[1]There are legions of cases interpreting the anti-modification clause of the Bankruptcy Code in the context of stripping off, cramming down or bifurcating residential mortgages. However, when it comes to other security interests recorded against residential properties, the law is not so clear.
Section 506(a) of the Bankruptcy Code provides that a claim is secured “to the extent of the value of such creditor’s interest in the estate’s interest in such property,” and that for purposes of determining a secured claim, the value of collateral “shall be determined in light of the purpose of the valuation and of the proposed disposition or use of such property.”
Hurricane Sandy was the deadliest hurricane in the 2012 hurricane season and the second-costliest hurricane in U.S. history. It was Sandy that came ashore on Oct. 29, 2012, with a vengeance and destroyed the Zairs’ home, which was located within the jurisdiction of the U.S. Bankruptcy Court for the Eastern District of New York.
On May 3, 2016, Hon. Shelley C. Chapman of the U.S. Bankruptcy Court for the Southern District of New York ruled that covenants contained in certain executory contracts do not run with the land and may be rejected pursuant to § 365 of the Bankruptcy Code. In re Sabine Oil & Gas Corp., et al. involved agreements between the Sabine Oil & Gas Corp.
The past 25 years have marked a growing trend toward the legalization and decriminalization of marijuana. Twenty-three states have legalized the drug’s medical use, with four states and Washington, D.C., going a step further by permitting its recreational use for adults over the age of 21.
Editor’s Note: For more on this topic, purchase Municipalities in Peril: The ABI Guide to Chapter 9, Second Edition, available in the ABI Bookstore (abi.org/bookstore). Members must log in first to obtain reduced pricing.
The current process for administering chapter 7 cases was established at a time when paper documents had to be hand-delivered to the courts for processing. It was an era of “runners.”
It has become increasingly common for companies to use nonattorneys in attorney roles for the purpose of cutting costs. However, occasionally these “fee-saving” measures actually end up costing a company even more than if they had an attorney do the work in the first place.
In Baker Botts L.L.P. v. ASARCO,[1] the Supreme Court held that under § 330(a)(1) of the Bankruptcy Code, estate professionals are not entitled to payment of fees and expenses incurred in connection with the defense of such professional’s fee applications.
We asked our joint membership to respond to mediation-related survey questions in order to better understand the experience and to receive comments from the litigant’s and mediator’s perspectives. We would like to thank all those who responded to the survey. We received a robust response and are providing highlights to our joint membership.
