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VOTING RIGHTS OF BANKRUPT LLC MEMBERS – ARE THEY DIVESTED OR NOT?

An operating agreement (“Operating Agreement”) is the formal agreement between members (individually, a “Member” and collectively, the “Members”) of a limited liability company (the “LLC”) governing the business of the LLC, as well as the financial and managerial rights and obligations of the Members of the LLC. Members of the LLC can choose to appoint…

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Rest Easy: Trustees Can Still Be Trusted

By: Harris W. Eisenstein and Joshua D. Bradley Trustees under Deeds of Trust have a unique relationship with both those who give (lenders) and those who get (obligors) loans. In Maryland, obligors are typically required to grant trustees an interest in real property to secure loans extended by lenders. Trustees must then manage this collateral…

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The Legacy of Maddox: Legal Ads Are Still a Potential Minefield

In 2012, the Court of Appeals in Maddox v. Cohn, 424 Md. 379, held that a foreclosure sale was defective when the legal advertisement provided that a ‘settlement document review fee,’ would be charged to the foreclosure purchaser. According to Maddox the inclusion of the fee in the legal advertisement, in the absence of specific…

A Client's Sophistication Matters, Particularly When the Recovery of Attorneys' Fees Are at Stake

Contracts ranging from simple residential leases to multimillion dollar purchase agreements routinely contain fee-shifting provisions. A standard provision provides that, in the event of a dispute relating to the contract, the non-prevailing party must reimburse the prevailing party for all attorneys’ fees expended. This concept makes perfect sense. Legal expenses were only incurred because the…

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