News Archive

Posted: April 7, 2014
Bankruptcy Court holds that senior lender with security interest in debtors’ pre-petition inventory and accounts receivable, and holding replacement liens in the same type of property post-petition, is entitled to proceeds from post-petition sale of inventory acquired pre-petition and reimbursement for post-petition real estate taxes the lender advanced for the debtors over the claims of a post-petition secured lender. In re Isaacson Steel, Inc., 2013 BNH 010 (September 19, 2013) 
Posted: April 7, 2014
In an issue of first impression, Rhode Island Supreme Court holds that usury savings clauses in loan contracts are unenforceable and cannot validate an otherwise usurious loan. NV One, LLC v. Potomac Realty Capital, LLC, 84 A.3d 800 (Feb. 18, 2014)
Posted: April 7, 2014
Washington State Supreme Court rejects the “volunteer rule” bar to equitable subrogation, and adopts the Third Restatement’s more liberal approach towards equitable subrogation in the refinancing context.  Columbia Community Bank v. Newman Park, LLC, 177 Wash.2d 566 (2013). 
Posted: April 7, 2014
A secret “side letter agreement” between a buyer of real property and its construction lender causes a court to invalidate a seller subordination agreement, thereby allowing the seller’s contractually subordinated lien to prime the construction lender’s priority lien.  In Citizens Business Bank v.
Posted: April 7, 2014
A perfected security interest in collateral continues to exist in that collateral despite a secured creditor’s failure to comply with a separate state statute requiring it to file a claim of “exemption” from a levying creditor.  In Keybank Nat'l Ass'n v. PAL I, LLC, 155 Idaho 287 (2013), the Idaho Supreme Court held that a secured creditor, who failed to follow a certain statutory “exemption” procedure when a judgment creditor ordered a levy against the debtor’s property, did not forfeit its perfected security interest in the collateral or its proceeds. 
Posted: April 7, 2014
Under Washington state law, a promissory note secured by a real estate mortgage is governed by the Washington UCC as a security interest in personal property, not by the recording statute as an interest in real property.  In In re HW Partners, LLC, No. 11-03366-JAR11, 2013 WL 4874172 (Bankr. E.D. Wash.
Posted: March 6, 2014
Fair Value Debt-for-Debt Exchange Does Not Create Disallowable Unmatured Interest under the Bankruptcy Code. Official Committee of Unsecured Creditors v. UMB Bank, N.A. (In re ResCap), 501 B.R. 549 (Bankr. S.D.N.Y., Nov. 15, 2013). In a matter of first impression of importance to bondholders, Judge Glenn ruled on November 15 in ResCap that fair value debt-for-debt exchanges do not create disallowable unmatured interest under the Bankruptcy Code even though they may generate OID for tax purposes.
Posted: March 6, 2014
Credit Bids May Be Limited for Cause, Including Encouraging Robust Bidding and Uncertain Secured Status. In re Fisker Automotive Holdings, Inc., 2014 WL 210593 (Bankr. D. Del., Jan. 17, 2014).
Posted: March 6, 2014
Requirements for Enforcing a Subordination Agreement under the UCC. Caterpillar Financial Svcs. v. Peoples Nat. Bank, 710 F.3d 691 (7th Cir.
Posted: March 6, 2014
Determining Standing to Initiate Foreclosure Proceedings. Bank of America, NA v. Inda (No. 107,999 Kan. Ct. App. Mar. 8, 2013).  In 2007, Dennis O.
Posted: March 6, 2014
2014 Spring Investment Forum: A Match Made in Chicago
Posted: March 6, 2014
Come up with some resources on how to find qualified local counsel.                - start with counsel you know, many have local branch offices                - local law societies or bar association                - martindale.com – pick a country, sort by “peer review rating”                - Google the topic for articles, and see where author worksClick here to Register Now!
Posted: February 13, 2014
The ACIC is pleased to announce that you can now renew your membership online. Just click on the link below, complete the online form, and provide your payment information. We're happy to make it even easier for you to enjoy all the benefits of being an ACIC Fellow!Renew your ACIC membership!
Posted: February 6, 2014
Spotlight on New MembersAs we all know, an organization cannot exist without members!  Please encourage attorneys in our practice area to join the ACIC, and do what you can to make our new members feel welcome, in particular by keeping an eye out for our new members at the Spring and Fall conferences.  We will periodically update this page to reflect new members as they are added. This month, in addition to asking for a brief bio, we also asked our new members to answer the question, “Why did you join the ACIC, and how do you hope it will enhance your practice?”
Posted: February 5, 2014
President's Message January 2013  -- Hugh McCrory (MetLife)If you want “new”, the American College of Investment Counsel is the place to be in 2014!   This newsletter – to be getting a new name soon with input from all of you – is just a small part of the exciting developments that are being rolled out over a relatively short period of time for the benefit our Fellows. 
Posted: January 10, 2014
Save the date for the ACIC Spring Forum in Chicago, April 24-25!   The Four Seasons Hotel Chicago120 East Delaware StreetChicago, IL 60611 Call the hotel directly to book your room no later than April 2, 2014 to qualify for the ACIC discounted room rate of $332.00/night, single or double plus applicable taxesCLEACIC is a New York and Illinois accredited provider. Course approval will be pending in other states. You may obtain a copy of the Financial Hardship Policy by contacting the ACIC Administrative Office.
Posted: October 15, 2013
We presented this short video tour of the site at the ACIC Annual Meeting.  Please note that we spoke over the mostly silent video but we think you will find the demonstration to be self-explanatory.  Enjoy! 
Posted: October 10, 2013
Welcome to the new ACIC web site!Here you will find exciting new features to help you access current model forms, panel papers and conferences linked to members' profiles and many more resources that have been organized pursuant to a custom-built taxonomy. Locating what you need is simpler than ever.
Posted: October 8, 2013
 
Posted: August 30, 2013
Is Thirteen A Lucky Number? Advising Institutional Investors in 2013
Posted: August 30, 2013
Our 2013 Spring Investment Forum in Chicago is now less than a week away. This year’s co-chairs, Elliot Stultz (Allstate Insurance Company) and Lisa Conmy (Foley & Lardner LLP), with the assistance of ACIC Vice President Hugh McCrory (MetLife) and the Education Committee, have developed a timely and compelling program which promises to be professionally enriching for all who attend. A description of the panels assembled by Lisa and Elliot, and their respective topics, can be found elsewhere in this Newsletter.

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