Latest 2 Cases This Week: First Southern National Bank v. Sunnyslope Housing Ltd. Partnership (9th Cir.), In re: Klaas (3d Cir.)
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Curtis D. Harris, BS, CGREA, REB
Associate Degree in Architecture, LACCBachelor of Science in Real Estate, CSULA
State Certified General Appraiser
Real Estate Broker
ASTM E-2018 Commercial Real Estate Inspector
HUD 203k Consultant
HUD/FHA Real Estate Appraiser/Reviewer
FannieMae REO ConsultantCTAC LEED-GREEN Certificate The Harris Company, Forensic Appraisers and Real Estate Consultants
*PIRS/Harris Company and the Science of Real Estate-Partners Since 1984*630 North Sepulveda Boulevard, Suite 9A
El Segundo, CA. 90245
310-337-1973 OfficeWebSite: http://www.harriscompanyrec.com Resume: http://www.harriscompanyrec.com/rESUME2011.pdf Commercial Appraiser Blog: http://commercialappraiser.typepad.com/blog/ IT'S THE LAW-Designation Discrimination is Illegal [FIRREA, Sec. 564.6]: Professional Association Membership: "A State Certified General Appraiser may not be excluded from consideration for an assignment for a federally related transaction by virtue of membership or lack of membership in any particular appraisal organization," including the appraisal institute. http://www.ofi.state.la.us/re-otspart565.pdf CONFIDENTIALITY/PRIVILEGE NOTICE: This transmission and any attachments are intended solely for the addressee. The information contained in this transmission is confidential in nature and protected from further use or disclosure under U.S. Pub. L. 106-102, 113 U.S. Stat. 1338 (1999), and may be subject to consultant/appraiser-client or other legal privilege. Your use or disclosure of this information for any purpose other than that intended by its transmittal is strictly prohibited and may subject you to fines and/or penalties under federal and state law. If you are not the intended recipient of this transmission, please destroy all copies received and confirm destruction to the sender via return transmittal.
From: Bankruptcy - Justia Weekly Opinion Summaries [mailto:notifications=justia.info@mail33.sea21.rsgsv.net] On Behalf Of Bankruptcy - Justia Weekly Opinion Summaries
Sent: Friday, 2 June, 2017 7:03 AM
To: harris_curtis@sbcglobal.net
Subject: Latest 2 Cases This Week: First Southern National Bank v. Sunnyslope Housing Ltd. Partnership (9th Cir.), In re: Klaas (3d Cir.)
Free Bankruptcy case summaries from Justia.
If you are unable to see this message, click here to view it in a web browser.Bankruptcy
June 2, 2017
Table of ContentsFirst Southern National Bank v. Sunnyslope Housing Ltd. PartnershipBankruptcy U.S. Court of Appeals for the Ninth CircuitIn re: KlaasBankruptcy U.S. Court of Appeals for the Third Circuit
New on VerdictLegal Analysis and CommentaryCash or Card ANTONIO G. SEPULVEDA, HENRIQUE RANGEL, IGOR DE LAZARI Guest columnists Antonio G. Sepulveda, Henrique Rangel, and Igor De Lazari comment on a recent decision by the U.S. Supreme Court that a New York law prohibiting merchants from imposing a surcharge for payment by credit card constitutes a regulation of speech, and they compare the Court’s treatment of the law as regulating speech with Brazil’s historic treatment of similar laws in that country as protecting consumers.Read More
Bankruptcy OpinionsFirst Southern National Bank v. Sunnyslope Housing Ltd. Partnership Court: U.S. Court of Appeals for the Ninth CircuitDockets: 12-17241 , 12-17327 , 13-16164 , 13-16180 Opinion Date: May 26, 2017Judge: Andrew David Hurwitz Areas of Law: Bankruptcy In Associates Commercial Corp. v. Rash, 520 U.S. 953, 956 (1997), the Supreme Court adopted a replacement-value standard for 11 U.S.C. 506(a)(1) cram-down valuations, holding that replacement value, rather than a foreclosure sale that will not take place, is the proper guide under a prescription hinged to the property's disposition or use. In this case, the en banc court held that, because foreclosure would vitiate covenants requiring that the secured property—an apartment complex—be used for low-income housing, foreclosure value in this case exceeds replacement value, which is tied to debtor’s actual use of the property in the proposed reorganization. The en banc court held, as Rash teaches, that section 506(a)(1) requires the use of replacement value rather than a hypothetical value derived from the very foreclosure that the reorganization was designed to avoid. The bankruptcy court did not err here by approving debtor's plan of reorganization and valuing the collateral assuming its continued use after reorganization as low-income housing. Accordingly, the