Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
The Voluntary Payment Doctrine Strikes Again
The voluntary payment doctrine, which supposedly bars a party from recovering payments made erroneously but voluntarily, has reared its head once again in the real estate context, this time in Drmak Realty, LLC v. Progressive Credit Union (NYLJ 11/6/15, p. 22, col. 1). The court in Drmak did little to clarify the rationale for or scope of this peculiar doctrine (For an earlier discussion, see Stewart E. Sterk, When Does “Voluntary Payment” Preclude Recovery of Overcharges?, NY RELR, November 2014, available at http://bit.ly/1P4UJQ1.)
The Drmak Case
Alexander Klein, a real estate investor, borrowed $3,350,000 from mortgagee, secured by a condominium owned Drmak Realty, an LLC controlled by Klein. The loan carried a 7.5% interest rate, and provided that failure to make a payment within 10 days of the due date would constitute a default. Upon default, Klein would be liable for a late fee of 5% for each overdue payment. The agreement also entitled mortgagee to reasonable attorneys' fees and costs for foreclosing on the mortgage. Klein defaulted several times, prompting two foreclosure actions. After Klein paid the arrears, mortgagee discontinued the first foreclosure action. Klein contended that he was never served in the second action. Ultimately, in 2013, Klein sought to pay off the loan and obtain financing from another lender.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?