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ACIC PRIVATE NOTES
Welcome to the March 2021 edition of the ACIC Private Notes Newsletter! This edition brings you:
The annual ACIC Committee Reports, courtesy of Sarah Olson (Thrivent);
Recent case law summaries from New England Region prepared by Kevin Braun (Morgan Lewis) and the Southern Region prepared by Jeff Dutson (King & Spalding LLP);
Registration details for the 2021 Virtual Spring Investment Forum; and
An invitation from the newly formed ACIC Book Club.
Are you curious about what each of the ACIC Committees does, or want to get involved? Clickherefor an overview of the purpose, goals, and current initiatives of each of the College’s committees.
Recent Case Law Summaries & Developments
New England Region
In Bank of America, N.A. v. Fay, the Rhode Island Supreme Court court affirmed the lower court’s ruling that Guarantors of a secured promissory note were jointly and severally liable under such secured promissory note when the borrower failed to pay despite allegations of deficient calculations by the lower court of the amounts owed under the promissory note. Click here to learn more.
In Germinara v. People's Comprehensive Mortgage, LLC, the Massachusetts Appeals court affirms lower court decision to rule that the correct remedy for a usurious loan was reformation and not recession. Clickhereto learn more.
In Matter of First River Energy, L.L.C., the Fifth Circuit affirmed the decision of the United States Bankruptcy Court for the Western District of Texas that a bank’s properly perfected Delaware security interest in a debtor’s assets had priority over oil producers’ Texas statutory liens that did not conform to the Delaware UCC requirements. Click here to learn more.
In Callicott v. Scott, the Georgia Court of Appeals barred a minority shareholder from bringing a direct action because (i) she failed to allege a “special injury separate and distinct” to her and (ii) direct action may harm creditors of the corporation. Clickhere to learn more.
In Nodus Int’l Bank, Inc. v. Arocha Hernandez, the Florida Court ruled that certain allegations in a complaint were sufficient for a transferee bank to maintain that it had standing to enforce promissory note and corresponding security instrument against the debtor but insufficient to maintain claims for fraud. Clickhereto learn more.
In Palma v South Florida Pulmonary & Critical Care, LLC, the Florida Court of Appeals reversed a lower court’s decision to hold departing members of a limited liability company liable for a pro rata share of a balance due under notes issued by such limited liability company. Clickhereto learn more.
In In re Vanguard Nat. Res., LLC, the Bankruptcy Court in the Southern District of Texas held that a certain net profit interest was covenant running with the land and was not disturbed by any bankruptcy reorganization plan. Click here to learn more.
2021 Spring Investment Forum
Registration is now open for the 2021 Virtual Spring Investment Forum! The program will feature informative panel discussions and will provide important market updates on topics of continuing relevance to today's institutional investment practices. Click here to register!
ACIC Inaugural Book Club Meeting - Thur. May 20th
The ACIC invites you to come unwind through a wildly entertaining and educational book and to get to know your fellow members better through an intimate, small group atmosphere! On Thursday, May 20th, the Book Club will be discussing Alison Levine's book "On the Edge: Leadership Lessons from Mount Everest and Other Extreme Environments" - a New York Times and Wall Street Journal best seller. If you are interested in participating in this great event, pleaseclick here.