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    State or federal court when evicting a bankrupt tenant?
    2010-06-03

    Many landlords are very familiar with provisions of the United States Bankruptcy Code dealing with assumption and rejection of leases. However, the particular consequences of lease rejection may not be as well known. For example, once a lease is rejected or deemed to be rejected, a landlord may not know its rights with respect to regaining possession of the leased premises. A recent case from a Florida bankruptcy court shed some light on this issue when it held that after a debtor has rejected a lease, the tenant must surrender the premises to the landlord.

    Filed under:
    USA, Florida, Insolvency & Restructuring, Litigation, Real Estate, Dykema Gossett PLLC, Bankruptcy, Debtor, Landlord, Leasehold estate, Limited liability company, Vacated judgment, Trustee, United States bankruptcy court, Seventh Circuit
    Authors:
    Robert D. Nachman , Neil T. Neumark
    Location:
    USA
    Firm:
    Dykema Gossett PLLC
    Bankruptcy court's order denying a plan objection is not appealable
    2010-06-25

    IN RE: MCKINNEY (June 23, 2010)

    Filed under:
    USA, Illinois, Insolvency & Restructuring, Litigation, Real Estate, Tax, Kelley Drye & Warren LLP, Bankruptcy, Property tax, Debt, Deed, United States bankruptcy court
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Bankruptcy sale found insufficient to support assessment reduction
    2010-06-18

    Generally the best evidence of a property’s market value is a recent sale price, but that is not always the case. The First District Appellate Court recently ruled in Calumet Transfer LLC v.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Tax, Franczek Radelet PC, Bankruptcy, Property tax, Limited liability company, Foreclosure, Market value, Inflation
    Authors:
    Ares G. Dalianis , Scott R. Metcalf
    Location:
    USA
    Firm:
    Franczek Radelet PC
    No creditors' rights endorsement - alternatives
    2010-07-19

    Now that the American Land Title Association ("ALTA") has withdrawn the ALTA Form 21-06 Creditor's Rights Endorsement, what steps can a lender take to protect itself?

    To recap, the Creditors' Rights Endorsement provided protection against loss or damage sustained by the lender in the event that the lender's mortgage was set aside due to a fraudulent conveyance or preference under the U.S. Bankruptcy Code, state insolvency statutes or other creditor's rights laws.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Real Estate, Dinsmore & Shohl LLP, Bankruptcy, Surety, Debtor, Interest, Consideration, Mortgage loan, Underwriting, Refinancing
    Authors:
    Joanne M. Schreiner , Julie A. Schoepf
    Location:
    USA
    Firm:
    Dinsmore & Shohl LLP
    Taxbuyer's interest in property is not "perfected" under fraudulent transfer statute until deed is recorded
    2010-07-28

    SMITH v. SIPI, LLC (July 27, 2010)

    Filed under:
    USA, Illinois, Insolvency & Restructuring, Litigation, Real Estate, Tax, Kelley Drye & Warren LLP, Bankruptcy, Interest, Limited liability company, Deed, Remand (court procedure), Conveyancing, Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Illinois appeal courts affirm mortgagee's right to appointment of a receiver
    2010-08-06

    Introduction
    108 N State
    Olde Prairie case
    Comment


    Introduction

    Filed under:
    USA, Illinois, Banking, Insolvency & Restructuring, Litigation, Real Estate, Katten Muchin Rosenman LLP, Retail, Leasehold estate, Limited liability company, Mortgage loan, Foreclosure, Default (finance), Bank of America
    Authors:
    Kenneth M. Jacobson , Devan H. Popat
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    The use of receiverships for managing troubled assets
    2010-08-10

    Receiverships are becoming a popular tool for creditors to manage distressed real estate and to realize upon their collateral. Lenders are looking at receiverships as a faster and more efficient and cost effective strategy than forcing a debtor into bankruptcy. They offer the lender flexibility as opposed to well established procedures under bankruptcy. The current economy is also resulting in increased use of receiverships to complete unfinished buildings.  

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Real Estate, Saul Ewing LLP, Bankruptcy, Debtor, Collateral (finance), Limited liability company, Mortgage loan, Foreclosure, Legal burden of proof, Condominium, Liability insurance, Refinancing, Default (finance), Title insurance, Bank of America
    Authors:
    Samuel H. Levine
    Location:
    USA
    Firm:
    Saul Ewing LLP
    Landlords successful in obtaining stub rent as an administrative expense under Section 503
    2010-09-13

    In re Goody’s Family Clothing, Inc- F3d – 2010 WL 2671929 (3d Cir June 29, 2010)

    CASE SNAPSHOT

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Reed Smith LLP, Bankruptcy, Debtor, Landlord, Legal burden of proof, Exclusive right, Title 11 of the US Code, Third Circuit
    Authors:
    Derek J. Baker
    Location:
    USA
    Firm:
    Reed Smith LLP
    Landlord’s corner
    2010-09-13

    In this edition of the Landlord’s Corner, we review various cases that address the (i) rights of landlords to recover their property post-rejection, (ii) whether payments pursuant to a termination of lease agreement constitute preferential transfers and (iii) whether a lease could be retroactively rejected in the absence of a formal motion to reject.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Reed Smith LLP, Bankruptcy, Debtor, Landlord, Westlaw, Title 11 of the US Code, Trustee, United States bankruptcy court, First Circuit
    Authors:
    Derek J. Baker
    Location:
    USA
    Firm:
    Reed Smith LLP
    Third Circuit affirms Delaware Bankruptcy Court stub rent decision
    2010-10-22

    Bankruptcy Code § 365(d)(3) requires the trustee or the debtor in possession to "timely perform all the obligations of the debtor . . .arising from and after the order for relief under any unexpired lease of nonresidential real property, until such lease is assumed or rejected, notwithstanding section 503(b)(1)." In 2001 the Third Circuit construed this section to require the debtor to perform the lease in accordance with its terms. CenterPoint Properties v. Montgomery Ward Holding Corp. (In re Montgomery Ward Holding Corp.), 268 F.3d 205 (3d Cir. 2001).

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Real Estate, Fox Rothschild LLP, Retail, Debtor, Landlord, Federal Reporter, Debtor in possession, Title 11 of the US Code, Trustee, United States bankruptcy court, Third Circuit, First Circuit, Circuit court
    Location:
    USA
    Firm:
    Fox Rothschild LLP

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