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|The New Limited Liability Company Law in California: Will the LLC Structure Still Work for You?|
Jennifer Bojorquez, Krystle Gomez, Matthew C. So; Troutman Sanders LLP;
May 24, 2013, previously published on May 22, 2013In January 2014, the existing limited liability company act in California (the Beverly-Killea Limited Liability Company Act) will be repealed and superseded by the California Revised Uniform Limited Liability Company Act, popularly known as RULLCA. RULLCA was signed into law by Governor Jerry Brown...
|What Factors Establish the Lien Priority of a Refinanced Loan?|
Valerie L. Marciano; Jaburg & Wilk, P.C.;
May 22, 2013, previously published on Summer 2013The legal doctrine of “equitable subrogation” has recently become familiar to lenders who refinanced or will be refinancing existing loans secured by real property.
|CFPB Targets Service Provider in Real Estate Kickback Enforcement Action|
Jonathan L. Pompan; Venable LLP;
May 22, 2013, previously published on May 20, 2013The CFPB continues to use its enforcement power on service providers, including companies involved in advertising and marketing and lead generation
|Immediate Tax Deducts For Accrued Property Transfer Taxes|
Michael Rainer, Michael Rainer; GRP Rainer LLP;
May 22, 2013, previously published on May 22, 2013Whether real estate is being acquired entirely new in the context of property acquisition or if it was already in the partnership’s possession is an important fact.
|Ripeness Spoils Church's Efforts|
James W. Cushing; Law Office of Faye Riva Cohen, P.C.;
May 22, 2013, previously published by Upon Further Review on Spring 2013In the matter of Shenkel United Church of Christ v. North Coventry Township, 2009 WL 3806769, Shenkel United Church of Christ (“the Church”), has recently found its efforts to fight homelessness spoiled by the doctrine of ripeness.
In order to fulfill its Biblical mandate to care for...
|FINRA Issues New Guidance for Broker-Dealer Communications Regarding Real Estate Investments|
Timothy C. Foley, Amy Natterson Kroll, Michael R. Weissmann; Bingham McCutchen LLP;
May 22, 2013, previously published on May 20, 2013FINRA recently issued a regulatory notice (the “Notice”) providing guidance to its members (“members”) on communications with the public (“firm communications”) regarding unlisted real estate investment programs, specifically REITs and real estate direct...
|SCC Rules Roadblock an Abuse of Process Where Legal Remedies Not Exercised|
Laura M. Gill, E. Bruce Mellett; Weltman Weinberg Reis Co. L.P.A.;
May 21, 2013, previously published on May 16, 2013Last week, the Supreme Court of Canada released its decision in Behn v. Moulton Contracting Ltd., 2013 SCC 26. The case sets out some important principles that may be relevant for those who engage in operations in areas where Aboriginal or First Nations concerns could give rise to a risk of...
|Ohio Supreme Court Says Ohio Consumer Sales Practices Act Does Not Apply to Servicing of Residential Mortgage Loans|
Matthew G. Burg; Weltman, Weinberg & Reis Co., L.P.A.;
May 21, 2013, previously published on May 15, 2013Does the Ohio Consumer Sales Practices Act ("OCSPA") (codified in Chapter 1345 of the Revised Code) apply to servicers of residential mortgage loans? That was the question an Ohio federal district court asked the Ohio Supreme Court to determine. The answer - it does not. See Anderson...
|Keys to a Financeable Ground Lease|
Lamont R. Richardson; Parr Brown Gee & Loveless A Professional Corporation;
May 21, 2013, previously published on May 16, 2013I often receive questions about what constitutes a financeable ground lease. The answer is relatively simple - any ground lease that you can get financing on. Although this response is a little “tongue-in-check,” it’s not far from the truth. Different lenders focus on different...
|What Does “House” Mean in Government Leases? It All Depends on the Context, Says the Court of Final Appeal in Fully Profit.|
Fun Kuen Au, Pheona S. Y. Chow; Mayer Brown JSM;
May 21, 2013, previously published on May 20, 2013The Court of Final Appeal (“CFA”) handed down its long-awaited decision in Fully Profit (Asia) Limited vs. The Secretary for Justice for and on behalf of the Director of Lands (FACV 17/2012) on 13 May 2013. The appellant Fully Profit owns a site at Nam Kok Road, Kowloon City, comprising...