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Fiduciary Duty Real Estate Development

Farrell Fritz, P.C.

Capital Call Cancelled: A Fairness Defense to the Majority’s Mandatory Capital Call

Farrell Fritz, P.C. on

There is perhaps no provision in an LLC operating agreement more susceptible to abuse than one allowing those in control of the LLC to make mandatory capital calls. For one, that authority often comes with very few...more

Farrell Fritz, P.C.

Help Comes From an Unexpected Place in LLC Deadlock Dissolution: The Third Department

Farrell Fritz, P.C. on

Join me if you know this refrain: In New York, deadlock is not an independent ground for LLC dissolution. But… Almost exactly two years ago from today, Peter Mahler published a post titled: “Has the Time Come for...more

Farrell Fritz, P.C.

Never the Twain Shall Meet: Damages Claims Do Not Offset the Purchase Price in Buy-Sell Agreements

Farrell Fritz, P.C. on

Nestled between Broadway and Church Street in New York City’s hottest neighborhood is the landmarked, stone-façade building at 66-68 Reade Street.  Now marketed as the superluxury boutique condominium complex 66 Reade, the...more

Ward and Smith, P.A.

Community Association Building Blocks: Community Drainage and Flooding and Architectural Control Parameters

Ward and Smith, P.A. on

Many homeowners in North Carolina experience issues with excessive surface water flow and localized nuisance flooding after rain events.  How communities deal with these problems was the focus of Ward and Smith's latest...more

Fox Rothschild LLP

No Harm, No Foul

Fox Rothschild LLP on

Longtime college basketball commentator Billy Packer is credited with one of the better Yogi Berra-isms in NCAA hoops lore: “This is going to be a long three minutes here.” And that’s about how long it took for litigation...more

Farrell Fritz, P.C.

Joint Venture Agreements: For Better or For Worse; In Profit or In Loss

Farrell Fritz, P.C. on

Just like a bride and groom vow to join together for better or for worse, commercial parties joining together through a joint venture must make a similar promise to share in profits and losses. ...more

Farrell Fritz, P.C.

Managing Members of Realty Holding LLCs Vanquish Self-Dealing Claims

Farrell Fritz, P.C. on

Managing members of manager-managed New York LLCs owe default fiduciary duties of loyalty and care to non-managing members. Those duties can be modified by the operating agreement....more

Cadwalader, Wickersham & Taft LLP

Something Special, April 2021 | Issue No. 23 - Don’t Be Cruel: Appellate Division Upholds Waiver of Fiduciary Duties But Denies...

Can contracting parties waive all common law fiduciary duties? That was one of the questions presented to the New York Supreme Court, Appellate Division, First Department (the “Court”) in 111 West 57th Investment LLC, on...more

Ward and Smith, P.A.

Serving on Your Community Association’s ARC, ACC, or ARB? Take Note to Whom Your Fiduciary Duties Are Owed

Ward and Smith, P.A. on

Residents of planned communities often must obtain approval prior to making any modifications to their homes and lots. Through their declaration of covenants, conditions, and restrictions - commonly referred to as the...more

Farrell Fritz, P.C.

The Duty to Disclose Third-Party Offers Amidst Buy-Out Negotiations, Revisited

Farrell Fritz, P.C. on

In 2011 and 2012, the New York Court of Appeals decided a series of difficult cases addressing the circumstances under which a contractual waiver or release included in a buyout or other agreement between co-owners of closely...more

Lowndes

Selecting a Property Manager

Lowndes on

Property managers play a significant role in commercial real estate operations. With thousands of property managers to choose from, finding a suitable one may be daunting. This article addresses some of the factors to...more

Ward and Smith, P.A.

Call of [Fiduciary] Duty: How Good Faith, Due Care, and Loyalty Guide Community Associations' Boards

Ward and Smith, P.A. on

Nearly 30 percent of North Carolina's population lives in a community association of some sort, be that a condominium or single-family community. Yet, confusion among the general population about the nature of community...more

Buchalter

Lump Sum or Cost-Plus Contract: You Can’t Have It Both Ways

Buchalter on

It goes without saying that in the world of construction contracts … words matter! There is language in the Goes decision that a cost-plus contract imposes upon the contractor an implied duty to incur reasonable and proper...more

Brooks Pierce

NC Business Court Says That Bank Didn't Owe A Fiduciary Duty To Its Customer, But Recognizes New Cause Of Action: Breach Of A Duty...

Brooks Pierce on

Were you thinking that the Business Court might, one day, find that a bank owed a fiduciary duty to its customer? That seemed like it might happen eventually, as the NC Supreme Court seemed to hold out that possibility last...more

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