Publications for Finance, Real Estate & Bankruptcy Law
On Friday, October 2, 2020, the Supreme Court held Governor Whitmer lacked the authority to issue any executive orders after April 30, 2020 to combat the spread of COVID-19. In response, the Director of Michigan Department of Health and Human Services (MDHHS) issued an Emergency Order to place limitations on bars, the size of gatherings, and to require face masks in certain settings. The order is similar to previous executive orders issued by the Governor.
On Thursday the U.S. Senate passed the Paycheck Protection Program Flexibility Act of 2020 (the “Act”), and the president is expected to sign it into law. The Act loosens several of the Paycheck Protection Program’s requirements. PPP borrowers now have significantly longer to spend loan proceeds, rehire employees, and restore their wages to avoid reductions to loan forgiveness.
A record-setting wet spring, fluctuating commodity prices, tariffs, and rising input costs are just a few of the pressing challenges for farmers and ag-related businesses. While the federal and state governments are being supportive of Michigan farmers as they face during this difficult time, providing disaster relief, crop insurance flexibility and loan programs, the reality is that many farms and agribusinesses are facing money troubles beyond the relief offered by these programs.
Most commercial leases, like other business contracts, are filled with provisions (often called “boilerplate”) the parties to the contract pay little attention to; that is, until a dispute arises. At that point, these provisions become critical to the outcome.
In sports, it is often said that, “The best offense is a good defense.” This adage holds true not only on the field of play, but also in business and in life.
Over the course of the coming months, we will be publishing a series of articles that discuss some of the common real estate, finance, and corporate issues that our clients face on a day-to-day basis.
The purpose of bankruptcy is twofold: (1) to provide the party filing for bankruptcy—the “debtor”—with a fresh start, and (2) to fairly distribute the debtor’s non-exempt assets to creditors in accordance with the priority scheme set forth in the U.S. Bankruptcy Code.
In May 2017, the City of Detroit announced its intention to implement a city-wide effort to enforce tougher rental ordinance rules on landlords, including demanding that rental properties be registered and brought into compliance.
Michigan has the second longest coastline in the United States trailing only the state of Alaska. With the hot summer months quickly approaching, Michigan’s expansive coastline (including inland shorelines) will be taken over by beachgoers.
By most measures the economy is strong. Unemployment is low. The stock market is roaring. Gross domestic product is rising. Under these circumstances, bankruptcy is on few people’s minds.
On February 6, 2018, Governor Snyder signed Public Act 16 of 2018, which creates a Uniform Commercial Real Estate Receivership Act (the “Act”) in Michigan. The bill was sponsored by State Representative Brandt Iden, of the 61st District. PA 16 can be viewed here.
On July 16, 2014, the Uniform Law Commission (the “Commission”) approved a series of changes to the Uniform Fraudulent Transfer Act (the “UFTA”). The UFTA had previously been adopted by most states in the country, including Michigan. The Commission’s amendments included changing the name of the law from the UFTA to the Uniform Voidable Transactions Act (the “UVTA”).
At some point, a municipality and its leaders likely will be forced to grapple with the following question: Does a landowner have any rights if the landowner builds a home or other obstruction in a road right of way or other property dedicated to the public?
On December 28, 2016, Governor Rick Snyder signed into law Public Act 378 of 2016 (the “Act”), which abolishes all statutory or common law rights of dower in Michigan, except in the case of a widow whose husband dies before the Act’s effective date.
Governor Rick Snyder signed into law two bills, Public Acts 330 and 331, that modernize Michigan’s trust laws by allowing domestic asset protection trusts (“DAPTs”) for the first time in the state. With its adoption of the Qualified Dispositions in Trusts Act (the “Act”) last month, Michigan joined 16 other states that allow for the creation of DAPTs. The new laws go into effect on March 8, 2017.