This document summarizes mechanics' lien and construction trust fund laws. It discusses how these laws vary by state but generally aim to protect contractors, subcontractors, and suppliers by giving them liens on properties they worked on and making certain project funds held in trust. However, these laws can conflict with secured interests like mortgages and bank accounts. The document examines court cases that have addressed disputes in balancing these competing claims.
This document summarizes key bankruptcy concepts in the US legal system. It discusses the differences between Chapter 11 reorganization and Chapter 7 liquidation bankruptcy proceedings. It also outlines automatic stays on collection efforts, debtor-in-possession financing, treatment of pre-petition debts and supplier contracts, creditor remedies like set-off and critical vendor status, disclosure requirements, and involuntary bankruptcy petitions. The summary provides an overview of priority classifications and expected payment of different types of claims.
"Consummation" and Timing of Closed-End Disclosures under Securian's Single-S...NAFCU Services Corporation
One of the legal implications to consider when developing a blended, single-signature multi-featured lending plan is whether the closed-end Fed Box disclosures can be given timely under Reg Z and applicable state contract law. The answer is yes, they can. By providing the disclosures at the time of advance, prior to or with the disbursement of funds, credit unions satisfy the timing requirements under Reg Z and state law. This paper will explain in greater detail the legal definition of “consummation”, the state law interpreting it, and how it applies to blended multi-featured plans. For more info: www.nafcu.org/securian
The Bankruptcy Court ruled that certain secured obligations and associated liens incurred by Tousa and its subsidiaries to pay off a prior lender were avoidable as fraudulent conveyances. The District Court reversed this decision but the 11th Circuit Court of Appeals affirmed the Bankruptcy Court's original ruling, finding that the subsidiaries received no value from the payments and liens. The 11th Circuit held that the loan proceeds must be disgorged from the prior lender. This sets an important precedent that payments to creditors that simply delay bankruptcy without providing reasonably equivalent value can be considered fraudulent conveyances.
This document discusses asset-based financing as an alternative to traditional commercial real estate financing. It provides the following key points:
- Asset-based financing uses a borrower's existing assets as collateral rather than relying on appraisals or third-party reports, allowing loans to be approved more quickly, in as little as 3-5 days.
- Terms are based on the amount and type of assets pledged as collateral. This provides more flexibility than traditional loans, with options like interest-only payments or deferred payments.
- The greatest benefit is significantly higher loan-to-value ratios, up to 100% of the loan amount, reducing the borrower's upfront cash needs.
- Examples are
The document discusses the purposes and limitations of negative pledge clauses. It examines whether an automatic negative pledge clause constitutes a form of security, and analyzes potential remedies for breach of a negative pledge, including damages, injunction, and specific performance. Specifically:
1) A negative pledge aims to maintain equal treatment of unsecured creditors and prevent the granting of security to other lenders, but it does not restrict all unsecured debt. An automatic negative pledge operates as a floating charge that crystallizes upon the creation of prohibited security.
2) Damages are generally not an adequate remedy for breach of a negative pledge since they do not undermine the security granted to other lenders.
3) An injunction may be granted to
This document discusses asset securitization and the effect of insolvency on special purpose vehicles (SPVs) under US bankruptcy law. It explains that asset securitization involves transferring assets from an originator to an SPV, which then issues securities backed by the assets. This is done to isolate the assets from potential insolvency of the originator. The document outlines bankruptcy risks for lenders if assets are not securitized, and how securitization allows lower-cost financing. It also summarizes key bankruptcy concepts regarding SPVs, including that their bankruptcy remoteness relies on the legal concepts of true sale and substantive consolidation.
This presentation expalins the nuances of acquiring distressed debt secured by real estate or mezzanine debt secured by the ownership interests in an entity owning real property, including the process of foreclosure, intercreditor issues, and other key points.
The document discusses surety bonds and their shortcomings as security for contract performance. It notes that the world has increasingly rejected surety bonds in favor of independent financial assurances (IFAs) that provide for payment on first written demand. American businesses risk missing opportunities by ignoring these alternative instruments. The document then provides background on surety bonds and their dependency on proving a default in the underlying contract through litigation.
This document summarizes key bankruptcy concepts in the US legal system. It discusses the differences between Chapter 11 reorganization and Chapter 7 liquidation bankruptcy proceedings. It also outlines automatic stays on collection efforts, debtor-in-possession financing, treatment of pre-petition debts and supplier contracts, creditor remedies like set-off and critical vendor status, disclosure requirements, and involuntary bankruptcy petitions. The summary provides an overview of priority classifications and expected payment of different types of claims.
"Consummation" and Timing of Closed-End Disclosures under Securian's Single-S...NAFCU Services Corporation
One of the legal implications to consider when developing a blended, single-signature multi-featured lending plan is whether the closed-end Fed Box disclosures can be given timely under Reg Z and applicable state contract law. The answer is yes, they can. By providing the disclosures at the time of advance, prior to or with the disbursement of funds, credit unions satisfy the timing requirements under Reg Z and state law. This paper will explain in greater detail the legal definition of “consummation”, the state law interpreting it, and how it applies to blended multi-featured plans. For more info: www.nafcu.org/securian
The Bankruptcy Court ruled that certain secured obligations and associated liens incurred by Tousa and its subsidiaries to pay off a prior lender were avoidable as fraudulent conveyances. The District Court reversed this decision but the 11th Circuit Court of Appeals affirmed the Bankruptcy Court's original ruling, finding that the subsidiaries received no value from the payments and liens. The 11th Circuit held that the loan proceeds must be disgorged from the prior lender. This sets an important precedent that payments to creditors that simply delay bankruptcy without providing reasonably equivalent value can be considered fraudulent conveyances.
This document discusses asset-based financing as an alternative to traditional commercial real estate financing. It provides the following key points:
- Asset-based financing uses a borrower's existing assets as collateral rather than relying on appraisals or third-party reports, allowing loans to be approved more quickly, in as little as 3-5 days.
- Terms are based on the amount and type of assets pledged as collateral. This provides more flexibility than traditional loans, with options like interest-only payments or deferred payments.
- The greatest benefit is significantly higher loan-to-value ratios, up to 100% of the loan amount, reducing the borrower's upfront cash needs.
- Examples are
The document discusses the purposes and limitations of negative pledge clauses. It examines whether an automatic negative pledge clause constitutes a form of security, and analyzes potential remedies for breach of a negative pledge, including damages, injunction, and specific performance. Specifically:
1) A negative pledge aims to maintain equal treatment of unsecured creditors and prevent the granting of security to other lenders, but it does not restrict all unsecured debt. An automatic negative pledge operates as a floating charge that crystallizes upon the creation of prohibited security.
2) Damages are generally not an adequate remedy for breach of a negative pledge since they do not undermine the security granted to other lenders.
3) An injunction may be granted to
This document discusses asset securitization and the effect of insolvency on special purpose vehicles (SPVs) under US bankruptcy law. It explains that asset securitization involves transferring assets from an originator to an SPV, which then issues securities backed by the assets. This is done to isolate the assets from potential insolvency of the originator. The document outlines bankruptcy risks for lenders if assets are not securitized, and how securitization allows lower-cost financing. It also summarizes key bankruptcy concepts regarding SPVs, including that their bankruptcy remoteness relies on the legal concepts of true sale and substantive consolidation.
This presentation expalins the nuances of acquiring distressed debt secured by real estate or mezzanine debt secured by the ownership interests in an entity owning real property, including the process of foreclosure, intercreditor issues, and other key points.
The document discusses surety bonds and their shortcomings as security for contract performance. It notes that the world has increasingly rejected surety bonds in favor of independent financial assurances (IFAs) that provide for payment on first written demand. American businesses risk missing opportunities by ignoring these alternative instruments. The document then provides background on surety bonds and their dependency on proving a default in the underlying contract through litigation.
The document discusses key elements and considerations regarding loan guarantees. It begins by noting the increased speed and standardization of lending transactions today compared to the past. It then discusses how loan guarantees are subject to statutes of frauds requiring written evidence, and how standard loan document terms can potentially conflict with separate guarantee agreements. The document aims to remind lawyers of important guarantee provisions, such as the parties, recitals describing the purpose and consideration, the guaranteed obligations, notice and demand requirements, and other clauses.
