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Ninth Circuit Creates Circuit Split On Applicability of Sovereign Immunity To Fraudulent Conveyance Suits Against IRS By Bankruptcy Trustees

In an August 31, 2017 decision in In re DBSI, Inc., the United States Court of Appeals for the Ninth Circuit held that sovereign immunity did not shield the IRS from a suit by a bankruptcy trustee to avoid tax payments as fraudulent conveyances under state law.  The Ninth Circuit disagreed with 2014 decision of…

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Tenancy By Entireties Property In Bankruptcy: The United States District Court for the District of Maryland Adds Another Chapter to An Enigmatic Book

The common law tenancy by the entireties, recognized in Maryland, Virginia, and a few other states, is a strange and mysterious thing.  It is founded on the premise that married persons constitute a “marital unit” that is a legal entity separate and apart from either spouse.  Consequently, neither spouse owns property held as tenants by…

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Maryland Mechanic’s Lien Essentials for Real Estate Lenders

A common question posed by out-of-state lenders making a real estate secured loan in Maryland involves the creditor-friendly mechanic’s lien statute.  The question is often posed in two parts:  whether (i) the establishment of a Mechanic’s Lien can prime the lien priority of subsequent construction advances secured by a recorded, first-lien deed of trust on…

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Real Estate Notes: Differing Investment Approaches

Over the past decade, fluctuations in the real estate market have driven many real estate investors to move to investing in notes. Real estate notes offer many benefits to those looking to reap the rewards of real estate investment while minimizing risk. The real estate investment and note sales attorneys at Rosenberg Martin Greenberg are…

The Value of Counsel in Class Action Lawsuit Defense

From the banking industry to insurance, consumer sales to data protection, class action lawsuits put millions or even billions of dollars at stake. News coverage of a string of recent scandals and resulting litigation have brought increased attention to the vulnerability of the banking and financial industry to class actions. In fighting these cases, it…

Seventh Circuit Holds That Adverse Domination Doctrine Does Not Toll Statute of Limitations On Claims Against Debtor’s Principals When A Creditors’ Committee Is Appointed

When a corporation files a case under Chapter 7 of the United States Bankruptcy Code, a “bankruptcy estate,” consisting of all of the corporation’s assets as of the petition date, including causes of action against the corporation’s officer and directors, is created and a trustee is appointed to administer the estate.  The trustee’s powers include…

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Sibert v. Wells Fargo Bank, N.A.: Timing Is Everything Under the Servicemembers Civil Relief Act

As the old saying goes, “Timing is everything.”  Borrower Richard Sibert certainly found that out in the United States Court of Appeals for the Fourth Circuit’s July 17, 2017 opinion in Sibert v. Wells Fargo Bank, N.A. In May of 2008, while Mr. Sibert was serving in the United States Navy, he and his wife…

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Due Diligence Considerations in Accounts Receivable Asset Based Lending

Asset-based lending (ABL) has gained favor in recent years, increasing the opportunity for small or new businesses looking for financing while also raising the level of complexity of the arrangements. Secured by intangible collateral, accounts receivable-based lending raises potential issues that deserve a closer look. Benefits of accounts receivable lending ABL based on accounts receivable…

Quicken Loans, Inc. v. Walters: A Case of Unambiguous Ambiguity

In the case of Quicken Loans, Inc. v. Walters, all five justices of the Supreme Court of Appeals of West Virginia agreed that West Virginia’s “illegal loan” statute was unambiguous.  While one might think that agreement on that point would be followed by a unanimous ruling in favor of one of the parties to the…

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