Foreclosures & Receiverships

Foreclosures & Receiverships

Overview

Cox, Castle & Nicholson has extensive experience, a variety of  judicial remedies associated with real estate secured debt, including prosecuting and defending judicial foreclosure matters of varying sizes and degrees of complexity, obtaining and collecting deficiency judgments obtaining and defending against the appointment of a receiver in a variety of situations (including operating businesses, hotels, apartment projects, master planned communities, condominiums, commercial office buildings, shopping centers, retail and mixed-use projects, industrial properties, affordable housing projects, and partially completed construction projects). We also have extensive knowledge of and experience with the non-judicial foreclosure process, which is how the majority of foreclosures of real property are conducted in California, as well as the California one form of action and anti-deficiency laws.

Foreclosure

We are experienced with the statutory requirements for non-judicially foreclosing on real property collateral for lenders and entities. We work closely with the companies that conduct the non-judicial foreclosures on behalf of our creditor/lender clients. In situations where a judicial foreclosure is the better procedure for foreclosing on real property collateral, we have experience with commencing and prosecuting judicial foreclosure actions to a final deficiency judgment. We also advise our clients on the impact of the California anti deficiency laws, and, where a loan is secured by multiple real properties or by properties located both in and out of California, the best order in which to foreclose on their collateral. We also have extensive experience representing borrowers in opposing non-judicial foreclosures, including filing actions to stop or set aside an improper foreclosure, and defending against judicial foreclosures. Our experience includes litigating the "fair value" of the foreclosed upon property in order to reduce or eliminate any deficiency judgment.

Receiverships

We are experienced in all facets in receiverships to the end of vigorously protecting the right of the clients.  For lenders, we have a breadth of experience in obtaining appointment of, and working with, receivers in order to (i) collect income from real property collateral, (ii) operate and liquidate personal property collateral, such as inventory and equipment and the collection of accounts receivable, (iii) protect property from waste or material injury pending foreclosure, (iv) complete improvements and cope with environmental problems, mechanics’ liens and construction defect exposure on partially completed projects, and (v) recover diverted collateral. 

Our experience also extends to non-financing situations, as we have obtained and worked within receivers to (i) execute of judgments, (ii) seize control of partnership assets during the dissolution and wind up partnership affairs, (iii) conserve property pending the outcome of litigation, and (iv) assert control over assets and collect debts during a corporate dissolution and dividing corporate assets among stockholders.

When representing borrowers, our representation typically encompasses (i) analyzing guaranties to see if opposition to the appointment of a receiver triggers any liability, (ii) opposing the appointment of a receiver on an ex parte basis, (iii) negotiating stipulations for the appointment of a receiver, and (iv) opposing attempts by lenders to authorize a receiver to sell the real property collateral. With our experience ranging over a wide array of product type, we protect our clients’ interest in making sure the unique management issues associated with each individual asset are appropriate taken into account, both in the selection of management by the appointed receiver.

Representative
Matters

Represented lenders in obtaining the appointment of receivers to operate and liquidate numerous companies, including a company in the business of producing Christian music, a company in the business of importing and selling patio furniture, and a company in the business of importing and selling apparel.

Represented lenders in obtaining the appointment of receivers to operate, pending a non-judicial foreclosure, numerous multi-family and office properties.

Represented the receiver of a large commercial and retail complex in Los Angeles, pending non-judicial foreclosure by lender.

Represented borrowers in negotiating stipulations for the appointment of receivers, with particular emphasis on insuring that provisions of a non-recourse carve out guaranty were not violated, for multi-family projects, retail centers, hotels, and shopping centers in California and Nevada.

Attorneys &
Paralegals

Name Title City Phone  
Davis, Susan S. Senior Counsel Los Angeles 310.284.2282
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Karns, Gregory J. Partner Los Angeles 310.284.2204
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Orlik, Randy P. Partner Los Angeles 310.284.2229
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Waldman, Ira J. Partner Los Angeles 310.284.2244
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Spotlight

Three Cox, Castle & Nicholson Attorneys Featured In LABJ

Gary Glick, Adam Weissburg, and Amy Wells were selected to be featured in the Los Angeles Business Journal's 2013 "Who... More»