News Archive

Posted: October 5, 2017
Posted: September 26, 2017
An Indemnity Agreement was not invalidated as to a limited liability company by either the lack of authority of the signing manager or the misstated capacity of the signing manager.  Western Surety Co. v. La Cumbre Offices Partners, LLC, 2017 WL 445408 (Cal. Ct. App. 2017). 
Posted: September 26, 2017
A predispute arbitration agreement that waived the statutory right to seek, in any forum, public injunctive relief under California’s consumer protection laws, was not preempted (and therefore saved) by the Federal Arbitration Act.  McGill v. Citibank, N.A., 2 Cal. 5th 945 (Cal. April 6, 2017).
Posted: September 26, 2017
In California litigation, parties to a loan agreement cannot use choice of law provisions to circumvent the right to a jury trial. Rincon EV Realty LLC v. CP III Rincon Towers, Inc., 2017 WL 429267 (Cal. Ct. App. 2017).
Posted: September 25, 2017
“Piercing the Corporate Veil” Supported Due to Fraudulent Activity
Posted: September 25, 2017
E-mail Acceptance Sufficient to Satisfy Statute of FraudsIn Khoury v. Tomlinson, 518 S.W. 3d 568 (Tex. App. -- Houston 1st Dist.), the court of appeals (the "court") held, among other things, that e-mail correspondence was sufficiently definite to give rise to an enforceable contract and that the entry of a party’s e-mail address in the “from” field of the e-mail was sufficient as a signature for purposes of satisfying the Statute of Frauds. 
Posted: September 15, 2017
Posted: August 31, 2017
Bankruptcy Court Holds That Chapter 13 Debtor’s Surrender of Collateral Property Does Not Impose On Secured Creditors A Requirement To Accept That Property In Satisfaction Of Its Claims.  In re Sagendorph, 562 B.R. 545 (D. Mass 2017).
Posted: August 31, 2017
A Third Party That Acquires An Unendorsed Note Has Standing To Enforce That Note Though Not Technically A Holder Of The Note.  Valley Nat'l Bank v. Marcano, 174 Conn. App. 206 (2017).
Posted: August 31, 2017
Bankruptcy Court Rules That Pre-Petition Guaranties of Post-Petition Extensions of Credit Are Not Subject to Bankruptcy Discharges.  In re Reardon, 2017 WL 1283449 (Bkrtcy. D. Mass., Judge Bailey).
Posted: August 30, 2017
Membership CommitteeThe Membership Committee is charged with administering the process of electing individuals for membership in the College, and does so by receiving nominations for fellowship from other Fellows of the College, and reviewing the applications of nominated individuals for compliance with the relevant membership criteria. The Committee makes recommendations to the Trustees with respect to each application, and the Trustees are then tasked with acting on applications for fellowship.
Posted: August 30, 2017
James Kelly is a Staff Attorney in the Investments and Business Transactions department of Allstate Insurance Company. He advises clients with respect to infrastructure investments, debt and equity transactions and general investment matters. Prior to joining Allstate in 2014, he was in-house counsel at Lario Oil & Gas Company in Wichita, KS where his practice focused on derivatives, M&A transactions, corporate litigation and energy law. Jim received a B.S. from the University of Kansas and a J.D. from Brooklyn Law School.
Posted: August 30, 2017
An originating bank’s failure to disclose a borrower’s post-default settlement offer or third-party purchase offers to a participating bank and the originating bank’s rejection of the participating bank’s demand to charge interest at a default rate did not breach the originating bank’s obligation under a loan participation agreement to consult with and obtain the written consent of the participating bank prior to any modification, amendment or termination of any material terms in the loan documents.  Sentinel Capital Orlando, LLC v. Centennial Bank, 676 Fed.
