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Barnes & Thornburg LLP Grand Rapids, MI Document Search Results (22) 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.
| | Significant Changes to Michigan’s Underground Storage Tank Program
Charles M. Denton, Tammy L. Helminski, Kenneth W. Vermeulen; Barnes & Thornburg LLP;
Legal Alert/Article May 9, 2012, previously published on May 4, 2012 New legislation governing cleanups of contamination from leaking underground storage tanks (USTs) in Michigan became effective on May 1, 2012. The six-bill package amends Part 213 of Michigan’s Natural Resources and Environmental Protection Act (NREPA) and makes several important changes to...
| | “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...
| | 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...
| | Michigan Environmental Clean-Up “CSI” Report
Charles M. Denton, Tammy L. Helminski, Kenneth W. Vermeulen; Barnes & Thornburg LLP;
Legal Alert/Article March 22, 2012, previously published on March 19, 2012 “CSI” is not only a popular television show, but also stands for the Michigan Department of Environmental Quality (MDEQ) “Collaborative Stakeholder Initiative.” MDEQ instituted the six-week, fast track CSI to develop specific recommendations for reforming Michigan’s...
| | IRS Issues New Chief Counsel Memorandum Regarding Federal Excise Tax For Far Part 91 Managed Aircraft And Charter Managed Aircraft
Clifford G. Maine; Barnes & Thornburg LLP;
Legal Alert/Article March 22, 2012, previously published on March 15, 2012 Chief Counsel Memorandum No. 201210026 was released on March 9, 2012. The Memorandum appears to broaden the applicability of Federal Excise Tax (FET) to arrangements where an FAR Part 91 operator retains a manager for its aircraft and/or retains an FAR Part 135 Air Carrier to place the aircraft on...
| | 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,...
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