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Cherryland update: is turnabout fair play?

Reed Smith LLP
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USA
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April 25 2013

Last year in this space we reported on a pair of Michigan court decisions (51382 Gratiot Avenue Holdings, Inc. v. Chesterfield Development Company

Lenders beware

Reed Smith LLP
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USA
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February 18 2013

A new troubling case from California allows borrowers to present evidence of prior oral statements of a lender which contradict the terms of the

Loan ‘participant’ that bears no risk is neither a ‘participant’ nor a creditor

Reed Smith LLP
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USA
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February 18 2013

The dispute involved competing interests in the proceeds of a stock sale. The stock of the debtor’s subsidiary was pledged as security for repayment

Illinois legislation rejects In re Crane

Reed Smith LLP
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USA
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February 12 2013

Custom and practice in Illinois with respect to mortgages has been to incorporate the note or other debt instrument by reference, rather than to

Illinois legislation trumps In re Crane bankruptcy court decision

Reed Smith LLP
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USA
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December 14 2012

Since the In re Crane decision was handed down by the Bankruptcy Court for the Central District of Illinois in April 2012, all eyes in the mortgage banking industry have been focused on the appeal of the decision pending in the U.S

The TOUSA two-step: who gets to dance in bankruptcy?

Reed Smith LLP
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USA
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June 4 2012

Occasionally we find a bankruptcy case that we know will be of interest to lenders, and this is one of them

Supreme Court upholds secured creditor’s right to credit bid in a bankruptcy case

Reed Smith LLP
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USA
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June 4 2012

The United States Supreme Court emphatically upheld a secured creditor’s right to credit bid in bankruptcy cases

Bankruptcy court decision in Illinois holds that mortgage can be avoided because of failure to include loan terms in mortgage document

Reed Smith LLP
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USA
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May 22 2012

In In re Crane, the Bankruptcy Court for the Central District of Illinois recently held that a mortgage can be avoided in bankruptcy if it fails to include the maturity date and the interest rate of the underlying debt within the mortgage document

Bankruptcy court in Illinois holds that a mortgage is avoidable in bankruptcy if the mortgage as recorded does not state the maturity date and interest rate of the underlying debt

Reed Smith LLP
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USA
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May 15 2012

In a decision that potentially has serious implications for mortgage financing transactions in Illinois, the Bankruptcy Court for the Central District of Illinois recently held that a mortgage is avoidable in bankruptcy if it fails to include the maturity date and the interest rate of the underlying debt within the mortgage document as recorded

Court finds defendants knowingly waived right to jury trial, affirms such waivers must be clear

Reed Smith LLP
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USA
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December 19 2011

Defendant Bethany Holdings Group, LLC borrowed more than $200 million from Lehman, securing the loans with mortgages on real properties

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