The Court of Appeals of Georgia recently handed down an opinion of concern to the mortgage industry, Reese v. Provident Funding Associations, LLP, 2012 WL 2849700. The court read the Georgia foreclosure statute (OCGA § 44-14-162.2) to require that a notice of foreclosure must disclose the identity of the secured creditor.
In Georgia, it is risky to take an assignment of a lost promissory note. If the promissory notes was in the assignor’s possession when it was lost, the assignee may not have the right to enforce it.
When a lender seeks to conduct a foreclosure sale of secured property in Georgia, the lender is required to follow a codified procedure for notifying the borrower of its intent to foreclose.
In the present real estate climate, foreclosing lenders often face all sorts of claims by borrowers attempting either to postpone foreclosure or to obtain some negotiating leverage against the lender. Many of the claims raised against lenders simply do not apply in the foreclosure context and may be summarily dismissed.
Lien waiver and subordination in commercial construction
In Georgia, the lien rights of a construction contractor attach when the contractor commences work. A later-filed and properly perfected contractor's claim of lien will "relate back" to the date work commenced. Intervening lien holders who record their deeds before the contractor's claim of lien is filed, including mortgage lenders, may nevertheless be inferior and subject to the contractor's lien rights if the intervening lien holders take title with notice that work has commenced. When the mortgage loan is closed, a contractor's lien waiver for paid work that fails to address unbilled work in progress and retainage may leave the construction contractor in superior lien position vis-a-vis the mortgage lender. In addition to a lien waiver, an effective subordination agreement should place the mortgage lender in superior lien position.
Aviation insurance includes markets for general aviation, commercial aviation, manufacturers of aircraft and aircraft components, and owners and operators of airports. Airport owner and operator liability insurance policies generally cover damages from injuries at airports or due to airport operations.
As international operations of companies have expanded, the need for insurance products to reduce the risk of such operations has grown. Political risk insurance and trade credit insurance are two such products.
Comprehensive general liability (CGL) policies insure policyholders against losses from being found liable for personal injury or property damage suffered by another person or business.
Fire insurance and many other kinds of insurance policies contain appraisal clauses. Such clauses are included in form fire insurance policies required by state insurance regulators and are included in various other policy forms covering losses to property.