Property Law and Real Estate Commons^™

Transferring Nonnegotiable Mortgage Notes, Dale A. Whitman

Faculty Publications

This article reviews what we know about transferring ownership and the right of enforcement of nonnegotiable notes. The focus will be on notes secured by mortgages, since this is likely the context in which most modern nonnegotiable notes are created. There has been a vast amount of litigation about the transfer of negotiable mortgage notes in the past half decade, greatly expanding our understanding, but there has been little development involving nonnegotiable notes. Hence, it is helpful to compare negotiable and nonnegotiable notes, with particular emphasis on how each is transferred. Perhaps ironically, this means that the bulk of this …

Perspectives - William Morrish, Professor Of Urban Ecologies At Parsons The New School For Design, James Hagy

Rooftops Project

How can arts organizations with an aspiration to build their own facilities connect project design both with the broader community and with financial sustainability? The Rooftops Project’s Zulaihat Nauzo and Professor James Hagy talk with William Morrish, Professor of Urban Ecologies at Parsons The New School for Design.

The Economic Loss Doctrine: Intrinsic Or Extrinsic Fraud, Ralph Anzivino

Marquette Law Review

The economic loss doctrine provides that when a product is sold and results in economic loss for the buyer (no property or personal injury), the buyer’s sole remedy is to sue for breach of contract, not in tort. The two exceptions to the economic loss doctrine are contracts that are predominately for services and contracts where a party is fraudulently induced to enter into the contract.

Fraudulent inducement occurs when one party either fails to disclose a material fact or knowingly misrepresents a significant fact, and thereby induces the other party to enter into a contract. The fraudulent inducement, however, …

Zoning As Taxidermy: Neighborhood Conservation Districts And The Regulation Of Aesthetics, Anika S. Lemar

Indiana Law Journal

Over the last thirty years, municipalities across the country have embraced neighborhood conservation districts, regulations that impose design standards at the neighborhood level. Despite their adoption in thirty-five states, in municipalities from Boise to Cambridge, neighborhood conservation districts have evaded critical analysis by legal scholars. By regulating features such as architectural style, roof angle, and maximum eave overhang, conservation districts purport to protect “neighborhood character” or “cultural stability.” Implicit in these regulations is the unsupported assumption that the essential feature of a neighborhood’s character is its architectural design at a single point in time. The unfortunate result is zoning as …

Property Law—Upending The Familiar Tools Of Estate Planning: Equity Renders Revocable Trusts Subject To The Arkansas Spousal Election. In Re Estate Of Thompson, 2014 Ark. 237, 434 S.W.3d 877., Lucy L. Holifield

University of Arkansas at Little Rock Law Review

No abstract provided.

Second Liens And The Leverage Option, Adam J. Levitin, Susan M. Wachter

Vanderbilt Law Review

This Article demonstrates that the housing bubble was driven by second mortgages to a much greater extent than previously appreciated. A unique feature of American law allows homeowners to take out second mortgages, without the consent or even knowledge of the first mortgage lender. The result is an underpricing and overextension of credit as first mortgage lenders cannot control or properly price for the risks created by second mortgages. Homeowners' unilateral right to encumber their properties with additional mortgage loans creates what we term the "leverage option" that is embedded in American mortgages. The leverage option is an unintended consequence …

Reforming Reit Taxation (Or Not), Bradley T. Borden

Faculty Scholarship

No abstract provided.

Rent Certainty Is Not Rent Control, Tom Dunne

Reports

The housing crisis and the debate about rent control should result in a beneficial change to the regulation of the sector but the opportunity could be lost for want of clarity of thinking about the nature of rent certainty and the distinction between it and rent control. At present rent is regulated by the Residential Tenancies Act 2004 (RTA 2004) which provides that rent can only change once a year and cannot be more than the market rent. Many argue a greater degree of rent certainty is required and that rent should not be allowed to increase by more than …

In Re: Manhattan West Mechanic’S Lien Litigation, 131 Nev. Adv. Op. 70 (Sept. 24, 2015), Kristian Kaskla

Nevada Supreme Court Summaries

The Court determined that (1) a general subordination agreement effects a partial subordination; and (2) NRS 108.225 does not preclude parties from contracting for a partial subordination.

Mardian V. Greenberg Family Trust, 131 Nev. Adv. Op. 72 (Sep. 24, 2015), Colton Loretz

Nevada Supreme Court Summaries

The Court concluded that the promissory note, which had security interest by both a deed of trust of Arizona real property and personal guaranties, was governed by Nevada limitations period because of the Nevada choice-of-law provision within the contract. Consequently, the Court held that the party seeking deficiency judgment was time-barred pursuant to NRS 40.455(1) because the judgment was not sought within six months of the foreclosure sale of the collateral property.