en banc court affirmed the district court's judgment affirming the bankruptcy court's affirmance of debtor's Chapter 11 plan of reorganization.Read Opinion Are you a lawyer? Annotate this case.In re: Klaas Court: U.S. Court of Appeals for the Third CircuitDocket: 15-3341 Opinion Date: June 1, 2017Judge: Krause Areas of Law: Bankruptcy Debtors filed a voluntary Chapter 13 petition. The Bankruptcy Court confirmed a plan that required payments of $2,485 each month for 60 months. Later, because of an increase in mortgage payments, the plan was amended to increase the payments to $3,017 for the remainder of the 60-month period. Debtors made consistent payments and, after 60 months, had paid $174,104, slightly exceeding their projected plan base. The Trustee subsequently moved to dismiss the case under 11 U.S.C. 1307(c), alleging that Debtors still owed $1,123 to complete their plan base. Debtors cured the arrears within 16 days. The motion had been joined by an unsecured creditor, who claimed that the plan and the Code required completion within 60 months. The Bankruptcy Court agreed that the failure to completely fund the plan base within 60 months was a material default constituting cause for dismissal, but found that the default was not the result of Debtors' unreasonable delay, that Debtors promptly corrected the deficiency, and that the delay did not significantly alter the timing of distributions. The district court and Third Circuit affirmed and rejected an adversary proceeding, objecting to the discharge. Bankruptcy courts have discretion to grant a brief grace period and discharge debtors who cure an arrearage in their plan shortly after the expiration of the plan term.Read Opinion Are you a lawyer? Annotate this case.
About Justia Opinion SummariesJustia Weekly Opinion Summaries is a free service, with 63 different newsletters, each covering a different practice area.Justia also provides 68 daily jurisdictional newsletters, covering every federal appellate court and the highest courts of all U.S. states.All daily and weekly Justia newsletters are free. Subscribe or modify your newsletter subscription preferences at daily.justia.com.You may freely redistribute this email in whole.About JustiaJustia is an online platform that provides the community with open access to the law, legal information, and lawyers.
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Thanks!
Curtis D. Harris, BS, CGREA, REB
Associate Degree in Architecture, LACCBachelor of Science in Real Estate, CSULA
State Certified General Appraiser
Real Estate Broker
ASTM E-2018 Commercial Real Estate Inspector
HUD 203k Consultant
HUD/FHA Real Estate Appraiser/Reviewer
FannieMae REO ConsultantCTAC LEED-GREEN Certificate The Harris Company, Forensic Appraisers and Real Estate Consultants
*PIRS/Harris Company and the Science of Real Estate-Partners Since 1984*630 North Sepulveda Boulevard, Suite 9A
El Segundo, CA. 90245
310-337-1973 OfficeWebSite: http://www.harriscompanyrec.com Resume: http://www.harriscompanyrec.com/rESUME2011.pdf Commercial Appraiser Blog: http://commercialappraiser.typepad.com/blog/ IT'S THE LAW-Designation Discrimination is Illegal [FIRREA, Sec. 564.6]: Professional Association Membership: "A State Certified General Appraiser may not be excluded from consideration for an assignment for a federally related transaction by virtue of membership or lack of membership in any particular appraisal organization," including the appraisal institute. http://www.ofi.state.la.us/re-otspart565.pdf CONFIDENTIALITY/PRIVILEGE NOTICE: This transmission and any attachments are intended solely for the addressee. The information contained in this transmission is confidential in nature and protected from further use or disclosure under U.S. Pub. L. 106-102, 113 U.S. Stat. 1338 (1999), and may be subject to consultant/appraiser-client or other legal privilege. Your use or disclosure of this information for any purpose other than that intended by its transmittal is strictly prohibited and may subject you to fines and/or penalties under federal and state law. If you are not the intended recipient of this transmission, please destroy all copies received and confirm destruction to the sender via return transmittal.
From: Bankruptcy - Justia Weekly Opinion Summaries [mailto:notifications=justia.info@mail33.sea21.rsgsv.net] On Behalf Of Bankruptcy - Justia Weekly Opinion Summaries
Sent: Friday, 2 June, 2017 7:03 AM
To: harris_curtis@sbcglobal.net
Subject: Latest 2 Cases This Week: First Southern National Bank v. Sunnyslope Housing Ltd. Partnership (9th Cir.), In re: Klaas (3d Cir.)
