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Practical Pointers from Practioners

On April 2, 2020, the New York legislature passed the Child-Parent Security Act (CPSA), which will become effective on February 15, 2021. The CPSA makes sweeping changes to parental rights in New York, including the ability to define and confirm legal rights for children conceived via gestational surrogacy or third-party reproduction from the moment of the birth of the child. These changes provide more flexibility and also greater rights for individuals contemplating birth through nontraditional means.

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The Interstate Land Sales Full Disclosure Act: Often Overlooked

Real Estate

The Interstate Land Sales Full Disclosure Act: Often Overlooked

Developers of residential subdivisions are usually aware of state and local requirements for the registration of their projects with applicable state and local government agencies. They are also aware that state and local laws require certain disclosures in their consumer sales contracts, but they often overlook the registration and disclosure requirements of the federal Interstate Land Sales Full Disclosure Act (ILSA), 15 U.S.C. §§ 1701-1720, and that could be a costly mistake.

Is the Right to File Bankruptcy for Real Estate Borrowers Truly Protected?

Real Estate

Is the Right to File Bankruptcy for Real Estate Borrowers Truly Protected?

The right to file bankruptcy is protected by federal case law upholding the policy that all parties have a right to avail themselves with the fresh start afforded by the US Bankruptcy Code, and the right cannot be waived. See Hayhoe v Cole (In re Cole), 226 B.R. 647, 651-54 (B.A.P. 9th Cir. 1998). Yet, in reviewing the evolution of the law during the 1990s through the present date, that right, especially for real estate borrowers, seems to have been diminished as a result of innovative lenders, creative financing documents, and also changes to the Bankruptcy Code that limit real estate borrowers’ access to and reliance on the benefits of the Bankruptcy Code. This article traces the developments that have affected the rights of real estate borrowers to file bankruptcy to protect their assets.