This document provides an executive summary of key bankruptcy concepts for creditors in business insolvencies under Chapter 11. It discusses first day motions, the automatic stay, debtor in possession financing, critical vendor motions, administrative claims including the 20-day priority claim, reclamation rights, setoff/recoupment, and disclosure requirements. The summary focuses on outlining creditor remedies and priority status within Chapter 11 bankruptcy proceedings.
The document discusses two potential routes - payment bonds and construction liens - that motor carriers in Florida transporting materials for construction projects can utilize to improve their chances of getting paid if the contractor defaults on payment. It provides an example case where a motor carrier was able to recover unpaid fees through a payment bond and summarizes the requirements to make claims against payment bonds or file construction liens under Florida law. The article suggests these mechanisms give motor carriers added protections compared to other types of hauling.
The document discusses mezzanine lending transactions and foreclosure on equity interests in real estate deals. It provides an overview of mezzanine lending, explaining that it involves lending secured by ownership interests in the entity that owns the underlying real property, rather than a direct lien on the property. The document then covers various aspects of perfecting security interests in equity collateral and the interplay between the Uniform Commercial Code (UCC) and foreclosure processes.
Defending Against Bankruptcy Avoidance Actions (Series: Complex Financial Lit...Financial Poise
In the event of a bankruptcy, the debtor or trustee may opt to take legal action in order to recover money or property that was transferred by the debtor prior to going bankrupt. These actions, whereby such transfers are effectively reversed, are referred to as “avoidance actions.” In this webinar, the expert panel discusses the applicable provisions of the Bankruptcy Code, common avoidance actions, and key considerations when planning for and defending against these actions.
To listen to this webinar on-demand, go to: https://www.financialpoise.com/financial-poise-webinars/defending-against-bankruptcy-avoidance-actions-2020/
The Mexican Trust, also known as a fideicomiso, is a commercial contract governed by Mexico's general law of credit instruments and operations. It typically involves three parties: a trustor who transfers assets to a trustee to hold and manage in accordance with the trust's purposes. While the trustee holds legal title to the assets, they are meant to benefit the beneficiary. Trusts are created for specific purposes and trustees must act within the bounds of those purposes. Common uses of trusts in Mexico include land trusts for foreign real estate ownership, administrative trusts for estate planning and asset management, and guaranty trusts for securing loans. Overall, trusts provide flexibility for various personal and business purposes in Mexico.
Lead managers in syndicated loans can be held liable for negligent misstatement under the tort of negligence. For a lender to succeed, they must prove that the lead bank provided influential information about the borrower that was later proven inaccurate or misleading. There are two main tests for establishing a duty of care: 1) whether the defendant voluntarily assumed responsibility for the information and 2) the threefold test of foreseeability of loss, proximity of relationship, and fairness of imposing liability. Disclaimers and contractual clauses seeking to prevent duties of care can limit liability, but specific inquiries that elicit a response may extend the scope of duty.
The negative pledge clause is a standard covenant in international loan agreements where the borrower agrees not to grant security to other lenders that would have priority over the initial lender. There are two main types: a basic negative pledge and an affirmative/quasi-security negative pledge. While the basic pledge is generally ineffective if breached, the affirmative pledge aims to automatically grant equal security to the initial lender if a prohibited security is given to another. However, the affirmative pledge faces issues regarding consideration, registration requirements, and priority that challenge its enforceability. Nonetheless, the negative pledge still provides some protection for lenders through triggering other clauses if breached.
Indemnity Provisions In Energy Agreementskenwbullock2
This document provides an overview of indemnity provisions and allocation of risk in energy agreements under Texas, Louisiana, and maritime law. It discusses the basic structure of indemnity provisions, including narrow, intermediate, and broad forms. It also outlines requirements for enforcing provisions requiring indemnification for an indemnitee's own negligence, such as the express negligence doctrine and conspicuity requirements under Texas law. The document provides a brief survey of indemnity law in Texas, Louisiana, and under maritime law. It also discusses the applicability of the Outer Continental Shelf Lands Act and statutory limitations on indemnity provisions.
200 club presentation dec 2010 financial reformGo2Training
The document summarizes a webinar discussing opportunities under the 112th Congress to influence new policy regarding the mortgage industry. It outlines goals to amend Dodd-Frank regulations regarding loan originator compensation, appraisal independence, the merged TILA/RESPA disclosure form, and liability provisions. It also discusses providing comments to the Fed regarding its interim final rule implementing Dodd-Frank appraisal reforms and its loan originator compensation rule.
What Lenders And Lawyers Need To Know About Iclguest96b99d
This document discusses insured closing letters (ICLs) and how they protect lenders against losses due to errors by closing attorneys. It provides details on:
1) What is covered by an ICL, including attorney errors regarding title status, lien validity/priority, obtaining required documents, collecting funds, and fraud/dishonesty.
2) What is not covered, such as failure to comply with instructions requiring inconsistent title insurance.
3) How to preserve ICL coverage, including using the same title insurer on all documents and collecting the insurance premium.
4) Types of errors covered, like failing to follow written instructions, losing security/priority position, defalcating funds, or failing
This document summarizes a presentation by Terry W. Clemans on rapid rescoring and compliance infractions. The presentation discusses (1) new conflicts between various financial regulations regarding loan originator compensation and the rescoring of mortgages, (2) definitions of compensation under the relevant rules, and (3) issues with the Credit Repair Organization Act's prohibition of upfront fees for credit services that could restrict how rescoring fees are charged. The presentation seeks answers to compliance challenges but notes more legislative or regulatory action may be needed to resolve conflicts between the rules.
The document discusses bank confidentiality and the duty of secrecy that banks have regarding their customers' financial information. There are generally four exceptions where banks can disclose customer information: (1) when required by law, (2) when there is a public duty to disclose, (3) when the bank's own interests require disclosure such as in litigation, and (4) with the customer's express or implied consent. The duty of secrecy arises from the confidential nature of the banker-customer relationship but can be overridden in certain defined circumstances where disclosure is deemed necessary or permitted. Courts must exercise discretion carefully when requiring banks to disclose information.
1) AMEX is not liable for damages because no contractual obligation existed between it and the credit card holder until AMEX approved the purchase request. Using a credit card to pay is merely an offer to enter a loan agreement, which only becomes binding once approved.
2) The case involved a large diamond purchase by a credit card holder on a European tour. It took AMEX 78 minutes to approve the purchase, causing the tour group to miss their departure time and become irritated.
3) The court distinguished the membership agreement providing credit from the actual loan agreement, which only arises after purchase approval. No breach of contract occurred as no binding loan agreement existed until after approval.
The document discusses the differences between a fixed charge receiver and a Law of Property Act 1925 receiver. A fixed charge receiver is appointed by the lender under the terms of a mortgage deed and acts as an agent for the borrower, while an LPA receiver is appointed under the limited powers granted in the LPA 1925. The fixed charge receiver is responsible for managing and selling the property to repay the lender, but also has residual duties to the borrower such as achieving the best sale price. The document outlines the receiver appointment process and responsibilities in recovering the secured asset for the lender.
Mandatory subordination under the bankruptcy codeDavid S. Kupetz
This document discusses the case of O'Donnell v. Tristar Esperanza Properties, LLC (In re Tristar Experanza Properties, LLC) regarding mandatory subordination under Section 510(b) of the Bankruptcy Code. In Tristar, the Bankruptcy Appellate Panel for the Ninth Circuit concluded that Section 510(b) requires subordination of a claim arising from a member's withdrawal from an LLC, which triggered a buyback of the membership interest. The panel found that the interest in the LLC constituted a "security" and that the arbitration award for damages qualified as a claim for "damages" under Section 510(b).
Claims serviceletter 6 security for claimslucien_lesuis
The document discusses two topics related to security for maritime claims:
1) An amendment to the InterClub Agreement 1996 that allows a party providing security for an original cargo claim to obtain counter-security from charterers on a reciprocal basis. This addresses an issue where charterers were not previously required to provide security until a claim was settled.
2) "Rule B attachments" in US courts, which allow attachment of a defendant's assets without notice. From 2002-2009, electronic funds transfers (EFTs) passing through US banks could be attached, but this was overturned and EFT attachments are no longer permitted. Rule B attachments of vessels, bunkers, cargo and bank accounts are still allowed.
