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|Discussed with Examiners: Common Issues in Examinations|
Randall L. Harbour; Foster, Swift, Collins & Smith, P.C.;
September 1, 2014, previously published on August 26, 2014I recently had the opportunity to lead a discussion of prudential regulators and examiners at a meeting of the Banking Law Committee of the American Bar Association. Our topic was identifying the more frequent issues and problems they are seeing in their examinations of smaller financial...
|Financing the Creative|
Deanna Swisher; Foster, Swift, Collins & Smith, P.C.;
September 1, 2014, previously published on August 26, 2014It is time to turn around the phrase “creative financing” to consider financing the creative. Lansing Michigan’s newest incubator, The Runway, will open in August. At The Runway, ten fashion designers-in-residence will be learning how to get their creative ideas to market and move...
|Michigan Receivership Rules Get a Tune-Up|
Scott H. Hogan, Patricia J. Scott; Foster, Swift, Collins & Smith, P.C.;
September 1, 2014, previously published on August 26, 2014Effective May 1, 2014, the Michigan Supreme Court adopted new rules which significantly change how receiverships are administered. The changes to Michigan Court Rules 2.621 and 2.622 were made at the recommendation of the Receivership Committee of the Business Law Section of the State Bar of...
|Tenants, Trespassers and Squatters - New Michigan Laws Impact Landowners’ Rights Regarding those on, or with a Possessory Interest in, their Property|
Steven L. Owen; Foster, Swift, Collins & Smith, P.C.;
September 1, 2014, previously published on August 26, 2014Two bills were recently signed into law by Governor Snyder that impact the rights of real property owners in Michigan. House Bill No. 5335, now Public Act No. 226, codifies that a possessor of real property does not owe a duty of care to a trespasser and is not liable to a trespasser for physical...
|Should You Rely On The IRS’ Thoughts Today When Planning For Your Spouse’s Future?|
Michael D. Shelton; Smith Haughey Rice & Roegge, P.C.;
August 29, 2014, previously published on August 18, 2014For many people retirement assets such as Individual Retirement Accounts (IRA) make up the largest portion of their wealth. IRAs are the assets that you hope to consume during your retirement years. You and your spouse worked hard to save these assets and, in many cases, you probably consider them...
|Who Will Think of the Tenants: Split in Authority Regarding the Interplay Between Bankruptcy Code Sections 363(f) and 365(h)(1)(A)|
James H. Haithcock; Burr & Forman LLP;
August 29, 2014, previously published on August 25, 2014A useful tool granted to trustees (and debtors-in-possession) in bankruptcy is the ability to assume or reject leases. The trustee can exploit this power to the estate's economic advantage, either assuming or rejecting the lease, in an attempt to maximize the value of the estate. For the lessee of...
|Beyond the Rent Roll - Retail Lease Agreements|
Heather Sue Nason; Rogers Towers, P.A.;
August 28, 2014, previously published on August 19, 2014Commercial mortgage lenders of non-owner occupied property need to be adept at reviewing leases to protect themselves from risk. Although the rent roll is a useful tool, some lenders learned during the economic downturn that it was a mistake to rely solely on the rent roll for a picture of the...
|Is it a Covenant, a Condition or a Covenant and a Condition?-Why you need to Care.|
Stephen D. Richman; Kohrman Jackson & Krantz PLL;
August 27, 2014, previously published on August 25, 2014Real estate purchase and sale agreements typically contain covenants and conditions. They both start with “c” and are typically found in real estate agreements, but that is where the similarities end. A covenant is an agreement or promise to do or refrain from doing something. A...
|Mortgagees Face Increased Penalties for Failure to Remedy Municipal Violations on New Jersey Properties in Foreclosure|
Edward W. Chang, Francis X. Crowley, Kevin C. Rakowski, Wayne Streibich; Blank Rome LLP;
August 27, 2014, previously published on August 2014Effective July 14, 2014, New Jersey Assembly Bill A347 amended N.J.S.A. 46:10B-51, a statutory provision that allows municipalities to impose penalties on creditors for failure to remedy municipal ordinance violations.
|Covenant Limiting Development to One House per Lot Is Still In Effect and Had Not Been Waived|
Edward J. Levin; Gordon Feinblatt LLC;
August 27, 2014, previously published on August 2014The Court of Special Appeals recently held that homeowners could not build a second house on the land that they owned due to an 80 year old plat and a set of covenants despite their claims that the same issue had been resolved in prior litigation and that the homeowners association had waived the...