Mortgages And Equity Pledges: A Cautionary Tale For Lenders

Law360 (August 2, 2018, 3:49 PM EDT) -- On June 19, 2018, in HH Cincinnati Textile LP v. Acres Capital Servicing LLC,[1] the Supreme Court of the State of New York refused to issue a preliminary injunction to prevent the foreclosure sale of the equity interests in two borrowers under Article 9 of the Uniform Commercial Code.[2] HH Cincinnati Textile LP and HH KC Mark Twain LP (together, the borrowers) owned and financed redevelopment projects on real property located out of state in Cincinnati and Kansas City.[3] Instead of entering into a mortgage loan secured by real property and entering into a separate mezzanine loan secured by limited partnership...

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