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Financial Services


Golf course lenders, bankruptcy and appellate courts around the country have consistently held that a properly-perfected mortgage or security interest in golf course revenues, including cart rentals and green fees, is not sufficient to grant the lender an interest in the golf course’s “cash collateral” if the business ends up in bankruptcy.
Heralded by debtor’s attorneys as “a wonderful loophole” in the Bankruptcy Code, a debtor who has primarily business, rather than consumer, debts can qualify for a speedy Chapter 7 discharge despite a high earning capacity that would permit the debtor to repay some, or even all, of her debt.
On December 19, 2013, the Federal Reserve, OCC, and FDIC issued a Proposed Addendum to the Interagency Policy Statement on Income Tax Allocation in a Holding Company Structure. The agencies are currently soliciting comments, but we expect the Addendum to be adopted substantially as proposed.
The Higher-Priced Mortgage Loans (HPML) Appraisal Rule, part of Regulation Z, goes into effect on January 18th of this year. At that time, many lenders will begin using the exemption relating to “certain streamlined refinancings” in order to avoid the implications of the HPML Appraisal Rule. See 12 CFR § 1026.35(c)(2)(vii).
The Florida Supreme Court held that municipalities lack the authority to enact local ordinances which establish superpriority status for their code enforcement liens. In the last decade, numerous Florida municipalities enacted local ordinances which held their code enforcement liens had the same priority as ad valorem taxes, a status referred to as “superpriority.”
Debtors who change their organizational names create significant risk for lenders.
According to the FDIC, the financial crisis of the last five years has resulted in the failure of over 440 banks in the United States. The banking industry has experienced unprecedented levels of asset transfers and institutional mergers, and these have presented unique challenges for lenders.
“Accusations of the Unauthorized Practice of Law: A Banker’s Primer in Prevention,” Palmetto Banker, Summer Issue, 2012, author: Drew Walker.
Adams and Reese attorneys David Bowsher, Richard Carmody and Henry Shelton III authored a chapter titled "Perspectives: Buyers" in the recently published edition of Strategic Alternatives for Distressed Businesses, published by Westlaw, one of the primary online legal research services for lawyers and legal professionals in the United States.
In a rare example of our representatives in Washington listening and acting almost simultaneously, the Restoring American Financial Stability Act of 2010 (the “Bill”), which was approved by the Senate on May 20, 2010 in a 59-39 vote, does not include the most onerous and damaging provisions related to Regulation D private securities transactions.
Last year, this publication reported new rules that were issued on January 11, 2001, concerning distributions from IRAs and certain qualified retirement plans.
Calculating the minimum required distributions that an IRA account owner or a qualified retirement plan participant must take was unnecessarily complex under old rules issued in 1987.