Posted: August 30, 2017
Lenders’ acquiescence to actions inconsistent with terms of Blocked Account Agreement resulted in abandonment and waiver of Lenders’ right to enforce the agreement. Edwards Family Partnership, LP v. Bancorpsouth Bank, ___F. Supp. 3d___, 2017 WL 1732709 (S.D. Miss. February 21, 2017).
Posted: August 30, 2017
Pre-petition waiver of automatic stay unenforceable and relief from automatic stay otherwise not warranted where grow contracts disguised financing arrangements. In re Jeff Benfield Nursery, Inc., 565 B.R. 603 (Bankr. W.D. N.C. 2017).
Posted: August 30, 2017
Indemnification and no-liability clauses of Agreements between Subsidiary and Parent Companies found procedurally and substantively unconscionable under New York law.  Blackrock Capital Inv. Corp. v. Fish, 799 S.E.2d 520 (W. Va. 2017).
Posted: August 30, 2017
Broad release and waiver provisions are enforceable;  Borrowers could not sue a lender for misconduct which occurred prior to the execution of an agreement containing the broad release and waiver provisions. Beck-Ford Constr., LLC v. TCA Glob. Credit Master Fund, LP, No. 1:15-CV-61706-UU, 2017 WL 2366472 (S.D. Fla. Mar. 6, 2017).
Posted: August 2, 2017
Posted: July 25, 2017
New York Court of Appeals Revives Doctrine of Champerty to Dismiss Claims of Third Party Litigation Financier – Justinian Capital SPC v. WestLB AG, 28 N.Y.3d 160, 65 N.E.3d 1253 (2016).In this case, the New York Court of Appeals affirmed the lower courts’ prior rulings that a transfer of certain notes days before the commencement of the relevant action was champertous and did not fall within the safe harbor under New York’s Judiciary Law § 489(2).
Posted: July 25, 2017
New York Court of Appeals Reaffirms Binding Nature of Oral Agreements to Trade Loans – Stonehill Capital Management, LLC v. Bank of the West, 28 N.Y.3d 439, 2016 WL 7348990 (2016).
Posted: July 25, 2017
FDIC v. Chi. Title Ins. Co., 2016 U.S. Dist. LEXIS 174661 (N.D. Ill. 2016)The Northern District of Illinois (the "District Court") denied the Plaintiff FDIC’s motion for partial summary judgment and Defendants Chicago Title Insurance Company and Chicago Title and Trust Company’s motion for summary judgment and for judgment on the pleadings because there remained genuine issues of material fact that needed to be resolved at trial.
Posted: July 25, 2017
Old Second Nat’l Bank v. Jafry, 57 N.E.3d 1251 (Ill. Ct. App. 2016)
Posted: July 25, 2017
Town Ctr. Flats, LLC v. ECP Commer. II LLC (In re Town Ctr. Flats, LLC), 855 F.3d 721 (6th Cir. 2017)The Sixth Circuit Court of Appeals (the “Sixth Circuit” or the “Court”) overruled the lower bankruptcy court and held that Mich. Comp. Laws § 554.231 allows for transfers of ownership when (i) an agreement to assign rents (x) indicates an intention to transfer ownership and (y) has been recorded, and (ii) default has occurred.
Posted: July 25, 2017
Clinton Culpepper is an Associate in the Corporate Finance Department of Baker Botts L.L.P. in Austin, Texas.  He represents institutional investors, financial institutions, agent banks, borrowers and issuers in connection with private placement transactions, bank financings and high-yield debt offerings. Clinton is also a Certified Public Accountant who received a B.B.A from Texas A&M University in Accounting, an M.S. from Texas A&M University in Finance and a J.D. from The University of Texas School of Law. 
Posted: July 25, 2017
Together with the Board of Trustees and the Education Committee, co-chairs Daniel Favero and Deborah Hayes invite you to join us for the limited run engagement of “Broadway Nights,” the ACIC's 2017 Annual Meeting, on October 19-20 at the Grand Hyatt New York.We look forward to raising the curtain on a star-studded array of performances:

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