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301 results found


Schulte Roth & Zabel LLP | USA | 18 Mar 2011

New York Supreme Court upholds accelerated enforceability of “bad boy” guaranty in CMBS case

On March 8, 2011, Justice Melvin L. Schweitzer of the New York State Supreme Court granted a motion for summary judgment in lieu of complaint filed by UBS Commercial Mortgage Trust 2007-FL1, Commercial Mortgage Pass-through Certificates, Series 2007-FL1 (“UBS”), and Normandy Reston Office LLC (“Normandy,” together with UBS, collectively, “Plaintiffs”), enforcing the obligation of Garrison Special Opportunities Fund LP (“Garrison”), the guarantor under a “bad boy” guaranty, to pay the full amount of the outstanding loan after Borrowers (as defined below) filed for bankruptcy protection.


Lowenstein Sandler LLP | USA | 9 Feb 2011

Comprehending the incomprehensible: New Jersey’s controlling interest transfer tax

Since 2006, purchasers of a "controlling interest" in an entity that directly or indirectly owns commercial real property located within New Jersey have been subject to a special tax known as the "Controlling Interest Transfer Tax," or the "CITT".


Drinker Biddle & Reath LLP | USA | 24 Nov 2009

New Jersey Tax Court exempts intercompany transfer from realty transfer fee

The New Jersey Tax Court has held that transfers of unencumbered property between commonly owned legal entities, for nominal consideration, are not subject to the realty transfer fee.


Barnes & Thornburg LLP | USA | 10 Sep 2009

Furher case law developments involving enforcement of guarantees

If a guarantor, one of the owners of a borrower, executes and delivers a guaranty of payment of the borrower’s debts owed to a creditor in return for a promise by that creditor to consider extending additional financing to the borrower and principal obligor, will that guaranty later be enforceable under Michigan law if the creditor considered the requests of the borrower for further financing but nevertheless refused to extend it?


Eversheds Sutherland (US) LLP | USA | 30 Nov 2007

New Maryland recordation and transfer tax on a transfer of “controlling interest” in a “real property entity”

Maryland’s General Assembly recently concluded a special legislative session with the enactment of a broad tax legislation package that is projected to raise $1.4 billion in new taxes.


Loeb & Loeb LLP | USA | 21 Nov 2007

Ninth Circuit addresses family limited partnerships

The wave of litigation over the efficacy of family limited partnerships has not abated.

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