ST. LOUIS - A U.S. Bankruptcy Appellate Panel (BAP) for the Eighth Circuit on March 13 ruled that a debtor could not render a creditor's lien void and that his vehicle had to be sold to satisfy an award from an underlying lawsuit (Walter H. Carter v. Estate of Leon Jerome Heimer $(In Re: Walter H. Carter$), No. 11-6073, Chapter 7, BAP 8th Cir.; 2012 Bankr. LEXIS 1044).
PHOENIX - Real estate company Granite Dells Ranch Holdings LLC filed for Chapter 11 bankruptcy on March 13 in the U.S. Bankruptcy Court for the District of Arizona as one of its creditors foreclosed on a $90 million secured loan and called for the appointment of a receiver (In Re: Granite Dells Ranch Holdings LLC, No. 12-04962,D. Ariz. Bkcy.).
PASADENA, Calif. - The Ninth Circuit U.S. Court of Appeals on March 12 affirmed a lower court's ruling that an underlying negligence lawsuit against an insured is not covered under a real estate agent and broker professional liability insurance policy because the insured failed to comply with the policy's 30-day reporting requirement (RE/MAX Mega Group v. Maxum Indemnity Company, No. 11-55142, 9th Cir.; 2012 U.S. App. LEXIS 5117).
HOUSTON - A federal district court did not abuse its discretion when it denied a party's motion to modify or lift the receivership order for Stanford International Bank Ltd. because it properly determined that "payment of the letter of credit 'will not divest the Receivership Estate of property since neither the letter of credit nor its proceeds are property of the Receivership Estate under the Receivership Order,'" a Fifth Circuit U.S. Court of Appeals panel ruled March 8 (Securities and Exchange Commission v. Ralph S. Janvey, No 11-10355, 5th Cir.).