1) Construction contracts often require subcontractors to provide insurance naming the general contractor as an additional insured. However, determining what qualifies the general contractor for coverage as an additional insured has been an ongoing legal battle. 2) In this case, the New York Court of Appeals ruled that for a general contractor to be covered as an additional insured, the accident or loss does not need to be due to the named subcontractor's negligence, but rather only needs to arise out of the subcontractor's operations. 3) However, in this specific case, the general contractor conceded the subcontractor was not negligent, removing the only possible link between the subcontractor's work and the accident,
The document discusses key elements and considerations regarding loan guarantees. It begins by noting the increased speed and standardization of lending transactions today compared to the past. It then discusses how loan guarantees are subject to statutes of frauds requiring written evidence, and how standard loan document terms can potentially conflict with separate guarantee agreements. The document aims to remind lawyers of important guarantee provisions, such as the parties, recitals describing the purpose and consideration, the guaranteed obligations, notice and demand requirements, and other clauses.
This document provides an executive summary of key bankruptcy concepts for creditors in business insolvencies under Chapter 11. It discusses first day motions, the automatic stay, debtor in possession financing, critical vendor motions, administrative claims including the 20-day priority claim, reclamation rights, setoff/recoupment, and disclosure requirements. The summary focuses on outlining creditor remedies and priority status within Chapter 11 bankruptcy proceedings.
The document discusses two potential routes - payment bonds and construction liens - that motor carriers in Florida transporting materials for construction projects can utilize to improve their chances of getting paid if the contractor defaults on payment. It provides an example case where a motor carrier was able to recover unpaid fees through a payment bond and summarizes the requirements to make claims against payment bonds or file construction liens under Florida law. The article suggests these mechanisms give motor carriers added protections compared to other types of hauling.
The document discusses mezzanine lending transactions and foreclosure on equity interests in real estate deals. It provides an overview of mezzanine lending, explaining that it involves lending secured by ownership interests in the entity that owns the underlying real property, rather than a direct lien on the property. The document then covers various aspects of perfecting security interests in equity collateral and the interplay between the Uniform Commercial Code (UCC) and foreclosure processes.
Defending Against Bankruptcy Avoidance Actions (Series: Complex Financial Lit...Financial Poise
In the event of a bankruptcy, the debtor or trustee may opt to take legal action in order to recover money or property that was transferred by the debtor prior to going bankrupt. These actions, whereby such transfers are effectively reversed, are referred to as “avoidance actions.” In this webinar, the expert panel discusses the applicable provisions of the Bankruptcy Code, common avoidance actions, and key considerations when planning for and defending against these actions.
To listen to this webinar on-demand, go to: https://www.financialpoise.com/financial-poise-webinars/defending-against-bankruptcy-avoidance-actions-2020/
The Mexican Trust, also known as a fideicomiso, is a commercial contract governed by Mexico's general law of credit instruments and operations. It typically involves three parties: a trustor who transfers assets to a trustee to hold and manage in accordance with the trust's purposes. While the trustee holds legal title to the assets, they are meant to benefit the beneficiary. Trusts are created for specific purposes and trustees must act within the bounds of those purposes. Common uses of trusts in Mexico include land trusts for foreign real estate ownership, administrative trusts for estate planning and asset management, and guaranty trusts for securing loans. Overall, trusts provide flexibility for various personal and business purposes in Mexico.
Lead managers in syndicated loans can be held liable for negligent misstatement under the tort of negligence. For a lender to succeed, they must prove that the lead bank provided influential information about the borrower that was later proven inaccurate or misleading. There are two main tests for establishing a duty of care: 1) whether the defendant voluntarily assumed responsibility for the information and 2) the threefold test of foreseeability of loss, proximity of relationship, and fairness of imposing liability. Disclaimers and contractual clauses seeking to prevent duties of care can limit liability, but specific inquiries that elicit a response may extend the scope of duty.
The negative pledge clause is a standard covenant in international loan agreements where the borrower agrees not to grant security to other lenders that would have priority over the initial lender. There are two main types: a basic negative pledge and an affirmative/quasi-security negative pledge. While the basic pledge is generally ineffective if breached, the affirmative pledge aims to automatically grant equal security to the initial lender if a prohibited security is given to another. However, the affirmative pledge faces issues regarding consideration, registration requirements, and priority that challenge its enforceability. Nonetheless, the negative pledge still provides some protection for lenders through triggering other clauses if breached.
Indemnity Provisions In Energy Agreementskenwbullock2
This document provides an overview of indemnity provisions and allocation of risk in energy agreements under Texas, Louisiana, and maritime law. It discusses the basic structure of indemnity provisions, including narrow, intermediate, and broad forms. It also outlines requirements for enforcing provisions requiring indemnification for an indemnitee's own negligence, such as the express negligence doctrine and conspicuity requirements under Texas law. The document provides a brief survey of indemnity law in Texas, Louisiana, and under maritime law. It also discusses the applicability of the Outer Continental Shelf Lands Act and statutory limitations on indemnity provisions.
200 club presentation dec 2010 financial reformGo2Training
The document summarizes a webinar discussing opportunities under the 112th Congress to influence new policy regarding the mortgage industry. It outlines goals to amend Dodd-Frank regulations regarding loan originator compensation, appraisal independence, the merged TILA/RESPA disclosure form, and liability provisions. It also discusses providing comments to the Fed regarding its interim final rule implementing Dodd-Frank appraisal reforms and its loan originator compensation rule.
What Lenders And Lawyers Need To Know About Iclguest96b99d
This document discusses insured closing letters (ICLs) and how they protect lenders against losses due to errors by closing attorneys. It provides details on:
1) What is covered by an ICL, including attorney errors regarding title status, lien validity/priority, obtaining required documents, collecting funds, and fraud/dishonesty.
2) What is not covered, such as failure to comply with instructions requiring inconsistent title insurance.
3) How to preserve ICL coverage, including using the same title insurer on all documents and collecting the insurance premium.
4) Types of errors covered, like failing to follow written instructions, losing security/priority position, defalcating funds, or failing
This document summarizes a presentation by Terry W. Clemans on rapid rescoring and compliance infractions. The presentation discusses (1) new conflicts between various financial regulations regarding loan originator compensation and the rescoring of mortgages, (2) definitions of compensation under the relevant rules, and (3) issues with the Credit Repair Organization Act's prohibition of upfront fees for credit services that could restrict how rescoring fees are charged. The presentation seeks answers to compliance challenges but notes more legislative or regulatory action may be needed to resolve conflicts between the rules.
The document discusses bank confidentiality and the duty of secrecy that banks have regarding their customers' financial information. There are generally four exceptions where banks can disclose customer information: (1) when required by law, (2) when there is a public duty to disclose, (3) when the bank's own interests require disclosure such as in litigation, and (4) with the customer's express or implied consent. The duty of secrecy arises from the confidential nature of the banker-customer relationship but can be overridden in certain defined circumstances where disclosure is deemed necessary or permitted. Courts must exercise discretion carefully when requiring banks to disclose information.
1) AMEX is not liable for damages because no contractual obligation existed between it and the credit card holder until AMEX approved the purchase request. Using a credit card to pay is merely an offer to enter a loan agreement, which only becomes binding once approved.
2) The case involved a large diamond purchase by a credit card holder on a European tour. It took AMEX 78 minutes to approve the purchase, causing the tour group to miss their departure time and become irritated.
3) The court distinguished the membership agreement providing credit from the actual loan agreement, which only arises after purchase approval. No breach of contract occurred as no binding loan agreement existed until after approval.
The document discusses the differences between a fixed charge receiver and a Law of Property Act 1925 receiver. A fixed charge receiver is appointed by the lender under the terms of a mortgage deed and acts as an agent for the borrower, while an LPA receiver is appointed under the limited powers granted in the LPA 1925. The fixed charge receiver is responsible for managing and selling the property to repay the lender, but also has residual duties to the borrower such as achieving the best sale price. The document outlines the receiver appointment process and responsibilities in recovering the secured asset for the lender.
Mandatory subordination under the bankruptcy codeDavid S. Kupetz
This document discusses the case of O'Donnell v. Tristar Esperanza Properties, LLC (In re Tristar Experanza Properties, LLC) regarding mandatory subordination under Section 510(b) of the Bankruptcy Code. In Tristar, the Bankruptcy Appellate Panel for the Ninth Circuit concluded that Section 510(b) requires subordination of a claim arising from a member's withdrawal from an LLC, which triggered a buyback of the membership interest. The panel found that the interest in the LLC constituted a "security" and that the arbitration award for damages qualified as a claim for "damages" under Section 510(b).
