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|New Jersey Bankruptcy Court Issues Ruling Regarding Condominium Association Liens in Chapter 13 Proceedings|
Robert J. Flanagan; Greenbaum, Rowe, Smith & Davis LLP;
June 23, 2015, previously published on June 2015On June 11, 2015, the United States Bankruptcy Court for the District of New Jersey recognized that a condominium association’s lien is entitled to a limited six-month priority over a first mortgage.
|NextDecade Obtains Additional Funding for Rio Grande LNG Terminal|
Sutherland Asbill Brennan LLP;
June 23, 2015, previously published on June 22, 2015NextDecade, LLC (NextDecade) announced that Valinor Management, L.P. and Halcyon Energy Investors, L.P. have joined certain funds managed by York Capital Management Global Advisors, LLC and its affiliates in providing NextDecade with an additional US$85 million in order to take the proposed Rio...
|Lenders Get Protection Under New Amendments to Nevada’s HOA Lien Priority Statute|
Jacob D. Bundick, Leslie S. Godfrey, Sean A. Gordon, Jennifer L. Gray; Greenberg Traurig, LLP;
June 23, 2015, previously published on June 15, 2015In a September 2014 ruling, the Nevada Supreme Court sent shockwaves through the lending community by holding that a homeowners association’s (HOA) non-judicial foreclosure sale can extinguish a mortgage lender’s previously-recorded first deed of trust on a property if that foreclosure...
|Second Circuit Holds Application of State Usury Laws to Third-Party Debt Purchasers Not Preempted by National Bank Act|
Nathan Bull, Scott A. Cammarn, Michael S. Gambro, Stuart N. Goldstein, Jordan M. Schwartz; Cadwalader, Wickersham & Taft LLP;
June 23, 2015, previously published on June 8, 2015On May 22, 2015, in Madden v. Midland Funding, LLC1 (“Madden”), the United States Court of Appeals for the Second Circuit held that the application of state usury laws to third-party assignees is not preempted by the National Bank Act (the “NBA”) but rather such assignees...
|Regulators are Aiming Enforcement Oversight at Your Bank|
Molly Z. Brown, Mary I. Edquist, Richik Sarkar; McDonald Hopkins LLC;
June 22, 2015, previously published on June 16, 2015As a financial institution, regulators see you as the first line of defense against criminal activity. You have a duty to ferret out your customers’ questionable business—and not taking enough action can carry significant and costly consequences.
|Perfect Your Security Interest By Filing Before A Closing |
Michael D. Smith; Lerch Early Brewer Chartered;
June 19, 2015, previously published on June 15, 2015In most commercial loan transactions, a lender will secure a loan by filing a Uniform Commercial Code (UCC) financing statement to perfect its security interest in the borrower’s personal property. A loan is perfected when the lender receives priority over other creditors wishing to obtain a...
|Pledging a Residence to Secure a Commercial Loan|
Matthew G. DiMeglio, Arnold D. Spevack; Lerch Early Brewer Chartered;
June 19, 2015, previously published on June 15, 2015When a borrower requests a commercial loan for a new business or a business acquisition, lenders frequently require the borrower to secure the business loan with a mortgage on a personal residence. The residence may be taken as additional collateral, or because of the insufficiency of other...
|Lenders, Be Wary When Extending Credit on Rental Income Stream|
Alison W. Rind; Lerch Early Brewer Chartered;
June 19, 2015, previously published on June 15, 2015A recent 7th U.S. Circuit Court of Appeals case reminds lenders that it is incumbent upon the lender to verify the income stream before extending credit based on rental income. In Wells Fargo Equipment Finance Inc. v Titan Leasing, Inc., the bank extended non-recourse credit (a loan secured only by...
|Spain Passes New Securitization Act|
Andres Lorrio, Ivan Martin Barbon; Jones Day;
June 18, 2015, previously published on June 2015On April 27, 2015, the Promotion of Business Financing Act (Ley de Fomento de la Financiación Empresarial, "Act 5/2015") was passed in Spain, introducing, inter alia, a new simplified and consolidated regime for securitization transactions.
|Final Standards for Assessing Diversity Policies and Practices|
Craig N. Landrum; Jones Walker LLP;
June 16, 2015, previously published on June 11, 2015On June 9, the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission jointly issued a...