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HTMLCourt of Appeals Wrestles Again with an Equitable Subrogation Claim in a Dispute Between Two Mortgage Lenders
Steven L. Owen; Foster, Swift, Collins & Smith, P.C.;
Legal Alert/Article
March 16, 2017, previously published on February 7, 2017
In a case involving a complex set of facts, the Michigan Court of Appeals (the “Court”) recently published an opinion concerning a priority dispute between mortgage lenders involving the doctrine of equitable subrogation (Wells Fargo Bank, N.A. Trustee v. SBC IV REO, LLC and Capitol...

 

HTMLMichigan Authorizes New Asset Protection Trusts
Scott A. Chernich; Foster, Swift, Collins & Smith, P.C.;
Legal Alert/Article
March 16, 2017, previously published on February 7, 2017
Governor Rick Snyder signed into law two bills, Public Acts 330 and 331, that modernize Michigan’s trust laws by allowing domestic asset protection trusts (“DAPTs”) for the first time in the state. With its adoption of the Qualified Dispositions in Trusts Act (the...

 

HTMLMichigan Court of Appeals Grapples with Definition of “Surplus” Following a Foreclosure Sale
Patricia Joan Scott; Foster, Swift, Collins & Smith, P.C.;
Legal Alert/Article
March 16, 2017, previously published on February 7, 2017
What happens when: (i) a mortgagor, who has defaulted, assigns her rights to any surplus proceeds from the foreclosure sale to a third party, (ii) the mortgagee submits a partial credit bid, and (iii) the property sells for more than the credit bid, but less than the amount due under the mortgage?...

 

HTMLDower Rights are Abolished in Michigan
Scott A. Chernich; Foster, Swift, Collins & Smith, P.C.;
Legal Alert/Article
March 16, 2017, previously published on February 7, 2017
On December 28, 2016, Governor Rick Snyder signed into law Public Act 378 of 2016 (the “Act”), which abolishes all statutory or common law rights of dower in Michigan, except in the case of a widow whose husband dies before the Act’s effective date.

 

HTMLCalifornia Update: Amended Civil Code Section 1938 and New CASp Obligations for Commercial Landlords
Joseph M. Soliman; Mintz Levin Cohn Ferris Glovsky Popeo P.C.;
Legal Alert/Article
March 15, 2017, previously published on February 02, 2017
Last September, Governor Brown signed California Assembly Bill 2093 (“AB 2093”) which amended California Civil Code Section 1938 and created new obligations for commercial landlords.

 

HTMLMaryland Court of Appeals Provides New Defense to Summary Ejectment of Tenants
Aidan Smith Esquire; Pessin Katz Law P.A.;
Legal Alert/Article
March 14, 2017, previously published on January 24, 2017
In Wendy Cane v. EZ Rentals, No. 1, September Term 2016, decided November 29, 2016, the Maryland Court of Appeals (the “Court”), Maryland’s highest court, broke new ground in landlord-tenant law. Maryland law provides a residential tenant who experiences serious conditions or...

 

Adobe PDFSale-Leasebacks: Cash Out but Keep Control
Andrew A. Dean, Stephen E. Friedberg, Susan P. Phillips; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
Legal Alert/Article
March 13, 2017, previously published on January 17, 2017
Companies that purchase or ground-lease and develop property for their own use may want to consider monetizing those real estate assets through sale-leaseback.

 

HTMLBetter Late Than Never: Court's Delay in Ratifying Foreclosure Sale is Not Grounds for Abating Interest
Seth M. Rotenberg; Gordon Feinblatt LLC;
Legal Alert/Article
March 10, 2017, previously published on December 2016
In a typical foreclosure auction sale, the successful bidder pays a deposit at the time of the sale, and then pays interest on the balance of the purchase price from the date of sale to the date of settlement. After the sale, the trustee files a Report of Sale with the circuit court and the court...

 

HTMLIn Bankruptcy, a Claim Arises Even When a Cause of Action Does Not Exist
Lawrence D. Coppel; Gordon Feinblatt LLC;
Legal Alert/Article
March 10, 2017, previously published on December 2016
In In re Alder, No. 10-28229-JS, 2016 WL 5947220 (Bankr. D. Md. Oct. 13, 2016), the United States Bankruptcy Court for the District of Maryland ruled that a Chapter 7 debtor was discharged from his liability for contribution to a co-guarantor of a commercial lease even though the cause of action...

 

HTMLLandlord Barred from Enforcing Profit Sharing Provision in Bankruptcy
Lawrence D. Coppel; Gordon Feinblatt LLC;
Legal Alert/Article
March 10, 2017, previously published on December 2016
Most commercial landlords are aware that a lease requiring a landlord's consent to an assignment is unenforceable in a federal bankruptcy case. But is a provision requiring a tenant to share its profit on an assignment of a lease enforceable in bankruptcy?

 


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