Claims serviceletter 6 security for claimslucien_lesuis
The document discusses two topics related to security for maritime claims:
1) An amendment to the InterClub Agreement 1996 that allows a party providing security for an original cargo claim to obtain counter-security from charterers on a reciprocal basis. This addresses an issue where charterers were not previously required to provide security until a claim was settled.
2) "Rule B attachments" in US courts, which allow attachment of a defendant's assets without notice. From 2002-2009, electronic funds transfers (EFTs) passing through US banks could be attached, but this was overturned and EFT attachments are no longer permitted. Rule B attachments of vessels, bunkers, cargo and bank accounts are still allowed.
1) Construction contracts often require subcontractors to provide insurance naming the general contractor as an additional insured. However, determining what qualifies the general contractor for coverage as an additional insured has been an ongoing legal battle. 2) In this case, the New York Court of Appeals ruled that for a general contractor to be covered as an additional insured, the accident or loss does not need to be due to the named subcontractor's negligence, but rather only needs to arise out of the subcontractor's operations. 3) However, in this specific case, the general contractor conceded the subcontractor was not negligent, removing the only possible link between the subcontractor's work and the accident,
This document provides an overview of common mistakes that lenders make regarding insurance. It discusses the importance of understanding insurance contracts and coverage details. Key points include: defining covered losses and determining how insurance proceeds will be used; ensuring sufficient coverage amounts and resolving valuation issues; avoiding assumptions that insurance proceeds substitute for lost collateral; and properly structuring additional insured endorsements and bonds. The document emphasizes the need for lenders to thoroughly read policies and endorsements to fully understand risk allocation and obligations.
This document provides an overview of common mistakes that lenders make regarding insurance. It discusses the importance of understanding insurance contracts and coverage details. Key points include: defining covered losses and determining how insurance proceeds will be used; ensuring sufficient coverage amounts and resolving valuation issues; avoiding assumptions that insurance proceeds replace lost collateral; and properly naming additional insureds and beneficiaries on bonds. Reading the full policy and understanding exclusions, limitations, and obligations is emphasized.
This document provides an overview of various types of commercial insurance policies and concepts, including:
- Commercial Package Policies that bundle various coverage parts like general liability, property, and business income.
- The distinction between first-party insurance that pays the policyholder, and third-party insurance that pays others.
- The importance of reading the policy (RTFP) to understand what is and isn't covered, including any sub-limits or exclusions.
- Differences between excess policies, umbrellas, towers of coverage, and how policies may follow-form or have standalone terms.
- Concepts of self-insurance, large deductible plans, captives, reinsurance, fronting
- Inland Marine insurance covers property that is movable or at risk of loss during transport, such as goods in transit, construction materials, fine art collections, and equipment used at various job sites. It provides both property coverage and business interruption coverage.
- Business interruption coverage pays for lost income and extra expenses if business operations are suspended due to direct physical damage to covered property. What constitutes physical damage and triggering events is often disputed.
- Inland Marine policies use broader language than standard property policies and typically cover all risks unless specifically excluded. They can cover loss of income even when insured property is not physically damaged.
Evelyn Naranjo espera tener éxito tanto en su vida profesional como personal en el futuro. Profesionalmente, aspira a ser productiva para la sociedad con valores morales e intelectuales. Personalmente, desea mantener una buena actitud hacia la vida tomando en cuenta valores morales. Financieramente, le gustaría establecer una fuente de ingresos adicional como una tienda de calzado. Familiarmente, desea ver a sus padres sanos y poder apoyarlos económicamente, además de ser un ejemplo para sus hermanas.
1) A subcontractor was unpaid for road patching work it performed for Con Edison under a contract. It filed liens and sued Con Edison along with other parties.
2) The case involves complex issues around public improvement liens under New York's Lien Law, including questions around whether the work constituted a public or private improvement and whether valid liens were filed.
3) While the liens themselves may not be valid, the plaintiffs can still potentially recover against Con Edison through trust fund provisions of the Lien Law since Con Edison received project funds and commenced an interpleader proceeding.
We all know how important it is to make the design team coordinate the drawings. But when was the last time that the lawyer coordinated his contract terms with the architect's general requirements? Does anyone really know how the insurance program works? Is it correctly reflected in the contracts? The contract should be coordinated if you wish to avoid ambiguous documents and unnecessary claims.
Greening your business is pretty but it may be poisonousKevin Connolly
This document discusses the growth of green building initiatives and standards like LEED. It notes that while LEED certification has become prominent, the process of achieving certification can be complex, with many choices around which standard and requirements to follow. This complexity is compounded for public projects that must also meet procurement requirements. The document also discusses risks like failure to achieve certification and emerging policies around reducing carbon emissions that will require upgrades to existing buildings.
Kevin Connolly is a partner at Anderson Kill who focuses on insurance recovery litigation and counseling. He discusses how the insurance industry has changed in recent years, with more disputes arising from policies that are more complex. Connolly also notes how the current economic climate has led to more litigation as companies seek to maximize their insurance coverage. Further, he explains how Anderson Kill differentiates itself from competitors by taking cases on a contingency basis and being willing to advance litigation costs for clients.
1) A subcontractor was unpaid for road patching work it performed for Con Edison under a contract. It filed liens and sued Con Edison along with other parties.
2) The case involves complex issues around public improvement liens under New York's Lien Law, including questions around whether the work constituted a public or private improvement and whether valid liens were filed.
3) While the liens themselves may not be valid, the plaintiffs can still potentially recover against Con Edison through trust fund provisions of the Lien Law, as Con Edison received payments for the work and represented that funds would be held in trust for subcontractors.
The document provides an overview of commercial property insurance. It discusses key concepts like the insuring clause, covered property, excluded property, amounts payable, and extensions/additional coverages. Specifically, it explains that property insurance covers direct physical loss or damage to covered property like buildings, business personal property, and personal property of others located at scheduled premises. It also outlines common limits, deductibles, valuation methods, and additional coverages provided.
O documento é uma música de Natal que deseja um Feliz Natal e um Próspero Ano Novo para todos, independentemente de raça, cor ou condição social. A música reflete sobre o ano que passou e expressa esperança de que o novo ano seja bom e sem medo ou guerras. No final, convida as pessoas a pararem com todas as guerras.
The document discusses efficient tax strategies and structures for investment portfolios. It notes that different investment structures have very different tax implications and influence how portfolios are managed. The presentation focuses on how structures affect factors like governance, fees, ability to exit investments, and more. It also provides a summary of different common investment structures like individual managed accounts, separately managed accounts, ETFs, investment trusts, and managed funds in terms of their tax efficiency and features. The discussion panel then introduces speakers from Russell Investments, First Samuel, KPMG, and Private Portfolio Managers to discuss these topics further.
This document discusses the complex landscape of digital marketing and the need for an integrated approach. It notes the ineffectiveness of many current campaigns, inconsistent execution, and low efficiency. It proposes a service management approach with collaborative supply-demand model to realize faster growth, leverage successes across markets/brands, and lower costs through standardization, common tools/processes, and transparency. This would provide an end-to-end digital solution through client management, innovations, and knowledge management to chart an adaptive course for customer engagement.
This document discusses notes (natural orifice transluminal endoscopic surgery) bariatrics. It summarizes a study of 21 patients who underwent either transvaginal sleeve gastrectomy or transoral extraction of the remnant stomach. Key results include:
- Average stomach volume extracted was 470cc.
- Average OR time was shorter for TORE at 91 minutes compared to 135 minutes for transvaginal.
- There were no post-operative complications.
- Weight loss at 6 months and 1 year was identical to traditional laparoscopic sleeve gastrectomy.
- Transvaginal and TORE approaches are concluded to be viable options for sleeve gastrectomy.
This document summarizes a recent court case that applied fraudulent conveyance statutes to a pre-bankruptcy sale of assets. In the Crown Stock Distribution case, the debtor sold all its assets to a new company (Newco) financed by a bank loan, then defaulted on the notes and filed for bankruptcy. The court ruled the sale was a fraudulent conveyance, as the debtor received inadequate value and was left with too much debt to avoid bankruptcy. The trustee was entitled to recover cash payments made to shareholders from the sale. The case shows unsecured creditors using legal theories to assert claims against third parties to recover funds for creditors.
