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Delaware Supreme Court affirms reformation of LLC agreements but reverses award of attorneys' fees - law firm was working for free

  • Stoel Rives LLP
  • -
  • USA
  • -
  • May 13 2013

Last year the Delaware Court of Chancery reformed the cash distribution waterfall provisions of three real estate joint venture LLC agreements

Mortgage investor's alleged failure to be licensed could subject company to claims under debt collection statutes

  • Ballard Spahr LLP
  • -
  • USA
  • -
  • March 21 2013

A federal court in Maryland recently declined to dismiss a borrower's claims that the owner of a mortgage loan operated as a debt collection agency

Colorado legislature considering increasing threshold amount for representation of closely held entities by non-attorneys

  • Otten Johnson Robinson Neff & Ragonetti
  • -
  • USA
  • -
  • March 4 2013

It is a general rule that corporate entities cannot represent themselves in court, but must hire an attorney. Colorado has a limited exception to

New York appellate court enforces 'no oral modification' clause, holds parties to their written agreement

  • Pillsbury Winthrop Shaw Pittman LLP
  • -
  • USA
  • -
  • February 14 2013

In response to a deluge of cases involving parties' attempts to enforce oral modifications of contracts, the New York Appellate Division, First

Third Circuit holds notice of rescission sufficient to rescind loan under Truth in Lending Act

  • Day Pitney LLP
  • -
  • USA
  • -
  • February 11 2013

On February 5, in Sherzer v. Homestar Mortgage Services, Inc., No. 11-4254, 2013 U.S. App. Lexis 2486 (3d Cir. Feb. 5, 2013), the U.S. Court of

Property management company is not a “debt collector” under the Fair Debt Collection Practices Act

  • Smith Gambrell & Russell LLP
  • -
  • USA
  • -
  • December 20 2012

In Harris v. Liberty Community Management, Inc., Case No. 11-14362 (decided December 19, 2012), the United States Court of Appeals for the Eleventh Circuit held that a property management company acting pursuant to a management contract with a homeowners association was not a “debt collector” subject to the Fair Debt Collection Practices Act (“FDCPA”) when it attempted to collect assessments on behalf of a homeowners association

Veil piercing claim is not supported by property transfers between Georgia LLC and its members

  • Stoel Rives LLP
  • -
  • USA
  • -
  • September 14 2012

A claimant against a Georgia limited liability company can pierce the veil and assert its claim against the LLC’s members if the members have sufficiently disregarded the LLC’s separate existence and there is some degree of injustice, fraud, or wrongdoing

Real estate financing shared between two LLCs is not a usurpation of corporate opportunity

  • Stoel Rives LLP
  • -
  • USA
  • -
  • August 28 2012

Under the long-established corporate opportunity doctrine, a limited liability company manager that takes advantage of an opportunity that under the circumstances should have belonged to the LLC will be in breach of its fiduciary obligations

Connecticut court clarifies member voting requirement for approval of LLC's lawsuit

  • Stoel Rives LLP
  • -
  • USA
  • -
  • August 20 2012

When a Connecticut LLC filed suit to collect rent from its tenant, the tenant defended on grounds that the LLC members who approved the lawsuit owned only 50 of the LLC and therefore lacked the requisite majority vote

Court dissolves real estate development company after ten years of inactivity

  • Stoel Rives LLP
  • -
  • USA
  • -
  • August 13 2012

The Mississippi Supreme Court, in a case of first impression, recently interpreted the phrase “not reasonably practicable to carry on the business in conformity with the certificate of formation or the limited liability company agreement,” when an LLC member asked for judicial dissolution of the LLC

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