Full Visa Validity Period Change Announced by the U.S. Department of State
Marco A. Moreno, Mariana Richmond; Barnes & Thornburg LLP;
Legal Alert/Article March 9, 2012, previously published on March 6, 2012 The U.S. Department of State issued a revised regulation affecting the validity period of L-1 visas for certain countries. The new rule allows consular offices to issue L-1 visas for intracompany transferees with validity period longer than the visa petition approval issued by U.S. Citizenship and...
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