Welcome to my blog. I use it primarily to publish my materials from programs I present before the American Bar Association, the American College of Real Estate Lawyers, the American Inns of Court, the District of Columbia Bar, the Maryland State Bar Association, the Harvard Business School Club of Washington, D.C., and other organizations. I would love to receive any questions, comments, criticisms and suggestions you may have on any of these topics. Please check my law firm’s website, at www.samuelson-law.com, and contact me.

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April 2009 Archives

April 15, 2009

And You Assumed That Escrow Moneys Were Bankruptcy-Proof . . .

DRAFTING 1031 ESCROW AGREEMENTS TO ADDRESS A POTENTIAL INSOLVENCY OF A QUALIFIED INTERMEDIARY; LESSONS FROM LANDAMERICA

Presented at the Annual Meeting of the American College of Real Estate Lawyers on October 31, 2009 in Washington, DC

8/15/09

The LandAmerica bankruptcies taught us that we cannot merely assume that third-party escrow arrangements are safe from unrelated third-party creditors. Now we know that the bankruptcy of the third-party intermediary, especially where the funds are not covered by deposit insurance and time deadlines are involved, can have profound implications far beyond the loss of the deposit itself. The following explores what happened in the LandAmerica case with respect ot Section 1031 escrow deposits and what drafting implications that has for future transactions.


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