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Credit Unions, Cross Collateralizations, and Real Property
Back when I was doing ch 11 for hotels, The Cockatoo Inn in Hawthorne was cross collateralized with another hotel. I successfully brought a motion to stop the foreclosure of both hotels because one was in default, since that was 20 years ago I do not have the paperwork or any cites. Back then commercial properties were sometimes cross collateralized because it was so hard to get financing for them. Haven't seen it in recent years. There were no rules against it, but I used equitable grounds, unjust enrichment, etc.
Margaret Norman
111 N. Sepulveda Blvd. #355
Manhattan Beach, ca. 90266
310-376-7873
The post was migrated from Yahoo.
No such rule.
Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On Feb 3, 2010, at 1:48 PM, "Donny Brand" wrote:
Hey everyone,
I seem to recall from somewhere that real property is not usually subject to cross collateralization. I cannot back this up in any way and I am still waiting for original documents from the client so I can see for myself.
Is there some sort of rule about this? Or is it a case-by-cases basis? Or I am just remembering incorrectly?
Thanks,
Donny Brand
Brand & Spellman PC
3836 E. Anaheim St.
Long Beach, CA 90804
562-438-7500
888-99-BKRPT (888-992-5778)
www.brandspellman.com
This message originates from the law firm of Brand & Spellman PC and may contain legally privileged and confidential information intended solely for the use of the addressee. If you are not the intended recipient and have received this message in error, please notify us at info@brandspellman.com and delete this email from your system. Any unauthorized reading, distribution, copying, or other use of this email or its attachments is strictly prohibited.
No such rule.Dennis McGoldrick350 S. Crenshaw Bl., #A207BTorrance, CA 90503On Feb 3, 2010, at 1:48 PM, "Donny Brand" <dbrand@brandspellman.com> wrote:
Hey everyone,
I seem to recall from somewhere that real property is not
usually subject to cross collateralization. I cannot back this up in any
way and I am still waiting for original documents from the client so I
can see for myself.
Is there some sort of rule about this? Or is it a
case-by-cases basis? Or I am just remembering incorrectly?
Thanks,
Donny Brand
Brand
& Spellman PC
3836
E. Anaheim St.
Long
Beach, CA 90804
562-438-7500
888-99-BKRPT
(888-992-5778)
www.brandspellman.com
-------------
This
message originates from the law firm of Brand & Spellman PC and may contain
legally privileged and confidential information intended solely for the use of
the addressee. If you are not the intended recipient and have received this
message in error, please notify us at info@brandspellman.com and delete this email from
your system. Any unauthorized reading, distribution, copying, or other use of
this email or its attachments is strictly prohibited.
The post was migrated from Yahoo.
Hey everyone,
I seem to recall from somewhere that real property is not usually subject to
cross collateralization. I cannot back this up in any way - and I am still
waiting for original documents from the client so I can see for myself.
Is there some sort of rule about this? Or is it a case-by-cases basis? Or
I am just remembering incorrectly?
Thanks,
Donny Brand
Brand & Spellman PC
3836 E. Anaheim St.
Long Beach, CA 90804
562-438-7500
888-99-BKRPT (888-992-5778)
www.brandspellman.com
This message originates from the law firm of Brand & Spellman PC and may
contain legally privileged and confidential information intended solely for
the use of the addressee. If you are not the intended recipient and have
received this message in error, please notify us at
info@brandspellman.com and delete this email
from your system. Any unauthorized reading, distribution, copying, or other
use of this email or its attachments is strictly prohibited.
Hey everyone,
I seem to recall from somewhere that real property is not
usually subject to cross collateralization. I cannot back this up in any
way – and I am still waiting for original documents from the client so I
can see for myself.
Is there some sort of rule about this? Or is it a
case-by-cases basis? Or I am just remembering incorrectly?
Thanks,
Donny Brand
Brand
& Spellman PC
3836
E. Anaheim St.
Long
Beach, CA 90804
562-438-7500
888-99-BKRPT
(888-992-5778)
www.brandspellman.com
--------------------
This
message originates from the law firm of Brand & Spellman PC and may contain
legally privileged and confidential information intended solely for the use of
the addressee. If you are not the intended recipient and have received this
message in error, please notify us at info@brandspellman.com and delete this email from
your system. Any unauthorized reading, distribution, copying, or other use of
this email or its attachments is strictly prohibited.
The post was migrated from Yahoo.