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