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Wager On Life Is Void -- Insurance Requires Insurable Interest

By Barry Zalma, Attorney and Consultant It is the essence of insurance that for insurance to exist the person insured must have an insurable interest in the property or life insured. Life insurance insurable interest can be defined as an interest based upon a reasonable expectation of pecuniary...

State Net Capitol Journal: Landless Tribe Seeking Casino in OK

Construction was halted on the Kialegee tribe's Red Clay Casino in Broken Arrow, Oklahoma last month after a federal judge issued a preliminary injunction in response to a lawsuit claiming the tribe doesn't have a legal right to build the gambling facility. The dispute is just one of several...

State Net Capitol Journal – August 6, 2012

Budget & Taxes CA STATE PARK DONORS CRY FOUL: Last month California officials revealed that the state Department of Parks and Recreation had stashed away $54 million it had not reported to the state Department of Finance. The news came as quite a surprise, especially to the groups that had...

State Net Capitol Journal – August 6, 2012

Budget & Taxes CA STATE PARK DONORS CRY FOUL: Last month California officials revealed that the state Department of Parks and Recreation had stashed away $54 million it had not reported to the state Department of Finance. The news came as quite a surprise, especially to the groups that had generously...

State Net Capitol Journal – August 13, 2012

Budget & Taxes STATE BUDGETS STILL IMPROVING BUT NOT YET SECURE: Year-end balances are on the rise. Revenues are returning to pre-recession levels. Spending is in line with budget projections. That's what state legislative fiscal directors have been telling the National Conference of State...

State Net Capitol Journal – August 13, 2012

Budget & Taxes STATE BUDGETS STILL IMPROVING BUT NOT YET SECURE: Year-end balances are on the rise. Revenues are returning to pre-recession levels. Spending is in line with budget projections. That's what state legislative fiscal directors have been telling the National Conference of State...

Judge To Accused Ponzi Schemer: Stop Gambling At Vegas Casinos

"I am not a degenerate gambler. I love this country." - Ramon Desage A federal judge had harsh words for a man accused of running a $75 million Ponzi scheme after authorities caught him gambling over two dozen times in Las Vegas casinos while awaiting trial. Ramon Desage, arrested earlier...

No Apportionment of Psychiatric Disability for Spouse’s Gambling, Lack of Job: Cal. Comp. Cases August Advanced Postings (8/16/2013)

Here’s the third batch of advanced postings for the August 2013 issue of Cal. Comp. Cases. Lexis.com and Lexis Advance subscribers can link to the case to read the complete headnotes and summaries. © Copyright 2013 LexisNexis. All rights reserved. Diane Gomez , Petitioner v. Workers'...

State Net Capitol Journal – October 14, 2013; Mortgage Settlement Money Used To Balance State Budgets

Budget & Taxes MORTGAGE SETTLEMENT MONEY USED TO BALANCE STATE BUDGETS: As part of their settlement last year with major mortgage lenders over the lenders' use of improper mortgage practices contributing to the foreclosure crisis, states received $2.5 billion. But the states have found uses...

State Net Capitol Journal Spotlight: Pot Taxes, Gambling & GMOs Bound for November Ballots

MARIJUANA BURNING ISSUE IN STATES So far, Colorado and Washington are the only states that have legalized marijuana for recreational use. But 21 states and the District of Columbia have legalized its use for medical purposes, according to Governing. Most recently, a very limited law went into effect...

State Net Capitol Journal: Pot Taxes, Gambling & GMOs Bound For November Ballots

Compiled by Korey Clark As of this writing, voters in six states will weigh a total of 31 ballot measures on Nov. 5, according to the National Conference of State Legislatures. Many of them are relatively minor, but a few are drawing plenty of attention and campaign cash. In Colorado voters will decide...

State Net Capitol Journal Spotlight: Hot Issues Won't Vary Much In 2014

For most states, 2013 was a welcome respite from the usual election year political gridlock. That all changes next year, with 38 governorships, 46 legislative chambers, 33 United States Senate seats and all 435 House of Representatives seats up for grabs. But amidst all that politicking, lawmakers have...

