News Worth Following
Fiduciary Duties of Managers and Members Under California’s Revised Uniform Limited Liability Company Act By Karl E. Foster
When drafting operating agreements, amendments or joinders to operating agreements for limited liability companies formed in the State of California, practitioners should take note of changes to California limited liability company (LLC) law affecting the fiduciary duties of the managers and members.
December 6, 2016
The Sky Is Falling! -- Or Is It? Impacting Lives through Addressing the Fear of Environmental Liabilities By Karl E. Foster, John Van Vlear
Six months ago, a couple anxiously relayed to N&D lawyers how the sky was falling - with environmental liabilities at the center of their seemingly real Chicken Little fears. The couple owned two properties in a central California town, one being a former gas station which an oil company had abandoned alleging the lease was void given partial eminent domain actions. Before interviewing us, the couple had spent in excess of $100,000 in legal fees with another law firm trying to force the oil company to take responsibility for potential environmental impacts under the disputed lease.
March 24, 2016
Contractors are routinely compelled by lenders to sign agreements to subordinate mechanic’s liens as a condition to fund construction loans. Such agreements memorialize the contractor’s assent to subordinate its mechanic’s lien rights to the lien of the deed of trust securing the lender’s construction loan.
January 2, 2015
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