Free Bankruptcy case summaries from Justia.
If you are unable to see this message, click here to view it in a web browser.Bankruptcy
June 2, 2017
Table of ContentsFirst Southern National Bank v. Sunnyslope Housing Ltd. PartnershipBankruptcy U.S. Court of Appeals for the Ninth CircuitIn re: KlaasBankruptcy U.S. Court of Appeals for the Third Circuit
New on VerdictLegal Analysis and CommentaryCash or Card ANTONIO G. SEPULVEDA, HENRIQUE RANGEL, IGOR DE LAZARI Guest columnists Antonio G. Sepulveda, Henrique Rangel, and Igor De Lazari comment on a recent decision by the U.S. Supreme Court that a New York law prohibiting merchants from imposing a surcharge for payment by credit card constitutes a regulation of speech, and they compare the Court’s treatment of the law as regulating speech with Brazil’s historic treatment of similar laws in that country as protecting consumers.Read More
Bankruptcy OpinionsFirst Southern National Bank v. Sunnyslope Housing Ltd. Partnership Court: U.S. Court of Appeals for the Ninth CircuitDockets: 12-17241 , 12-17327 , 13-16164 , 13-16180 Opinion Date: May 26, 2017Judge: Andrew David Hurwitz Areas of Law: Bankruptcy In Associates Commercial Corp. v. Rash, 520 U.S. 953, 956 (1997), the Supreme Court adopted a replacement-value standard for 11 U.S.C. 506(a)(1) cram-down valuations, holding that replacement value, rather than a foreclosure sale that will not take place, is the proper guide under a prescription hinged to the property's disposition or use. In this case, the en banc court held that, because foreclosure would vitiate covenants requiring that the secured property—an apartment complex—be used for low-income housing, foreclosure value in this case exceeds replacement value, which is tied to debtor’s actual use of the property in the proposed reorganization. The en banc court held, as Rash teaches, that section 506(a)(1) requires the use of replacement value rather than a hypothetical value derived from the very foreclosure that the reorganization was designed to avoid. The bankruptcy court did not err here by approving debtor's plan of reorganization and valuing the collateral assuming its continued use after reorganization as low-income housing. Accordingly, the en banc court affirmed the district court's judgment affirming the bankruptcy court's affirmance of debtor's Chapter 11 plan of reorganization.Read Opinion Are you a lawyer? Annotate this case.In re: Klaas Court: U.S. Court of Appeals for the Third CircuitDocket: 15-3341 Opinion Date: June 1, 2017Judge: Krause Areas of Law: Bankruptcy Debtors filed a voluntary Chapter 13 petition. The Bankruptcy Court confirmed a plan that required payments of $2,485 each month for 60 months. Later, because of an increase in mortgage payments, the plan was amended to increase the payments to $3,017 for the remainder of the 60-month period. Debtors made consistent payments and, after 60 months, had paid $174,104, slightly exceeding their projected plan base. The Trustee subsequently moved to dismiss the case under 11 U.S.C. 1307(c), alleging that Debtors still owed $1,123 to complete their plan base. Debtors cured the arrears within 16 days. The motion had been joined by an unsecured creditor, who claimed that the plan and the Code required completion within 60 months. The Bankruptcy Court agreed that the failure to completely fund the plan base within 60 months was a material default constituting cause for dismissal, but found that the default was not the result of Debtors' unreasonable delay, that Debtors promptly corrected the deficiency, and that the delay did not significantly alter the timing of distributions. The district court and Third Circuit affirmed and rejected an adversary proceeding, objecting to the discharge. Bankruptcy courts have discretion to grant a brief grace period and discharge debtors who cure an arrearage in their plan shortly after the expiration of the plan term.Read Opinion Are you a lawyer? Annotate this case.
About Justia Opinion SummariesJustia Weekly Opinion Summaries is a free service, with 63 different newsletters, each covering a different practice area.Justia also provides 68 daily jurisdictional newsletters, covering every federal appellate court and the highest courts of all U.S. states.All daily and weekly Justia newsletters are free. Subscribe or modify your newsletter subscription preferences at daily.justia.com.You may freely redistribute this email in whole.About JustiaJustia is an online platform that provides the community with open access to the law, legal information, and lawyers.
Contact Us| Privacy Policy
Unsubscribe From This Newsletter
or
unsubscribe from all Justia newsletters immediately here.
Justia | 1380 Pear Ave #2B, Mountain View, CA 94043
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