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Statute of Limitations › Commercial Bankruptcy

Statute of Limitations refers to a statute that sets the time period during which a legal claim can be brought. Most statute of limitations laws require individuals to sue at some point during a set period... more +
Statute of Limitations refers to a statute that sets the time period during which a legal claim can be brought. Most statute of limitations laws require individuals to sue at some point during a set period usually commencing from the date of the wrong or injury or the discovery of the wrong or injury. Except for under a limited set of circumstances, if an individual does not file a suit within the specified time period, the law bars them from ever suing on that claim. less -
Goldberg Segalla

Defendant Granted Motion to Dismiss Claim against Settlement Trust for Untimeliness

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Superior Court of Delaware, New Castle - In the asbestos action Burhenn v. Celotex Asbestos Settlement Trust, the court granted defendant Celotex’s motion to dismiss on the grounds that the complaint was untimely filed. In...more

Nelson Mullins Riley & Scarborough LLP

Bankruptcy Court Holds that Bankruptcy Rule 9006(b) Permits Bankruptcy Courts to Extend Statutes of Limitations

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Federal Rule of Bankruptcy Procedure 9006(b) provides that, generally, “when an act is required to be done at or within a specified period by these rules or by a notice given thereunder or by order of court, the court for...more

Troutman Pepper

Washington Becomes Latest State to Decide Bankruptcy Impact on Debt Collection Statute of Limitations

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In April, we discussed how Colorado’s state supreme court issued its highly anticipated decision confirming a borrower’s bankruptcy discharge does not accelerate secured installment debt or trigger the final statute of...more

Morrison & Foerster LLP - Left Coast Appeals

This Week At The Ninth: Easements And Bankruptcy Standing

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This week, the Court considers a property owner’s claim to an easement over a maintenance road on federal land, and casts doubt on the longstanding “person aggrieved” standing requirement in bankruptcy appeals. ...more

BCLP

Whoomp! (Where’d It Go?): Disappearing Assets in Bankruptcy

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In a recent post, I discussed three situations in which a debtor in bankruptcy might find itself dispossessed of assets that appeared to be property of the bankruptcy estate. This article expands on that general idea and...more

Jones Day

Tenant's Election to Retain Possession of Rejected Lease Premises Preserves Obligations Under Related Agreements

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Section 365(h) of the Bankruptcy Code provides special protection for tenants if a trustee or chapter 11 debtor-in-possession ("DIP") rejects an unexpired lease under which the debtor was the lessor by giving the tenant the...more

Freeman Law

Fraudulent Conveyances

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Section 548 of the Bankruptcy Code provides a bankruptcy trustee (or the debtor-in-possession) the power to set aside or “avoid” certain transfers of the debtor’s assets out of the bankruptcy estate that may otherwise place...more

Kramer Levin Naftalis & Frankel LLP

Delaware Bankruptcy Court Declines To Dismiss Fraudulent Transfer Suit Filed Seven Years After Challenged Transaction Occurred

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In UMB Bank NA v. Sun Capital Partners V, LP (In re LSC Wind Down, LLC), Adv. Proc. No 19-50272 (Bankr. D. Del. Jan. 23, 2020), the Bankruptcy Court for the District of Delaware denied a motion to dismiss a liquidating...more

Lathrop GPM

The Franchise Memorandum - Issue 249

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Welcome to The Franchise Memorandum by Lathrop GPM, formerly known as The GPMemorandum. Since December 1997, The GPMemorandum has been presenting summaries of recent legal developments of interest to franchisors and companies...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Toni 1 Trust v. Wacker: The Current State of Domestic Asset Protection Trusts

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Seventeen states now have statutes allowing for the creation of a domestic asset protection trust (“DAPT”), also sometimes referred to as a self settled spendthrift trust or a self settled asset protection trust. Although...more

Seyfarth Shaw LLP

The Child Victim Act: Latest Developments As the Legislature Convenes

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Seyfarth Synopsis: Democrats now control both houses of the New York Legislature as well as the Governor’s office. A host of legislation may be in the offing. One expected piece of legislation will be passage of the Child...more

Patterson Belknap Webb & Tyler LLP

Court Affirms Ruling Requiring Accounting Firm to Produce Workpapers in Chapter 15 Case

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An accounting firm in the United States must produce workpapers to a chapter 15 foreign representative even if the law where the foreign main proceeding is pending would not permit such production. CohnReznick LLP v. Foreign...more

Hinshaw & Culbertson LLP

Despite Acceleration of Debt Through Prior Dismissed Foreclosure Action, Bankruptcy Petition Tolls Statute of Limitations on...

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In Lubonty v. U.S. Bank National Association, a mortgagor sought to void a mortgage loan claiming that the six-year statute of limitations to foreclose had expired. The mortgagor had commenced multiple bankruptcy proceedings...more

Robins Kaplan LLP

Breach of Fiduciary Duty (and Related) Claims Are Not Easily Defeated: A Case Study in Motions for Judgment on the Pleadings

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Just what must be alleged for claims for breach of fiduciary duty to proceed past initial pleadings and into meaningful fact development? In a recent decision, the United States Bankruptcy Court for the Eastern District of...more

Buchalter

Points & Authorities - Summer 2016

Buchalter on

There Ought to be a Law: Consider This Alternative To Litigation - Government is becoming more intrusive. At the state and federal levels, a host of agencies and departments continuously create new rules for us to live...more

Troutman Pepper

Duty of Consistency Doctrine - Effective Sword for the IRS, but Not Likely a Shield for Taxpayers - Tax Update Volume 2016, Issue...

Troutman Pepper on

Two recent cases illustrate the IRS’ ability to successfully argue that taxpayers should not benefit from their own mistakes if they result in less tax being paid. Two recent cases highlight the most current view of the...more

Dechert LLP

Global Private Equity Newsletter - Summer 2016 Edition: Recent Developments in Acquisition Finance

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Private equity sponsors should be aware of two recent court decisions. One involves fiduciary duties under state law that may be owing to a limited liability company borrower by its managers, in the context of receivables...more

Haight Brown & Bonesteel LLP

For Whom the Bell Tolls - Only a Complete Litigation Stay Extends the Five Year Rule For Bringing a Case to Trial

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On February 25, 2016 the Supreme Court of California in Gaines v. Fidelity National Title Insurance Company, et al. (Court of Appeal B244961, Superior Court Case BC361768), affirmed the lower courts’ holdings that a partial...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

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RMBS Suit Against WMC Mortgage LLC Dismissed as Time-Barred - On July 10, 2015, Judge Alvin Hellerstein of the Southern District of New York granted defendant WMC Mortgage LLC's motion for judgment on the pleadings in an...more

Foley Hoag LLP - Environmental Law

CERCLA Statute of Limitations Applies To Contribution Claims By A Party to a Private Settlement

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Sometimes cases seem to be deciding issues that are so obvious it’s hard to figure out why they get any serious attention from the courts. One such case is ASARCO, LLC v. Celanese Chemical Company recently decided by the...more

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