Committee offers program on 'Assignment of Rents and Bankruptcy'

The Sixth Circuit Court of Appeals recently issued an important decision on the Michigan assignment of rents statute and the impact and effect of a lender exercising its rights thereunder prior to the commencement of a bankruptcy petition. The holding is that a properly perfected assignment of rents enforced prior to the commencement of a bankruptcy excludes such rents from becoming property of the bankruptcy estate. This decision represents the first ruling by the Sixth Circuit Court of Appeals on this issue, and resolves a split amongst the Eastern District and Western District Bankruptcy Courts.

The Debtor/Creditor Rights Committee of the Business Law Section of the State Bar of Michigan will offer a presentation on assignment of rents, along with an analysis of this opinion and the effects that it is likely to have on single asset real estate debtors’ ability to reorganize.  “Assignment of Rents and Bankruptcy” will take place from 6 to 8 p.m. on Wednesday, Aug. 9, at the offices of Jaffe, Raitt, Heuer, & Weiss PC, 27777 Franklin Rd., #2500, in Southfield.

The panelists will include retired Judge Walter Shapero,     Robert Bassel, Gregory DeMars, and Judith Greenstone Miller. The meeting will include dinner (at no charge).

To attend, e-mail Judy Calton at jcalton@honigman.com or call 313-465-7344.

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