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Commercial Real Estate and Tenant Estoppel Certificates: Enforcement by Illinois Courts
Tenant Estoppel Certificates are a commonly used tool in commercial real estate transactions. One of their many purposes is to evidence a written statement by a party, such as a tenant, that verifies things such as the amount of rent due under a lease agreement, whether any defaults exist, or what…
CFPB Proposes Two Measures to Address Ongoing COVID-19 Pandemic Concerns
Proposed Rule to Postpone Implementation of Debt Collection Final Rules to January 29, 2022
In late 2020, the United States Consumer Financial Protection Bureau (“CFPB”) issued final rules to revise Regulation F, 12 C.F.R., part 1006, which implements the federal Fair Debt Collection Practices Act…
Indiana Supreme Court Curtails Attempted Expansion of Exceptions to General Rule Regarding Successor Liability in Corporate Transactions
The Indiana Supreme Court recently issued an opinion in New Nello Operating Co., LLC v. CompressAir that clarifies the elements to be met when establishing that a buyer of a business will be liable as the successor to the obligations of the target. Now, to fall under either of two exceptions to the…
Secure and Fair Enforcement (SAFE) Banking Act Passes U.S. House…Again
On Monday, April 19, 2021, the U.S. House of Representatives passed the Secure and Fair Enforcement Banking Act of 2021 (the “Act”). The legislation was reintroduced in Congress in late March through a bipartisan effort involving members of both the U.S. House of Representatives (House) and the…
President Signs COVID-19 Bankruptcy Relief Extension Act of 2021
As noted in prior Alerts, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) which became law March 27, 2020, included various COVID-19 pandemic-related bankruptcy relief provisions which were set to sunset on Saturday, March 27, 2021. Due to quick Congressional and Presidential…
Indiana Supreme Court Declines (1) to Clarify Meaning of “Tolled Interest” and (2) to Further Protect Stimulus Payments under its 2020 Emergency COVID-19 Pandemic Orders
In a pair of decisions issued March 19, 2021, the Indiana Supreme Court declined (1) to clarify the meaning of "tolled interest," and (2) to further protect stimulus payments under its 2020 emergency COVID-19 pandemic orders.
First March 19 Order
Specifically, in its first March 19 order, the Court…
Indiana Witness Proof No Longer Required on Recorded Documents
A collective sigh of relief could be heard from recording offices, title companies, and lenders across the state of Indiana as House Enrolled Act 1056 (HEA 1056) was signed into law at record speed. On Thursday, February 18, 2021, Governor Holcomb signed into law HEA 1056 which ultimately reversed…
Does Retention of Property Violate the Automatic Stay in Bankruptcy? The Supreme Court Weighs In.
On January 14, 2021, the Supreme Court of the United States resolved a circuit split by unanimously holding that the “mere retention of property” by a creditor after the time a debtor files its bankruptcy petition does not violate the automatic stay under § 362(a)(3) of the United States Bankruptcy…
Bankruptcy Court Holds Federal Credit Union to be Governmental Unit for Purposes of the United States Bankruptcy Code
The United States Bankruptcy Court for the District of New Mexico recently held that a federal credit union chartered under the Federal Credit Union Act, 12 U.S.C. §§ 1752, et seq., constitutes an “instrumentality of the United States” included in the definition of a “governmental unit” under the…
Bankruptcy Relief Provisions Contained in Consolidated Appropriations Act, 2021
Congress passed the long-awaited Consolidated Appropriations Act, 2021 (“CAA”) December 22, 2020, which now is awaiting the President’s signature to become law. The CAA contains several COVID-19-related amendments to the United States Bankruptcy Code, 11 U.S.C. §§ 101, et seq. (“Bankruptcy Code”),…
CFPB Issues Finalized Changes To Regulation F To Implement The Fair Debt Collection Practices Act
On October 30, 2020, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule (“Final Rule”) that amends Regulation F, 12 C.F.R. part 1006, which implements the Fair Debt Collection Practices Act, 15 U.S.C. 1692, et seq. (“FDCPA”).
The Final Rule addresses communications…