Response To Christopher Odinet, Super- Liens To The Rescue? A Case Against Special Districts In Real Estate Finance, Peter W. Salsich Jr.

Washington and Lee Law Review Online

No abstract provided.

Local Government Finance As Integrated System: The Uneasy Case For Using Special Districts In Real Estate Finance (A Response To Odinet’S Super-Liens To The Rescue? A Case Against Special Districts In Real Estate Finance), Darien Shanske

Washington and Lee Law Review Online

Local governments have long used special financing districts to build infrastructure. If a local project, say building a pocket park, is likely to increase the values of properties very close to the park, then why should those properties not pay for the park in the first place? Though efficient and fair in many cases, the use of these districts can also be problematic. For instance, it seems likely that wealthier residents, with higher property values to leverage, are especially likely to use these districts effectively. It has also been the case that developers have used these districts speculatively, which had …

Land Baron Invs. V. Bonnie Springs Family Lp, 131 Nev. Adv. Op. 69 (Sept. 17, 2015), Rob Schmidt

Nevada Supreme Court Summaries

This case is an appeal arising from a failed land sale contract. The Court considered three issues of first impression, holding that (1) when a party bears the risk, mutual mistake is not a basis for rescission; (2) an abuse of process claim may not be supported by a complaint to an administrative agency; (3) a nuisance claim seeking only emotional distress damages must be supported by proof of physical harm. Ultimately, The Court affirmed in part and reversed in part.

Drafting And Securitizing Participation Mortgages: A Re-Introduction, Spencer J. Coopchik, Yildiray Yildirim

The Journal of Business, Entrepreneurship & the Law

This Paper will reintroduce, explore, and expand on the financing arrangement known as a Participation Mortgage. First, this Paper will cover the features, history, and policy purposes behind the mortgage. Second, the Paper will focus on legal mechanics and drafting considerations of Participation Mortgages, so they may later be securitized. Finally, the Paper will explore the possibility and legality of creating Participation Mortgaged Backed Securities to be sold in the secondary market.

Do You Know The Fair Market Value Of Your Property?: A Call To The Legislature To Revise Section 775.089, Florida Statutes, Governing Restitution, Adam M. Hapner

Barry Law Review

No abstract provided.

Taking Back Takings Claims: Why Congress Giving Just Compensation Jurisdiction To The Court Of Federal Claims Is Unconstitutional, Michael P. Goodman Ph.D.

Villanova Law Review (1956 - )

No abstract provided.

Statutory Pooling And Unitization In West Virginia: The Case For Protecting Private Landowners, James E. Mcdaniel

West Virginia Law Review

No abstract provided.

Dividing The Single Indivisible Transaction: Balancing The Interests Of Mortgagees And Innocent Occupants, Vincent Ooi

Research Collection Yong Pung How School Of Law

When a mortgagee provides the funds necessary to purchase a property, the law protects the priority of the mortgagee’s security interest from any other interests in the property created after that property was purchased (unless consented to by the mortgagee). The House of Lords affirmed this principle in Abbey National Building Society v Cann (‘Cann’), and rejected the technical argument based on a scintilla temporis in favour of the policy argument concerning the need to ensure that housing loans are available and affordable. The effect of this principle is to allow the mortgagee to enforce the security interest in the …

The Ohio Rules Of Civil Procedure And Their Effect On Real Property Titles, Alvin W. Lasher

Akron Law Review

T HE REVOLUTION IS HERE! It has come quietly, almost without a murmur of opposition or civil discord. Indeed, many who will be most profoundly affected by it were not-are not even now, perhaps-aware of its coming. But it is here, nevertheless. The revolution in question, of course, relates not to some massive proletarian uprising which many today profess to see upon the horizon, but to the revolution in Ohio procedural law which became effective on July 1, 1970. For a revolution indeed it is, bringing changes so sweeping in their nature that the procedural law, both statutory and judge-made, …

Property Insurance For Ohio's Urban Areas, R. D. Welsh

Akron Law Review

Thirty-eight million dollars damage to property occurred in Watts in 1965, $49,000,000 in Detroit, and $10,000,000 in Newark, New Jersey in 1967, plus many others that have resulted in about $187,000,000 being paid in the five years ending in 1968. Until Watts, riot coverage was provided as an afterthought by the insurance industry with little or no additional charge. Besides this problem, insurers were faced with loss of reinsurance by foreign reinsurers alarmed by inability of Government authorities to maintain law and order.