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Uniform Commercial Code (UCC) Mezzanine Lenders Mortgages

Akin Gump Strauss Hauer & Feld LLP

Demystifying the Out-of-Court Foreclosure Process

Mezzanine lenders looking to foreclose on their collateral have the advantage of being able to pursue remedies outside of court. But the process, which is described in the Uniform Commercial Code (UCC), is often ill...more

King & Spalding

New York Appellate Division Dismisses Junior Mezz Lender’s Claims for Fraudulent Inducement and Fraudulent Concealment, Allows...

King & Spalding on

On January 18, 2024, New York’s Appellate Division rejected a junior mezzanine lender’s contention that it was fraudulently induced to amend the parties’ intercreditor agreement, because it failed to identify specific...more

Akerman LLP

New York State Legislators Reintroduce Bill Proposing Tax on Mezzanine Debt and Preferred Equity Investments

Akerman LLP on

In the January 2023 legislative session, New York State Senators Salazar, Brisport, Hoylman, Jackson, Myrie, and Rivera submitted a bill, S-318 which seeks to impose a mortgage tax on mezzanine debt on, and preferred equity...more

Tannenbaum Helpern Syracuse & Hirschtritt LLP

Proposed Tax on Real Estate Mezzanine Debt and Preferred Equity Financing…Once Again.

Earlier this month, the New York State Senate (S318) and Assembly (A407) reintroduced proposed legislation seeking to extend the New York State mortgage recording tax to mezzanine debt and preferred equity financings. This...more

Holland & Knight LLP

Mortgage Recording Tax on Mezzanine Debt, Preferred Equity Again Proposed in N.Y. Senate

Holland & Knight LLP on

Legislation to impose a tax on the creation of mezzanine debt and preferred equity was reintroduced on Jan. 4, 2023, in the last two sessions of the New York state legislature, by the same state senators who proposed it...more

Cadwalader, Wickersham & Taft LLP

Going Green - February 2022 - Further Developments in Mezzanine Foreclosures

The New York State Supreme Court, County of New York (the “Court”) decided in Atlas Brookview Mezzanine LLC v. DB Brookview LLC, on November 18, 2021, that an accommodation pledge entered into in connection with a mortgage...more

Cadwalader, Wickersham & Taft LLP

Something Special, April 2021 | Issue No. 23 - Don’t Be Cruel: Appellate Division Upholds Waiver of Fiduciary Duties But Denies...

Can contracting parties waive all common law fiduciary duties? That was one of the questions presented to the New York Supreme Court, Appellate Division, First Department (the “Court”) in 111 West 57th Investment LLC, on...more

Pillsbury Winthrop Shaw Pittman LLP

New York State Assembly Reintroduces Legislation Imposing Recording Tax on Mezzanine Debt and Certain Preferred Equity Investments

On January 22, 2021, several New York State Assembly Members reintroduced legislation (Bill No. A03139) that seeks to amend New York’s Real Property Law and Tax Law, New York’s Tax Law and New York’s Uniform Commercial Code...more

Pillsbury Winthrop Shaw Pittman LLP

Distressed Real Estate During COVID-19: Mezzanine Loans Behind Construction Loans—Special Considerations and Intercreditor...

Construction loans with companion mezzanine loans raise a host of concerns that are unique to more standard ICAs between a mortgage lender and a mezzanine lender. An intercreditor agreement (ICA) involving a construction...more

White and Williams LLP

New York State Legislature Considers Extending Mortgage Recording Tax to Mezzanine Debt and Preferred Equity

White and Williams LLP on

A New York State bill that seeks to charge a recording tax on mezzanine debt financings has been revised to extend the recording tax to preferred equity investments. In January 2020, Senator Julia Salazar and Assembly...more

Moritt Hock & Hamroff LLP

UCC Sales Held Not Subject To Cuomo Executive Order Barring Mortgage Foreclosures

A recent New York State Supreme Court judge has answered the question of whether Governor Andrew Cuomo’s Executive Order 202.8 precluding mortgage foreclosures for ninety (90) days, applies to Uniform Commercial Code (“UCC”)...more

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