Posts by On Behalf of Giddens & Gatton Law, P.C.
Accurate Disclosure of Financial Condition Vital in Bankruptcy Cases
When a person (the debtor) files for bankruptcy protection, one of the critical aspects to obtaining relief is the debtor’s accurate disclosure of his or her finances. In order for a federal bankruptcy court to properly handle any case, whether it is a Chapter 7, Chapter 12, Chapter 13 or Chapter 11 case, the court…
Read MoreNew Mexico Supreme Court Applies Loan Protection Act to Nullify Foreclosure
Last month the New Mexico Supreme Court found that the Bank of New York could not foreclose on the home of a New Mexico resident who had refinanced his home by entering in to a promissory note with a different company. The Court specifically interpreted the New Mexico Home Loan Protection Act (HLPA) which prohibits…
Read MoreIn Chapter 11 Bankruptcies How Administrative Expenses Aid Reorganization
Generally speaking creditors, whether classified as secured or unsecured creditors, in a Chapter 11 bankruptcy case, expect to be paid only a fraction of what they are owed by the debtor’s estate. But some creditors who provide the company in bankruptcy those services which enable the company to maintain its operations during the course of…
Read MoreNew Mexico Supreme Court Resolves Long-Standing Water Dispute
In New Mexico, the Public Regulation Commission (PRC) grants licenses to and regulates various utilities who want to operate within the state including water utilities. Back in 1983 the PRC issued Moongate Water Company, Inc. (“Moongate”) a certificate of public convenience and necessity (CCN) which authorized the company to provide water to a specific area…
Read MoreCity of Detroit Submits Plan of Adjustment in Bankruptcy Case
The City of Detroit, the largest municipality in the country to avail itself of bankruptcy protection, submitted its Plan of Adjustment to the federal bankruptcy court handling its case. This plan represents the blueprint for how the city seeks to pay its creditors and raise funds to pay for ongoing services and municipal investments as…
Read MoreBeing Careful about One’s Agreements
Parties finding themselves in default of a contract have a strong incentive to cure that default. Often, however, the urgency to remove oneself from a precarious legal posture can lead to even greater future jeopardy. As an instructive example, the case of Rehm v. Parra Family Limited Part, No. 32,200 (Ct. App N.M. 2013) shows…
Read MoreBankruptcy Trustee Gets Green Light to Pursue Pension to Recover Fraudulent Transfers
When an individual or company files for bankruptcy protection, a duly-authorized trustee takes control of the estate. So long as the bankruptcy action continues, the trustee on the case has the standing to seek to recover any assets or funds he or she believes to be part of the estate. Last year the federal bankruptcy…
Read MoreWhen Is a Contract not Really a Contract?
Tesla Motors, Inc. and the Rio Real Estate Investment Opportunities, LLC (“Rio”) entered into what was entitled the “Development Agreement” on February 19, 2007. Under the terms of the agreement, Rio planned to build a 150,000 square foot facility for the electric car manufacturer in Bernalillo County, New Mexico where Tesla owns property. The…
Read MoreThree Factors Informing Business Formations
When an individual or group aspires to start a new business, one of the major decisions that must be made is what kind of business entity should be formed to operate the business. This means figuring out whether to form a corporation or partnership or operate the prospective business as a sole proprietorship, and, if…
Read MoreNew Option for Dealing with Building Code Violators
While many cities and states impose civil fines and penalties on builders who fail to meet building code standards, the law of the city of Albuquerque recognizes such violations only as matters to be tried in criminal court. The rationale that such punitive remedies would effectively curtail code violations is, according to some, misguided. The…
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