Do you need a translator to communicate with your lawyer? Contrary to popular belief, we’re not paid by the word, and there are no bonuses for 25-cent words. Never fear, we’re here to help. Here’s Andrew Buck with a top 10 list of some of the more obtuse (see what we did there) legalese terms, [...]
Category Archives: Commercial Transactions
Where a credit card creditor obligates its account holder to pay interest at a rate which is higher after default than the rate applicable prior to default, and, the credit card debt is real estate secured (typically by way of an “all obligations” mortgage on the cardholder’s home), it may be unlawful for the creditor [...]
A recent Court of Appeal decision from British Columbia may have devastating consequences for businesses engaged in corporate tax planning and asset protection. In Abakhan & Associates Inc. v. Braydon Investments Ltd. (“Braydon“), the Court of Appeal held that any transfer of assets made with a view to protecting such assets from current and/or future creditors might [...]
An “All Obligations” mortgage is one which, by its terms, secures all of the mortgagor’s present and future obligations of all types, from time to time owed to the mortgagee, limited at any one time to the maximum principal or face amount stated in the mortgage. This type of mortgage has become increasingly popular with [...]
When taking security from a general (as opposed to a limited) partnership, the creditor must list as debtors in its financing statement both the partnership name plus the names of each of the partners of the partnership. This can cause difficulties when the partnership in question comprises many partners. For an expansion on these problems, [...]
Many property owners have been working all year getting apartment buildings registered as condominiums, but this will be much harder when new laws come into effect on November 7. The government hasn’t quite slammed the door on conversions, but almost. See my Whiteboard Session for more details.
Did you know that if you acquire title to a parcel of real estate which is subject to a mortgage, you will, without signing any document, be “automatically” obligated to both the mortgagee (the creditor) and to the party transferring to you (the original mortgagor/debtor), that you will be responsible for performance of all of the obligations owed to the mortgagee/creditor under the mortgage? To find out what the ramifications of this rule may be, please refer to my more detailed memorandum on this matter by going to same on “Implied Covenants”
One of the concerns that arises with limited partnerships is whether or not and when a limited partner might lose its limited liability. Most legislation allowing for the creation of limited partnerships specify if a limited partner takes an active role in the business of the limited partnership, they become liable as if they were a general partner. In the [...]
If you develop products or are thinking of developing products, you may find this post very interesting. We certainly do.
Where an owner of lands and premises undertakes to provide you with some rights pertaining to his/her/its realty, you would, in most cases, wish to be able to enforce those rights against property owners who acquire title subsequent to the current owner’s title holding. In other words, you wish to bind all “successors in title” [...]