By Porter Wright on Commercial leases often lack leasehold financing provisions despite the significant impact such provisions can have on the business dealings of the tenant during the term of the lease. Long-term, creditworthy tenants, those who have value in their leaseholds such as restaurants and hotels, are often prime candidates for leasehold financing. A leasehold mortgage is very … Continue Reading
By Porter Wright on Editor’s Note: From time to time, it is good for financial institution and other business executives to look at the world through from the point of view of their attorneys. In this context, we offer a recent experience of a Porter Wright attorney who is writing to reach other attorneys. What could be a worse … Continue Reading
By Porter Wright on In a decision that will warm the hearts of vendors everywhere, the Court of Appeals for Ohio’s Eighth Appellate District recently upheld the enforceability of personal guaranty language in a credit application. See Wholesale Builders Supply, Inc. v. Green-Source Development, L.L.C., et al., 2013-Ohio-5129. This decision also serves as a reminder to read before signing. … Continue Reading
By Porter Wright on The Ohio Department of Taxation recently released draft administrative regulations (the “Regulations”) designed to implement the new Ohio financial institutions tax. The new tax takes effect Jan. 1, 2014 and replaces the corporation franchise tax and dealers in intangible tax, which financial institutions have historically paid in Ohio. The Regulations state that the tax has … Continue Reading
By Porter Wright on As with our prior posts on oil and gas leases in bankruptcy (located here and here), this post presents another thorny issue – namely, “Is an oil and gas lease a lease at all?” Whether an oil and gas lease is a “lease” is significant in the bankruptcy context, because the Bankruptcy Code has several … Continue Reading
By Porter Wright on Ohio is now one of a number of states with a so-called “asset protection” statute. Bankers with trust authority might view this development favorably because it may be another possible service line, and indeed Ohio trust companies and Ohio trust lawyers were the main proponents of the statute. Other bankers however, may encounter the statue as … Continue Reading
By Porter Wright on As Ohio enjoys its latest boom in oil and gas exploration, it is important to understand how oil and gas leases are treated in bankruptcy. The importance of these issues are underscored by the frequency with which the courts confront them; hence we visit again this unsettled area and consider further the question of the … Continue Reading
By Porter Wright on On March 29, 2013, the Court of Appeals for the 10th Appellate District in Columbus issued a decision of significance for mortgage lenders that rely on contractual subordination and flow down provisions in construction contracts. In KeyBank Natl. Assn. v. Southwest Greens of Ohio, L.L.C., 10th Dist. No. 11AP-920, 2013-Ohio-1243, the 10th District Court of … Continue Reading
By Porter Wright on With the recent boom in Ohio’s oil and gas industry, secured creditors in Ohio should be sensitive to special statutory requirements for perfecting security interests granted in assets of gas and pipeline companies. Although security interests in personal property and fixtures are most frequently perfected by filing financing statements under the UCC, there are several … Continue Reading
By Matt Moberg on By now, you have probably heard about some of the changes in title policies and title searches caused by the recent oil and gas activity in Ohio. Title insurers also recently added to their policies a standard exception for any “lease, grant, exception or reservation of minerals or mineral rights.” Essentially, this language means that … Continue Reading