The document discusses mezzanine lending transactions and foreclosure on equity interests in real estate deals. It provides an overview of mezzanine lending, explaining that it involves lending secured by ownership interests in the entity that owns the underlying real property, rather than a direct lien on the property. The document then covers various aspects of perfecting security interests in equity collateral and foreclosing on mezzanine loans, including requirements for control and protected purchaser status under the UCC to ensure priority rights over other creditors.
This document analyzes the legal mechanisms that allow creditors to potentially receive a "double-dip" recovery in bankruptcy through asserting claims against both a guarantor entity and primary obligor entity for the same debt. It describes how a creditor can receive an allowed claim for the full amount owed against each debtor. It also explains how bankruptcy law treats intercompany claims and claims for reimbursement in a way that prevents offsetting of recoveries, allowing the creditor to potentially recover more than the amount owed from multiple entities. However, it notes there are risks like substantive consolidation that could eliminate this result.
PowerPoint Presentation - Mezzanine Finance.PPTXBrooks S. Clark
Mezzanine financing involves a loan from a mezzanine lender to the corporate entity that owns the mortgage borrower. The mezzanine loan is secured by a pledge of the ownership interests in the mortgage borrower. Typically, the mortgage borrower will be a single purpose LLC owned by another single purpose LLC that is the mezzanine borrower. The mezzanine loan documents include a loan agreement, pledge and security agreement, and intercreditor agreement between the mezzanine and mortgage lenders governing their relationship and priorities. The mezzanine lender perfects its security interest through UCC filing and taking possession of the ownership interests in the mortgage borrower.
The Uniform Commercial Code (“UCC”) is a uniform act that was established to harmonize the laws of sales and commercial transactions. It has been substantially adopted in all 50 states and the District of Columbia. The UCC is divided into 11 Articles with each one addressing a different area of commercial law. Article 9 governs security interests in personal property and contains detailed rules regarding the creation, attachment, and perfection of security interests; the relative priorities of competing security interests; and remedies available to a creditor upon a borrower's default. The navigation of the debtor-creditor relationship is at the heart of any bankruptcy proceeding. This webinar examines some of the key issues involving the interaction between a debtor and its secured creditors both before and after the filing of a bankruptcy, including the pre-bankruptcy perfection and priority of security interests, the post-bankruptcy protection of a secured creditor’s rights in a debtor’s collateral, and the options available for the parties to address and administer such collateral in the context of a bankruptcy proceeding.
Part of the webinar series: BANKRUPTCY INTERSECTIONS 2022
See more at https://www.financialpoise.com/webinars/
ACTEC Journal - Practical Guidance For Trustee Risk Managementlwolven
This document discusses the increasing risks and responsibilities faced by trustees. It notes that fiduciary litigation is on the rise as beneficiaries more frequently seek legal recourse for perceived wrongs. Even attorneys well-versed in fiduciary law are sometimes hesitant to take on trustee roles given the liability risks. The document outlines the duties and standards required of trustees, including acting with ordinary prudence. It also discusses scenarios where trustees can face liability, such as for environmental contamination on trust property or failing to identify imprudent investments.
The settlement will provide $25 billion in relief to homeowners and penalties for banks. It represents the largest financial recovery by state attorneys general. Hundreds of thousands of homeowners will receive assistance to stay in their homes or funds if they were improperly foreclosed on. The settlement also mandates extensive reforms to mortgage servicing standards and practices.
The settlement will provide $25 billion in monetary sanctions and relief to address foreclosure misconduct by five major banks. This includes $17 billion to help hundreds of thousands of homeowners stay in their homes through loan modifications and other assistance programs. It also establishes comprehensive mortgage servicing reforms and oversight to prevent improper foreclosure practices like robo-signing going forward.
This document discusses conditions precedent, representations, and warranties that are standard clauses in syndicated loan agreements. Conditions precedent are requirements that must be met before a borrower can draw down loan funds, such as providing documents showing authorization and financial ability. Representations and warranties provide contractual remedies if statements made about the borrower's legal/financial position are untrue. Both conditions precedent and representations/warranties aim to ensure everything is in order before funds are lent and allow calling back the loan if issues arise.
This document provides an overview of corporate finance topics including debentures, charges, capital maintenance, and reduction of capital under company law. It begins by defining debt financing methods companies use to raise capital, such as debentures. It distinguishes between fixed and floating charges on company assets and examines rules regarding priority among charges. The document also discusses the principle of capital maintenance and permissible methods for reducing share capital, including court approval and protecting creditors. Key concepts covered include the definitions and characteristics of debentures, debenture holders, fixed charges, floating charges, and capital reduction.
This document summarizes requests regarding federal policy concerns with regulations implementing the Dodd-Frank Act. It seeks to: 1) ensure regulations do not require fixed loan origination prices; 2) preserve consumer options to pay origination fees upfront or through interest rates; 3) amend ability-to-repay and safe harbor provisions to protect borrowers; 4) ensure fair liability standards for mortgage originators; 5) allow mortgage professionals to order appraisals as directed by the Federal Reserve; and 6) establish standards for appraisal portability.
Bankruptcy Alert: The Second Circuit Condemns Chapter 11 Plan “Gifting”Patton Boggs LLP
The United States Court of Appeals for the Second Circuit held on February 7, 2011, in
DISH Network Corporation v. DBSD North America, Incorporated that a so-called “gifting” plan, pursuant to which a senior creditor “gifts” a portion of its undisputed bankruptcy
recoveries/distributions to a junior class of creditors or equity holders, skipping an
intermediate objecting class, is prohibited by the absolute priority rule.
This document summarizes key legal concepts regarding fiduciary duty and fiduciary obligation from a research paper. It discusses a similar Canadian case where information sharing between companies led to a lawsuit. It defines fiduciary duty and lists duties a fiduciary is expected to uphold, such as avoiding conflicts of interest. The document analyzes whether a fiduciary relationship exists in the operator/non-operator relationship in a joint operating agreement based on factors like the scope of the operator's power and vulnerability of non-operators. It concludes that as the agent carrying out operations, the operator takes on fiduciary duties of honesty, avoiding self-dealing profits, and acting in the interests of the joint venture.
This document summarizes key concepts related to fiduciary duty and fiduciary obligation from a legal research paper. It discusses a similar Canadian case (Lac Minerals v. International Corona Resource) where confidential information was misused. It compares this case to the situation described, noting similarities around the use of confidential information. The document then provides definitions of fiduciary duty and outlines factors courts consider to determine if a fiduciary relationship exists. It advises that as operator, the recipient has duties to share assessments, notify partners of opportunities, and act with undivided loyalty and without conflicts of interest.
"Recovering a Lost Deduction"
Authors: Barry Sacks, Nicholas S. Maningas, Sr., Stephen Sacks and Francis Vitagliano
Journal of Taxation
April 2016 Copyright 2016
This document discusses various methods for transferring loans between lenders, including novation, assignment, sub-participation, and declaration of trust. It provides details on the legal implications and requirements of each method under English law. Novation requires consent from all parties and can extinguish any related security, while assignment does not transfer obligations and maintains any guarantees or security. Sub-participation transfers only the economic interest and risks, not legal rights, and cannot be used directly against the borrower. Equitable assignment has fewer formal requirements but lacks notification, while statutory assignment directly links the assignee and borrower upon notice.
Linkedin web ny inherited retirement assetsCarol Buckmann
The document discusses creditor protection of inherited retirement accounts after the Supreme Court's ruling in Clark v. Rameker. It summarizes that the Court determined inherited retirement accounts are not protected from creditors of beneficiaries. To protect inherited accounts, beneficiaries should be trusts rather than individuals. The document provides details on properly structuring an accumulation trust to qualify it as an account beneficiary and maximize tax benefits while providing creditor protection.
1) A supply contract can be an absolute defense against a preference claim in bankruptcy if the contract is assumed by the debtor. If assumed, any missed payments under the contract become part of the cure amount owed.
2) In a Chapter 11 bankruptcy case involving the sale of assets, a supply contract was assumed by the debtor and assigned to the buyer of the assets. After the sale, the Chapter 7 trustee filed a preference claim against the supplier but the court found the assumption of the contract shielded the supplier from preference liability.
3) For a preference claim, the trustee must prove the payment was made within 90 days on an existing debt while the debtor was insolvent and enabled the creditor to receive more than
The document discusses issues with <Client>'s insurance coverage, including:
1) It is not clear that <Client> has a contract requiring $1 million in completed operations coverage as the endorsement states.
