Summary
Introduction
In the case of Wagamon v. Dolan, C.A. No. 5594-VCG (Del. Ch. Apr. 20, 2012), the Court of Chancery reviewed Defendant William Krieg’s motion for summary judgment pursuant to Court of Chancery Rule 56. This dispute involves the winding up of a joint venture, Internet Working Technologies, Inc. (“INT”) owned by Allan Wagamon and David B.
The United States Bankruptcy Court for the Central District of Illinois recently held that an Illinois mortgage is subject to avoidance in bankruptcy pursuant to 11 U.S.C. § 544(a)(3) unless the mortgage contains among other things, (i) the amount of the debt, (ii) the maturity date of the debt, and (iii) the underlying interest rate. Richardson v. The Gifford State Bank (In re Crane), Adv. Pro. No. 11-9067 (Bankr. C.D. Ill.).
The proliferation of limited recourse financings popularized in the commercial mortgage backed securities (CMBS) loan market through the financial innovation of loan securitization may be in jeopardy following the decision of the Michigan Court of Appeals in Wells Fargo, N.A. vs. Cherryland Mall Limited Partnership.1 If the Michigan decision is widely followed, an array of unanticipated consequences may arise that could have profound effects on the debt capital markets generally and on single purpose entity (SPE) borrowers in particular.
Commercial, and sometimes residential, construction requires a contractor to obtain a surety bond to guarantee performance leading to the successful conclusion of a project. Upon that occasion, a general contractor will obtain a surety bond from an authorized underwriter.
Introduction
Introduction