- Introduction
On Feb. 29, 2012, a Michigan citizens’ group opposed to the State of Michigan’s emergency financial manager law (officially entitled “Local Government and School District Fiscal Accountability Act,” MCL §§ 141.1501 et seq. and referred to herein as the “Act”), filed petitions to place the issue of the Act’s rejection on the state ballot in November.
A proposed bill entitled the Nonrecourse Mortgage Loan Act and recently introduced to the Senate for the State of Michigan would regulate the use and enforceability of certain loan covenants in non-recourse commercial transactions. Presumably, the bill, Senate Bill No. 992 introduced on Feb. 29, 2012 and referred to the Committee on Economic Development, is in reaction to a recent decision of the Michigan Court of Appeals finding a guarantor liable for a deficiency claim notwithstanding the non-recourse nature of the loan. See Wells Fargo Bank, NA v. Cherryland Mall Ltd.
It is not uncommon for firms to use standard language in their account agreements that creates liens on Individual Retirement Accounts (IRAs). Two recent federal court decisions, however, suggest that granting such a lien on an IRA may constitute a prohibited transaction that causes these accounts to lose their tax exempt status, which in turn could potentially make IRAs subject to third-party creditor claims. These two decisions could have far-reaching implications for any firm that has used or still uses similar lien-creating language in their account agreements.
Taking the lead from its recent decision in In re River Road Hotel Partners,1 in In re River East Plaza, LLC,2 the Seventh Circuit held that a debtor cannot avoid the lien retention prong of Section 1129(b)(2)(A)(i)3 by transferring an undersecured creditor’s lien to substitute collateral as indubitable equivalence pursuant to Section 1129(b)(2)(A)(iii).
最高人民法院关于适用《中华人民共和国企业破产法》若干问题的规定（一）(09/09/2011)
Overview of Insolvency Rules and Restructuring Procedures Pursuant to Italian Bankruptcy Law
In re Caribbean Medical Testing Center, Inc. (Bankr. D. Puerto Rico) Case no. 11-06124
In re Hotel Airport Inc. (Bankr. D. Puerto Rico) Case no. 11-06620
In re GALP Highcross Limited Partnership (Bankr. S.D. Tex.) Case no. 11-36741
In re GALP Waters Limited Partnership (Bankr. S.D. Tex.) Case no. 11-36743
In re Culver Village, LLC (Bankr. C.D. Cal.) Case no. 11-46359