2) The excess insurance policies do not expressly obligate <Client> to maintain the required underlying coverage and could be invalidated.
3) <Client>’s insurance coverage should not depend on contracts with other parties but protect itself, and the three year limit on completed operations could deny claims arising later.
4) A clause suggesting lack of maintenance could invalidate coverage would likely lead to denied claims and complicate matters.
Best practices for commercial construction contracting 1-6Kevin Connolly
This document discusses the importance of coordinating construction contracts to properly allocate risks among parties. It argues integrated construction contracting requires reviewing all contract documents, including the project manual prepared by architects, to harmonize terms rather than allowing legal documents to override all others. Coordinating payment terms, responsibilities and procedures between legal and design professional documents is key to avoiding conflicts that could undermine the contract. The lawyer should work with the entire project team, including architects, rather than unilaterally imposing standard legal terms, to ensure the contract accurately reflects the agreed-upon deal.
Construction contractors know that problems crop up when joining the work of two different trades. Gaps and blemishes abound. The same is true in construction insurance, which requires attention to the contracts and insurance.
Mind the Gap: connections are the places where coverage for losses becomes pa...Kevin Connolly
This document discusses risks associated with transporting materials and equipment to construction sites and integrating them into projects. It notes that builders risk insurance may not always cover these risks during transit or installation. It recommends securing dedicated inland marine policies called "installation floaters" to ensure coverage from shipment to final acceptance. These floaters avoid issues from lack of coverage, excluded causes of loss, or uncertainty over which policy applies. While not required for every project, installation floaters should be considered for high-value installations to fully protect against losses.
The NYC Department of Buildings issued an amendment that increased insurance requirements for new construction projects to $35M, which was impossible for builders to obtain, threatening to halt new construction in NYC. When Anderson Kill construction attorney Kevin Connolly recognized the problem, he alerted industry leaders who appointed him chair of a taskforce to address the issue. Kevin assembled a team, wrote a letter to the City, and within days the law was revised adopting his recommended changes, saving the NYC construction industry from coming to a standstill. In his spare time, Kevin enjoys playing paintball, where he is also considered a hero, and plans to attend a large game at West Point in October.
The document discusses potential impacts of a strike by operating engineers on New York City construction projects worth nearly $10 billion. It would affect over 11,000 construction workers and halt work on major developments involving thousands of workers. These include several large World Trade Center towers and other residential and commercial buildings. Developers and unions are in discussions to avoid a strike, while the city has declined direct involvement.
Serviced Apartment Ho Chi Minh For RentalGVRenting
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BEST FARMLAND FOR SALE | FARM PLOTS NEAR BANGALORE | KANAKAPURA | CHICKKABALP...knox groups real estate
welcome to knox groups real estate company in Bangalore. best farm land for sale near Bangalore and madhugiri . Managed farmland near Kanakapura and Chickkabalapur get know more details about the projects .Knox groups is a leading real estate company dedicated to helping individuals and businesses navigate the dynamic real estate market. With our extensive knowledge, experience, and commitment to excellence, we deliver exceptional results for our clients. Discover the perfect foundation for your agricultural aspirations with KNOX Groups' prime farm lands. These aren't just plots; they're the fertile grounds where vibrant crops flourish, livestock thrives, and unique agricultural ventures come to life. At KNOX, we go beyond selling land we curate sustainable ecosystems, ensuring that your journey toward agricultural success is seamless and prosperous.
At Geomatrix, we Pride Ourselves on our Commitment to Superior Craftsmanship and client satisfaction. Our team Consists of Highly Qualified specialists including Architects, Engineers, project Managers, and skilled labourers who work seamlessly together to achieve ourclients' Objectives. Geomatrix is recognized as the Best Construction Company in Haldwani, Dedicated to bringing visions to life with unparalleled Expertise and Professionalism.
For more information visit:
https://geomatrix.co.in/
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
The KA Housing - Catalogue - Listing TurkeyListing Turkey
Welcome to KA Housing, a distinguished real estate development nestled in the heart of Eyüpsultan, one of Istanbul’s most promising districts.
Just 10 minutes from the bustling city center, Eyüpsultan offers a serene escape with the convenience of urban living. The direct metro line ensures seamless connectivity to all parts of Istanbul, making it an ideal location for residents who seek both tranquility and vibrancy.
KA Housing boasts unparalleled accessibility, with proximity to Istanbul Airport only 30 minutes away, facilitating easy international travel. Effortless city access is guaranteed by direct metro and transportation links to Istanbul’s cultural and commercial hubs. Quick access to key metro lines connects you to every corner of the city within minutes, making commuting and exploring the city hassle-free.
The development offers luxurious living spaces with a range of unit layouts from 1+1 to 4+1, designed with meticulous attention to detail. Each unit features balconies or terraces, providing stunning vistas of Istanbul and enhancing the living experience. High-quality materials and superior craftsmanship ensure durability and elegance, while sound-proof insulation and high ceilings (2.95 m) offer comfort and sophistication.
Residents of KA Housing enjoy exclusive on-site amenities, including a state-of-the-art gym, outdoor swimming pool, yoga area, and walking paths. Entertainment options abound with a private cinema, children’s playground, and a variety of dining options including a café and restaurant. Security and convenience are paramount with 24/7 security, a dedicated carpark garage, and an IP intercom system.
KA Housing represents a prime investment opportunity with limited availability in a high-demand area, ensuring enduring value and potential for lucrative returns. Homes in this development provide exceptional value without compromising on quality, offering affordable luxury for discerning buyers. The construction is of the highest quality, built to the latest seismic and disaster resistance standards, ensuring safety and resilience.
The community and surroundings of KA Housing are enriched by close proximity to prestigious universities such as Haliç University, Bilgi University, and Istanbul Ticaret University, making it an ideal location for students and academics. The development is adjacent to the Alibeyköy stream leading into the Halic waters, offering serene natural escapes amidst lush greenery. Residents can enjoy the cultural richness of the area, surrounded by historical and cultural landmarks that blend leisure, nature, and culture seamlessly.
https://listingturkey.com/property/the-ka-housing/
Sense Levent Kagithane Catalog - Listing TurkeyListing Turkey
Sense Levent offers a luxurious living experience in the heart of Istanbul’s vibrant Levent district.
This cutting-edge development seamlessly integrates modern design with natural elements, featuring live evergreen plants maintained by an advanced irrigation system, ensuring lush greenery year-round.
The building’s elegant ceramic balconies are both stylish and durable, enhancing the overall aesthetic and functionality. Residents can enjoy the 700m Sky Lounge, which provides breathtaking views of Istanbul and a perfect space to relax and unwind.
Sense Levent promotes a healthy and active lifestyle with a full gym, swimming pool, sauna, and steam room, all available in the building. The interiors are crafted with high-quality materials, ensuring a luxurious and inviting living space.
Designed with young professionals in mind, Sense Levent features 1+1 and 2+1 units with smart floor plans and balconies. The project promises high investment returns, with an expected annual return of 6.5-7%, significantly above Istanbul’s average ROI.
Located in the rapidly growing and highly desirable Levent area, the development benefits from ongoing urban regeneration projects. Its prime location offers proximity to shopping malls, municipal buildings, universities, and public transportation, adding immense value to your investment.
Early investors can take advantage of discounted units during the construction phase, with an expected capital appreciation of +45% USD upon completion. Property Turkey provides comprehensive rental management services, ensuring a seamless and profitable investment experience.
Additionally, robust legal support and significant tax advantages are available through Property Turkey’s licensed Real Estate Investment Fund. Levent is a dynamic urban hub, ideal for young professionals with its numerous corporate headquarters and shopping malls.
Sense Levent is more than just a residence; it’s a place where dreams and opportunities come to life. Contact us today to secure your place in this exclusive development and experience the best of Istanbul living. Sense Levent: Sense the Opportunity. Live the Dream.
https://listingturkey.com/property/sense-levent/
If you're Planning to Build a House in Haldwani, Understanding the House Construction Cost in Haldwani is crucial. It's important to grasp the direct and indirect cost factors entailed in the Construction process before Initiating any work. This Understanding is pivotal for Efficient Budget allocation, allowing you to plan your finances more Effectively. Construction expenses can vary Significantly, Influenced by Diverse Elements such as site Location, raw material prices, Labour charges, and various other variables. Here at Geomatrix, we pride Ourselves on offering competitive rates for house construction in Haldwani, ensuring affordability without Compromising on quality and providing the best options within your budget. For a precise evaluation of the cost involved in constructing your dream home, consult our team of architects and construction experts.
