OCTOBER 12, 2018
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Construction & Real Estate News
In house attorneys looking for a better way to organize, vet and easily retrieve legal news created the National Law Review on-line edition.

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On September 18, 2018, the three federal banking agencies – the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation – jointly announced a proposed regulation implementing Section 214 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). Section 214 effectively provides relief to banking organizations with acquisition, development or construction (ADC) lending exposure by narrowing the types of exposures that constitute a “high volatility commercial real estate exposure” (HVCRE exposure), a concept relevant for determining the capital charge for such a loan under U.S. bank capital regulations.   Read More on ADC Loans Here>
Since the 1992 decision in Simon v. Superior Court , California lenders holding senior and junior liens on the same real property were barred from both non-judicially foreclosing pursuant to the senior lien and seeking a deficiency judgment on the junior lien. The Simon court recognized that a true "sold-out junior," whose lien was extinguished because a third party senior lender decided to conduct a non-judicial foreclosure sale, was not barred from seeking a deficiency judgment, but held that if a party controlled both the senior and junior liens and all related foreclosure decisions, they were not a true sold-out junior and that anti-deficiency laws barred them for pursuing a deficiency judgment. The Simon court was concerned that if the rule were otherwise, lenders would structure a single loan as two loans to increase potential recoveries against the borrower, thereby circumventing anti-deficiency protections.    More on Foreclosures and LIens Here>
The Tax Cuts and Jobs Act introduced new Section 199A of the Internal Revenue Code (the Code), which provides individual taxpayers as well as certain other non-corporate taxpayers with a significant, though complex, deduction for qualified business income (QBI) from each of the taxpayer’s qualified trades or business, as well as a deduction of up to 20% of the aggregate qualified REIT deduction and qualified publicly traded partnership (PTP) income (click here and here for more).  This complicated new provision left practitioners with a number of questions regarding its scope and application.  In response to these concerns and requests for clarification, in August the Department of Treasury published proposed regulations in connection with Section 199A (the Proposed Regulations). More on REIT Here >
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