It’s no secret that, these days, many commercial property owners are having trouble meeting their mortgage payments. If you are a tenant of such an owner in California, you should know about section 2938 of the California Civil Code (“Section 2938”). Section 2938 requires, under certain circumstances, a commercial tenant to pay rent to its landlord’s creditor rather than its landlord.
Bill claimed his Facebook and MySpace passwords and user names were confidential and, more importantly, that his communications with friends on Facebook and MySpace were privileged from disclosure, much like a confidential communication between an attorney and his or her client. The court in McMillan v. Hummingbird Speedway, Inc. (Pennsylvania Court of Common Pleas 9/9/10) rejected his contention.
I will describe the pros and cons of dealing with indemnification obligations of the seller and, to a lesser extent, the buyer, as well as briefly explaining the risk-reduction benefits that can be achieved by the seller under a well-crafted indemnification term in the LOI. Finally, I will examine the last term in the sample LOI, which addresses the seller’s employees.
During the last legislative session, California enacted two new laws that may change the choice of entity decision for licensed contractors, surveyors and engineers. Starting September 30, 2010, SB 1008 allows engineers and land surveyors to operate their businesses as limited liability partnerships (“LLPs”).
Happily, in Private Letter Ruling 201029039, the IRS determined that any benefit to the shopping mall, perhaps in the form of increased traffic and sales for those who came to view the art, was incidental and tenuous compared to the benefit to the public.
Many tenants are likely to see a big shift in their balance sheets in coming years. The Financial Accounting Standards Board (FASB), together with the International Accounting Standards Board, has proposed a comprehensive set of changes in the generally accepted accounting practices (GAAP) for leases.
Another California court has ruled that an agreement between an employer and employee that all employment related claims must be arbitrated, instead of taken to court, is unenforceable. In this most recent case, Trivedi v. Curexo Technology Corporation, the court found that the employer could not force the dispute into binding arbitration…
Kathryn Andrews gave a presentation to the Sonoma County Bar Association on September 21, 2010, on “Valuation of Minority Interest in an Involuntary Dissolution.” This is a hot, but widely misunderstood, topic of particular importance in this economic climate. You can see a her presentation outline here.