For more information visit:
https://geomatrix.co.in/services/real-estate-project-management-in-haldwani/
AVRUPA KONUTLARI ESENTEPE - ENGLISH - Listing TurkeyListing Turkey
Looking for a new home in Istanbul? Look no further than Avrupa Konutlari Esentepe! Our beautifully designed homes provide the perfect blend of luxury and comfort, making them the perfect choice for anyone looking for a high-quality home in the city.
With a wide range of apartment types available, from 1+1 to 4+1, we have something to suit every need and budget. Each apartment is designed with attention to detail and features spacious and bright living areas, making them the perfect place to relax and unwind after a long day.
One of the things that sets Avrupa Konutlari Esentepe apart from other developments is our focus on creating a community that is both comfortable and convenient. Our homes are surrounded by lush green spaces, perfect for enjoying a peaceful stroll or having a picnic with friends and family. Additionally, our complex includes a variety of social and recreational amenities, such as swimming pools, sports fields, and playgrounds, making it easy for residents to stay active and socialize with their neighbors.
https://listingturkey.com/property/avrupa-konutlari-esentepe/
Discover Yeni Eyup Evleri 2, nestled among the rising values of Eyupsultan, offering the epitome of modern living in Istanbul.
With its spacious living areas, contemporary architecture, and meticulous details, Yeni Eyup Evleri 2 is poised to be the star of your happiest moments. Situated in the new favorite district of Eyupsultan, claim your spot and unlock the doors to a peaceful life alongside your loved ones. Nestled next to the historical and natural beauties of Eyupsultan, embrace the comfort of modern living and rediscover life.
Social Amenities:
Yeni Eyup 2 offers a life filled with joy with its green landscaping areas, gym, sauna, children’s play areas, café, outdoor pool, and basketball court. Reserve your place for unforgettable moments!
Reliable Structure:
With 1+1, 2+1, and 3+1 apartment options, Yeni Eyup Evleri 2 is designed with first-class materials and craftsmanship. The doors to a safe and comfortable life are here! Choose the option that suits you best and step into your dream home.
Project:
Yeni Eyup 2 is conveniently located, with Istanbul Airport just 26 minutes away, the Mecidiyeköy Metro Line 4 minutes away, and the Tram Stop 5 minutes away, making your life easier with its central location.
Location:
Your home is positioned in a privileged location, providing easy access to the city center, shopping malls, restaurants, schools, and other important places.
Yeni Eyup 2 offers 1+1, 2+1, and 3+1 apartment options designed to meet different needs. Find an option suitable for every lifestyle and open the doors to a comfortable life in your dream home.
https://listingturkey.com/property/yeni-eyup-evleri-2/
Recent Trends Fueling The Surge in Farmhouse Demand in IndiaFarmland Bazaar
Embarking on the journey to acquire a farmhouse for sale is just the beginning; the real investment lies in crafting an environment that contributes to our mental and physical well-being while satisfying the soul. At Farmlandbazaar.com, India’s leading online marketplace dedicated to farm land, farmhouses, and agricultural lands, we understand the importance of transforming a humble farmland into a warm and inviting sanctuary. Let's explore the fundamental aspects that can elevate your farmhouse into a tranquil haven.
Victory by Maskeen Group Surrey Floor plans June 2024 PDF
Bna liens and trusts article
1. Real Estate Law &
Industry Report
Reproduced with permission from Real Estate Law &
Industry Report, 4 REAL 494, 07/12/2011. Copyright
2011 by The Bureau of National Affairs, Inc. (800-372-
1033) http://www.bna.com
MECHANICS’ LIENS
Trust Fund Statutes Augment Lienor Payment Rights; but U.S. Law May Preempt
under the mortgage after a lien or ‘‘stop’’ notice is
filed.1 Other states provide that if the mortgage is re-
corded before notice of the construction project is re-
corded, then the priority of lien of the mortgage cannot
be assailed.2 Yet another provides that the mortgage
has priority with respect to the state of the land prior to
the work being performed, and the mechanics’ lienors
have priority with respect to the value of the improve-
ments performed.3
All of these statutes express a public policy in favor
of protecting a particular class of creditors—those who
render services and furnish materials to construct a
building. In some states, the protections extended to the
favored class include more than the right to establish
and enforce a lien: they include ‘‘trust fund’’ provisions
that interact with the lien law and other legal schemes
BY KEVIN J. CONNOLLY to weave a tapestry of complex and sometimes poorly-
understood policies. Much of the complexity flows from
awyers who practice construction law and convey-
L ancing need to be familiar with the lien laws of
their jurisdictions. The laws of all 50 states and the
District of Columbia have statutes that grant to at least
the fact that construction finance operates on multiple
levels. On one level, an owner or developer may borrow
money, giving a mortgage on the property as security.
On a different level—one of which owners, developers,
some persons who furnish materials and labor for con- and construction lenders are often blissfully ignorant—
struction a lien to enforce their right to be paid for their the contractors, subcontractors, and material suppliers
work. There is a remarkable diversity of lien law
schemes that varies along multiple dimensions, includ-
1
ing whether a lien can gain priority over conveyances New York Lien Law§ 13(1); California Civil Code § 3166;
that are recorded before notice of lien is given. Texas Property Code § 53.084; Nevada Revised Statute
§ 108.2275
The archetypal lien dispute revolves around the rela- 2
See, e.g., National Loan Investors, L.P. v. Burgher, 742
tive priority of liens and mortgages. Many states have So.2d 406, 24 Fla. L. Weekly D2030 (1999)
provisions that subordinate the lien of a mortgage to 3
LaSalle Bank NA v. Cypress Creek 1, LP, —N.E.2d. —,
mechanics’ liens to the extent that money is advanced 2011 WL 681797 (Ill. Sup. Ct.)
COPYRIGHT 2011 BY THE BUREAU OF NATIONAL AFFAIRS, INC. ISSN 1944-9453
2. 2
have their own financing, including factoring of their accounts receivable, and these lenders generally secure
accounts receivable and floating liens as security for re- an Article 9 Security Interest in the contractor’s ac-
volving lines of credit. counts. In many cases, the bank account that has been
pledged will include trust funds. Trying to untangle the
Statutory Trust. Construction Trust Funds, like me- competing interests of the trust fund beneficiaries,
chanics’ liens, are, with few exceptions, creatures of mortgagees, and factors can try the patience of even the
statute.4 The exceptions refer to those rare cases in most patient and enduring judge.
which a common law fiduciary relationship has been
found. The trust fund statutes are no less diverse than Cutting the Gordian Knot. Thus, at least one court has
the lien statutes that they supplement, but all of them chosen to resolve the Gordian knot of competing liens
have in common that some of the money received by and trust funds by slicing it apart with the sharp knife
some of the participants is received in trust. The precise of Federal Supremacy. In In re Hechinger Investment
terms of the trust are, likewise, highly variable, but the Co., 288 B.R. 398, 401-02 9B. Del. 1998), the Court held
gist of the law is that trust funds are supposed to flow that the Michigan Builders Trust Fund Act is preempted
downstream—from lender to owner, owner to general by § 147(b) of the Bankruptcy Code because it ‘‘ob-
contractor (GC), GC to subcontractors and material structed the accomplishment and execution of the
suppliers, and subcontractors to laborers and material [Code’s] full purposes and objectives.’’10
suppliers. Not every statute provides that all of these Potential lienors and beneficiaries of a construction
participants are beneficiaries of the trust, but some of trust funds may breathe a sigh of relief to note that
them are obligated to pay their ‘‘downstream’’ counter- Hechinger has been sharply criticized and has not
parties before using any of the money for any other pur- gained a following. There nonetheless remain a welter
poses (such as paying salaries to executives and divi- of traps and sources of confusion.
dends to owners).