State Net Capitol Journal – December 16, 2013; Budget and Taxes: States Rush to Land Boeing

Budget & Taxes STATES RUSH TO LAND BOEING: After Washington machinists rejected a contract last month that would have guaranteed Boeing's planned 777X airliner would be built in that state, the company decided to explore other options for its 777X manufacturing center. And states have been...

Let the Games Begin...Voters Approve Casino Gaming in New York State

After decades of false starts, a proposed Constitutional amendment to authorize casino gaming was approved last month by New York State voters. Implementation of the amendment, including the process for siting of the casinos and selection of casino operators, will begin shortly in accordance with legislation...

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State Net Capitol Journal – June 2, 2014; Pennsylvania Gambling Played Out?

Budget & Taxes PA GAMBLING PLAYED OUT? Born only eight years ago, Pennsylvania's gambling industry may already have reached maturity. The state legalized gambling in 2004. Its first two casinos opened in 2006. Four more opened the following year. Another two opened two years after that. And...

Court Holds Online Poker Accounts are FBAR Reportable

In United States v. Hom , [ enhanced version available to lexis.com subscribers ], 2014 U.S. Dist. LEXIS 77489 (N.D. CA 2014), here , Hom was an online gambler who held accounts at two online poker companies, PokerStars and PartyPoker. He used a financial organization, FirePay.com, to facilitate his...

State Net Capitol Journal – July 7, 2014; Early Internet Gambling Revenues Disappointing

Budget & Taxes EARLY INTERNET GAMBLING REVENUES DISAPPOINTING: Last year Delaware, Nevada and New Jersey became the first states in the nation to legalize Internet gambling. But so far, their online gambling revenues have been falling far short of projections. New Jersey officials initially...

Massachusetts Supreme Judicial Court Allows Ballot Question on Gaming Repeal to Proceed

In a widely anticipated ruling, [ enhanced version available to lexis.com subscribers ], the Supreme Judicial Court of Massachusetts (SJC), the State’s highest court, has issued a unanimous decision requiring the Attorney General to certify for the November ballot a petition seeking to prohibit...

New Jersey Redefines Permissible Types of Pay-to-Play Skill Contests

New Jersey recently amended its law on skill contests, [ enhanced version available to lexis.com subscribers ]. The new law defines the types of skill contests where a payment can be required to enter. This change could affect operators of video game tournaments, fantasy sports leagues, or other competitions...

State Net Capitol Journal – August 18, 2014; Federal High-Speed Rail Investment Generating Lackluster Returns

Budget & Taxes FEDERAL HIGH-SPEED RAIL INVESTMENT GENERATING LACKLUSTER RETURNS: In his 2011 State of the Union address, President Barack Obama spoke of a future in which sleek bullet trains whisk passengers all about the country at speeds of over 200 m.p.h. "Within 25 years, our goal...

State Net Capitol Journal – September 22, 2014; States Keeping Eye On Billionaires

Budget & Taxes STATES KEEPING EYE ON BILLIONAIRES: When the wealthiest Americans sell large quantities of stock or suffer big losses, it can have a significant impact on the finances of the states where they reside, especially if those states are small and collect taxes on income or capital gains...

State Net Capitol Journal: Minimum Wage, Marijuana, Gambling And Guns Dominate Ballot Measures

By Korey Clark A total of 136 measures have qualified for states' November ballots, according to the National Conference of State Legislatures' Ballot Measures Database. That number is 23 percent lower than it was in 2012, when there were 176 measures on state ballots; 42 percent lower than...

State Net Capitol Journal – November 3, 2014; Massachusetts Casino Study At Odds With Experience Of Other States

MA CASINO STUDY AT ODDS WITH EXPERIENCE OF OTHER STATES: Supporters of a November ballot measure in Massachusetts (Question 3) aimed at repealing the 2011 law authorizing as many as three resort casinos and a slots parlor in the state issued a press release last month predicting the law would reduce...