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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...
|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...
|Foreclosure Sale Ratified Despite Claim of an Offer Higher Than the Auction Price|
Edward J. Levin; Gordon Feinblatt LLC;
August 27, 2014, previously published on August 2014In Johnson v. Nadel, 94 A.3d 149 (Md. Ct. Spec. App. June 25, 2014), the Court of Special Appeals ratified a residential foreclosure sale notwithstanding the borrower’s contention that a third party offered to pay more than the foreclosing lender bid at the auction sale.
|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...
|Are HOAs Required To Accept Partial Payments On Delinquent Assessment Liens?|
Todd R. Howell; Tharpe & Howell;
August 27, 2014, previously published on August 20, 2014The Davis-Stirling Act governs HOA initiated judicial foreclosures against homeowners relative to outstanding lien assessments. In 2011, the Huntington Continental Town House Association recorded a delinquent lien assessment against one of its homeowners followed by the filing of a judicial...
|Consider Becoming a Mortgagee-In-Possession When Your Borrower with Income-Producing Property Defaults|
Edward J. Levin, Seth M. Rotenberg; Gordon Feinblatt LLC;
August 27, 2014, previously published on August 2014Lenders’ counsel typically take steps to prevent their clients from being deemed to be mortgagees-in-possession of distressed real property. However, under some circumstances it may be advantageous for a lender to become a mortgagee-in-possession.
|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.