In part, the impact of the trust fund lies in giving the Trust Fund Minefield. In a Texas case,11 a lender with
protected parties additional remedies that may be avail- a perfected security interest in the subcontractor’s bank
able notwithstanding the unavailability of a lien law accounts prevailed against the claim of a sub-
remedy.5 To judge from the volume of reported cases, subcontractor who had not perfected its own mechan-
however, the primary effect of the trust fund is felt in ics’ lien. Thus there is at least some authority that pre-
the enforcement of security interests other than real es- vailing on a trust fund claim requires the establishment
tate liens, and in bankruptcy court. As a general rule, of a mechanics’ lien.12 Some trust fund statutes are
assets held in trust are excluded from the estate of the broader than the strict liens granted to protected par-
trustee, and the attachment of security interest to a ties, while others require that a lien be established be-
trustee is dubious.6 fore a trust can be enforced.
One of the recurrent issues in these cases is whether Similar attacks have been mounted on the ground
the money in the trustee’s general bank account is sub- that the contractor’s payment of a subcontractor’s claim
ject to the trust, particularly since the funds will most was a preferential transfer.13 However, a substantial
likely have been commingled. The cases that have body of authority makes the attack on the preferential
reached this issue generally apply the ‘‘lowest interven- transfer meaningless, because the Trustee takes posses-
ing balance’’ rule for tracing funds.7 sion of the bankrupt’s estate subject to the construction
The issue most often addressed, and most readily re- trust and the subcontractor would have received the
solved, is the non-dischargeability of trust fund obliga- same amount of money under a Chapter 7 liquidation.14
tions. When one who received the funds in trust uses
them for a purpose not permitted by the statute, the di- 10
Accord, U.S. v. Pierce, 231 B.R. 890-891-92 (E.D.N.C.
version is generally treated as a defalcation. If there is
1998); but see v. J&D Masonry Inc., 2008 WL 4960157 (W.D.
personal liability for the diversion—and there usually is Mich 2008), holding that the Michigan Builders Trust Fund Act
so long as the trustee had notice of the trust—the obli- is not preempted by the Federal Fair Debt Collection Practices
gation is not dischargeable in bankruptcy.8 Act, and noting that ‘‘Hechinger stands against the great
One of these diversion cases is especially instructive weight of authority.’’ Accord, Selby v Ford Motor Co., 405
with respect to the rights of a factor.9 Many construc- F. Supp. 164 (D. Mich. 1975).
11
tion contractors borrow money on the security of their In re Waterpoint International, LLC., 330 F.3d 339 (CA5
2003).
12
See, however, U.P.S. v. Weben, 794 F.2d 1005 (CA 5
4
Robert F. Carney and Adam Cizek, ‘‘Payment Provisos in 1986) holding that the rights of a beneficiary of the trust fund
Construction Contracts and Construction Trust Fund Stat- arise from the receipt of funds and do not require the filing of
utes,’’ Construction Lawyer, Fall 2004, 5. a lien, either under the Lien Law or the Uniform Commercial
5
For example, the property of the Port Authority of New Code.
13
York and New Jersey is completely immune from lien rem- In re Globe Manufacturing Corp., 567 F.3d 1291 (CA 11
edies. However, the funds received by the general contractor 2009, applying Massachusetts law). Accord, In re M&T Electri-
were subject to New York’s trust fund statute, giving the sub- cal Contractors, 267 B.R. 434; (Bkrptcy D DC 2001); Ripley v.
contractors what proved to be an effective remedy. OTG JFK Bailey, 27 F3d 563 (CA4 1994): failure to file a mechanics’ lien
T5 Venture, LLC v. IBEX Const., LLC, 24 Misc.3d 1244(A), 901 defeated the subcontractor’s claim to trust funds. But see In re
N.Y.S.2d 901 (Table), 2009 WL 2855776 (N.Y.Sup.), 2009 N.Y. Regan, 477 F.3d 1209 (10th Cir. 2007) [right to access trust
Slip Op. 51874(U). funds not dependent on possession of mechanics’ lien or even
6
Trust Funds are not part of the estate of the debtor, In re on the right to file a lien so long as the money is received in
Frosty Morn Meat, Inc., 7 B.R. 988 (D. Tenn 1980). trust].
7 14
In re R.W. Leet, 372 B.R.846 (6th Cir. BAP 2007). In re N.A. Flash Foundation, Inc., 298 Fed. Appx. 355
8
In re Siegfried, 5 Fed. Appx. 856 (CA 10 2001); In re Patel, (5th Cir 2008); Wickes Boiler Co. v. Godfrey-Richter Co., 116
565 F.3d 963 (CA 6 2009). F.2d 842,(2d Cir 1940), mod. On reh’g 121 F.2d 415, cert. cen
9
LeChase Data/Telecom Services, LLC v Burgholzer, 370 314 US 86, 62 S.Ct. 297, 86 L.Ed. 549 (1941); In re Hervet
B.R. 58 (Bkrtcy Ct., W.D.N.Y 2007). Gelman Construction Co., 34 F. Supp. 109 (W.D. NY 1940); Al-
7-12-11 COPYRIGHT 2011 BY THE BUREAU OF NATIONAL AFFAIRS, INC. REAL ISSN 1944-9453
3. 3
The general rule thus appears to be that once it is es- tions Act and ERISA. However, most courts that have
tablished that funds are subject to the statutory trust reached the question have held that neither the LMRA
fund rules, the rights of the beneficiaries are superior to nor ERISA re-empts the state construct trust fund law.16
the rights of secured parties, including sureties.15 How-
ever, if a surety is already obligated to pay the lienors— Conclusion. Practitioners who deal with construction
and such is the mission of the ubiquitous Payment projects and the liens that sometimes result need to
Bond—then the trust fund claims—to which the surety bear in mind that there may be more at work than the
is generally subrogated both under the terms of the relative priority of the mechanics’ liens and the mort-
bond as well as the common law—then the trust fund gages. Many states’ laws contain trust fund provisions,
becomes a shield against the claims of the contractor’s and while a variety of assaults have been mounted
creditors. If the money that creditors seek was in fact against them, the trust fund—when it exists—furnishes
subject to a construction trust, then the funds are not a contractor or supplier with remedies that are equally
subject to the creditors’ liens—or the creditor is held to apt in foreclosure, accounting, or bankruptcy. In a
take the collateral subject to the trust fund obligations. proper case, the trust fund enables contractors and ma-
One area in which pre-emption has sometimes been terial suppliers to recoup more than they can by fore-
found is the interplay between construction trust funds closing the lien—especially in today’s market, where
and federal labor law—particularly the Employee Re- depressed real estate values often make lien enforce-
tirement Income Security Act. Thus in Summit Bank v. ment a fool’s errand.
Local 98, Int’l Brotherhood of Elec. Workers, 2001 W.L.
849527 (E.D.Pa.), the court held that a trust fund claim
under the Pennsylvania Wage Payment and Collection Kevin J. Connolly is a shareholder in the firm
Law was precluded by the plaintiff’s contemporaneous of Anderson Kill & Olick, PC. His practice con-
assertion of claims under the Labor Management Rela- centrates on construction law, with particular
emphasis on risk management and mechanics’
liens.
bert Pick Co. v. Travis, 6 F. Supp. 486 (E.D.N.Y. 1933); B.F.
Farrell Co. v. Monahan, 377 Misc 552, 131 NYS2d 58 (1966)
[holding further that the trust fund was not part of the estate
and therefore debts pertaining to it could not have been dis-
16
charged whether or not a proceeding was brought to deter- Swift Electrical Supply v. Township of Lakewood (168
mine non-dischargeability]; In re I.T. Group, 332 B.R. 673 (B. F. Supp.2d 298 9d. N.J. 20010; Regan v. Tri-County Excavat-
Del 2005) [trust fund claimant under New York Lien Law has ing, 62 F.2d 501 (D. Pa. 195); Bellmead Development Corp. v.
superior claim on rust fund over trustee in bankruptcy]. N.J. Council of Carpenters Benefit Funds, 11 F.Supp2d 500
15
Interwork Systems Inc. v. Merchant Financial Corp., 604 (D.N.J. 1983); Laborers’ Trust Funds v. Marie Prince Hotel, 81
F3d 692 (2nd Cir 2010); Titan Indemnity Co. v. Triborough Haw. 487, 918 P.2d 1143 (1996); Forsby v. Bovi Lend Lease,
Bridge and Tunnel Authority, 135 F.3d 831, 834 (2nd Cir 1998). 184 P.3d 610 (Utah App. 2008).
REAL ESTATE LAW & INDUSTRY REPORT ISSN 1944-9453 BNA 7-12-11