On June 23, the New York County Supreme Court issued a rare preliminary injunction temporarily halting a mezzanine lender’s UCC foreclosure sale of the Mark Hotel in New York City because the procedures for the foreclosure...more
7/9/2020
/ Borrowers ,
Commercial Property Owners ,
Coronavirus/COVID-19 ,
Executive Orders ,
Foreclosure ,
Foreclosure Sales ,
Governor Cuomo ,
Irreparable Harm ,
Lenders ,
Mezzanine Lenders ,
Moratorium ,
Preliminary Injunctions ,
Uniform Commercial Code (UCC)
In a recent opinion, the Supreme Court of Delaware held that a mortgage holder must be entitled to enforce the underlying obligation that secures the mortgage in order to foreclose on the mortgage. As a result of the court’s...more