The New Jersey Appellate Court has recently ruled that a receiver can be sued for injuries sustained in a building under the receiver’s control. The case involved a dilapidated apartment building in Passaic and injuries sustained thirteen months after the receiver was appointed by judge overseeing the foreclosure case of the first mortgage holder. The receiver was charged with responsibility to collect rent; manage, insure and repair the premises; pay taxes and assessments; and “do all things necessary for the due care and proper management of the mortgaged premises.” Acco
The Fourth Circuit Court of Appeals recently ruled in the case of In Re: McCormick that a recorded North Carolina deed of trust indexed in a county’s grantor/grantee index may nevertheless be avoided by a trustee in bankruptcy if such county has elected a Parcel Identification Number (“PIN”) indexing system and the recorded deed of trust does not appear in such PIN index. This alert briefly describes the PIN system in North Carolina and the McCormick decision’s impact on the need for PINs in deeds of trust recorded in North Carolina counties that have adopted the PIN
The Commission brought an offering fraud action against two long time residential real estate businessmen, Thomas S. Mulholland and James C. Mulholland, Jr. The two defendants had been in the residential real estate business since the 1990s. By 2008 they had raised about $16 million from investors. Thomas and James Mulholland had about 300 properties and apartment building units.
In re Creekside Senior Apartments, LP, 2012 Fed App. 0008P (6th Cir. B.A.P. June 29, 2012)
CASE SNAPSHOT
In a case of first impression, the Sixth Circuit BAP held that, for purposes of valuing collateral under section 506(a) of the Bankruptcy Code, the availability of Low-Income Housing Tax Credits must be considered in valuing a creditor’s secured claim.
FACTUAL BACKGROUND
Commercial real estate foreclosures present a number of significant challenges to lenders, special servicers and their counsel that residential foreclosures do not. But residential foreclosures make up the vast majority of state courts’ foreclosure dockets, so the court system – including Judges and Master Commissioners – is often unfamiliar of the challenges associated with commercial foreclosures. This can result in delays, unnecessary expense and the associated frustration that invariably follows when a commercial real estate asset is tied up in Court.
Last week the Missouri Court of Appeals issued its opinion in Frontenac Bank v. T.R.
As the financial and housing markets headed toward freefall in September of 2008, an enterprising homeowner named Kyung Ha Chung applied for two loans, from two lenders, to be secured by two deeds of trust against her house. The problem was, she didn’t tell the two lenders about each other, and signed the two deeds of trust on the same day, before two different notaries.
How The Problem Arose: Document Batches Recorded Together