This edition of our Q&A series focuses on real estate financing and loan securitization issues in Bangladesh. Given the continuing global uncertainty and economic disruption caused by COVID-19, investors are increasingly concerned about their ability to secure, dispose or otherwise transfer assets that are often now subject to revamped or revised local rules and regulations ...
This edition of our Q&A series focuses on real estate financing and loan securitization issues in the Lao PDR. Given the continuing global uncertainty and economic disruption caused by COVID-19, investors are increasingly concerned about their ability to secure, dispose or otherwise transfer assets that are often now subject to revamped or revised local rules and regulations ...
This edition of our Q&A series focuses on real estate financing and loan securitization issues in Cambodia. Given the continuing uncertainty and economic disruption caused by COVID-19 worldwide, investors are increasingly concerned about their ability to secure, dispose or otherwise transfer assets that are often now subject to revamped or revised local rules and regulations ...
Over the past several months, many disputes have arisen over whether the COVID19 pandemic or government responses to it provide, depending on the jurisdiction, an impossibility or impracticability defense for nonperformance under a contract. Now, we are beginning to see a flood of decisions addressing that defense. We previously wrote about two recent decisions from New York that are instructive on the defense of impossibility — the relevant standard under New York law ...
In an update to our client alert from November 30 regarding the San Francisco commercial eviction moratorium previously passed by the Board of Supervisors, we note that, following our publication of the client alert, the Board of Supervisors, on December 1, amended the moratorium to clarify previous language on a retail tenant’s right to terminate its lease that was ambiguous ...
In November, California voters narrowly passed Proposition 19, which makes significant changes to existing real property tax reassessment rules. Effective after Feb. 15, 2021, Proposition 19 significantly restricts property owners' ability to preserve the current assessed value of California real property transferred between parents and children. Effective Apr ...
In Rushbond Plc v The JS Design Partnership LLP, England’s Technology and Construction Court held that the Defendant firm of architects was not liable for damage to the Claimant’s property caused by a fire started by intruders, when one of its architects left the door to the property open while inspecting it for a potential purchaser ...
Based on the Property Law[1] and the Security Law[2] of the People's Republic of China, the Property section of the Civil Code[3] has made important modifications and added some new principles to the rules of mortgage of property. In this article, we will focus primarily on the interpretation of the new system of mortgage rights in the Civil Code in the following three aspects: pactum commissorium provision, transfer of mortgaged property, and the priority order of security interests ...
On November 17, 2020, the San Francisco Board of Supervisors unanimously approved an extension to the commercial eviction moratorium that had been previously enacted and extended on a month-to-month basis by mayoral declaration. The new commercial eviction ordinance (the “Ordinance”) keeps the majority of the terms of the current moratorium in effect, while providing a new four-tiered system for qualified tenants for repayment of deferred rent ...
In response to the coronavirus pandemic, the federal government passed the CARES Act, which provides a number of protections to homeowners unable to pay their mortgages. The CARES Act prohibits any home foreclosures before December 31, 2020, and allows homeowners to seek forbearance from lenders for a period of 180 days, with one extension of 180 days. The Act applies to all federally backed mortgages ...
The CARES Act provided historic, temporary relief to mortgage holders facing Covid-19-related financial troubles. R. Aaron Chastain, partner at Bradley Arant Boult Cummings LLP, looks at where mortgage lenders and servicers stand as the pandemic continues and federal agencies and state governments continue to adjust compliance requirements and rules ...
On November 5, 2020, the Washington Supreme Court altered a 60-year provision of Washington’s Minimum Wage Statute when it issued its decision in Martinez-Cuevas v. DeRuyter Brothers Dairy. The court held that the agricultural overtime exemption at RCW 49.46.130(2)(g), which exempted agricultural employers from paying overtime at a rate of 1.5 times the regularly hourly rate, violated article I, section 12 of the Washington State Constitution as applied to dairy workers ...
The supply of undeveloped (bare) land is exempt from value added tax (VAT) pursuant to Article 46 (3) of UAE Law No 8 of 2017. Bare land (as opposed to covered land) is defined as ‘land that is not covered by completed, partially completed buildings or civil engineering works’ pursuant to Article 44 of Cabinet Decision 52 of 2017 ...
Michigan has joined the majority of jurisdictions in holding that a general liability policy may provide coverage for claims for property damage allegedly caused by the defective work of a subcontractor ...
The Armed Services Board of Contract Appeals (the “Board”) recently held the government liable for design delays where the government prematurely required details in design submissions and failed to provide comments on design submissions within the 14-day period allotted for government comments in the contract. In Appeal of RBC Construction Corp., the contract contemplated the use of fast track design methods ...
It is rare for the holding in a single criminal case to have such far-reaching implications that it affects nearly every industry in a particular state. But that is what happened on July 9, 2020, when the United States Supreme Court overturned Jimcy McGirt’s criminal conviction in Oklahoma state court by holding that Oklahoma did not have jurisdiction to prosecute McGirt (a citizen of the Creek tribe) for a crime committed within the boundaries of the Creek Nation ...
In Appeal of Watts Constructors, LLC, the Armed Services Board of Contract Appeals (the “Board”) held that a contractor was not excused from following contract plans and specifications despite the observation by government quality assurance inspectors of non-compliant electrical work during installation ...
When crafting a liquidation or “pass-through” agreement for a subcontractor claim against the government, the key provision from the prime contractor’s perspective is a release from liability for the subcontractor’s claim with the exception of amounts recovered from the government related to that claim. If the release language is too broad, however, the agreement may provide the government a legal defense to the pass-through claim known as the Severin doctrine ...
On Sept. 3, the U.S. Department of Housing and Urban Development (HUD) issued its final rule on the implementation of the Fair Housing Act’s disparate impact standard. The Fair Housing Act (FHA) prohibits discrimination in many housing-related activities on the basis of race, color, religion, sex, disability, familial status, and national origin ...
On page 8 of the September–October issue, we discussed the COVID-19 forbearance landscape and related compliance challenges for mortgage servicers. In this article, we unpack the post-forbearance world, focusing on the transition out of forbearance and into other forms of loss mitigation assistance, including, but not limited to, payment deferrals, repayment plans, loan modifications, etc ...
Facing Australia's first recession in 30 years, Australian businesses are attempting to steer a course not only for survival but for the growth needed to be a viable long term. But alongside uncertainty comes opportunity. Our new report, prepared in partnership with Acuris, explores the key steps for companies and investors to take advantage of the opportunities – and decisive, informed and proactive action is critical ...
One of the key refrains of national politics recently has been that we need to address, repair, and replace aging infrastructure. Of course, this leads to the core problem of funding as the amount of infrastructure construction and maintenance currently needed in the U.S. is staggering. The federal government recently put off dealing with this growing problem by extending funding for federal highway and public transportation programs for one year ...
A North Carolina court has required Cincinnati Insurance Company to provide business interruption and extra expense coverage to 16 North Carolina restaurants that lost the use of and access to their properties due to COVID-19 civil authority orders (see North State Deli, LLC, et al. v. Cincinnati Insurance Co. et al.) ...
