Friday, January 22, 2010
2:15 p.m. – 5:30 p.m.
Corporate Banking & Securities Law Section
3.0 MCLE Credit Hours; 2.0 LEPR Credit Hours

Hot Topics on Mortgage Foreclosures and Opinion Practice: The Good, the Bad and the Ugly

Susan Driscoll and Mark Sharpe, both of whom have substantial experience representing lenders and
borrowers, will address hot topics in commercial foreclosure: equitable lien claims; mode of trial for
defenses and counterclaims; guarantor issues – joinder and appraisal rights; appeals in foreclosure cases; grounds for setting aside foreclosure sales; chilling the bidding and other bidding misconduct; bidding procedures and deposit requirements; post-foreclosure remedies; remedies for failure to comply with bids; recent foreclosure cases; assignments of bids; use and powers of special referees; relief for title defects; omitted parties; liability of pre-foreclosure purchaser (subject to mortgage) for mortgage debt; liability of pre-foreclosure purchaser for leases; interest rate issues; attorneys’ fee issues; waiver of appraisal rights issues; deficiency judgment issues; treatment of ad valorem taxes; multi-county foreclosure issues; multi-state foreclosure issues; and home mortgage modification program issues. Mortgage foreclosures are an increasingly unavoidable part of commercial law. Please join Susan and Mark for this far-reaching presentation on one of today’s most significant topics.

Laurie Becker, Jennifer Blumenthal, Sharon Bramlett, George Morrison, Sam Outten, Don Risher and Mark Sharpe will make a panel presentation of a hypothetical, multi-state real estate closing where various forms of opinion are sought. The panel consists of a number of the Section’s Ad Hoc
Committee on Third Party Opinion Practice, which will issue its written report in 2010. Third party
opinions are widely sought, but infrequently understood, often with substantial negative results. Please join the panel for this interesting, vital and timely presentation. The saga begins when a South Carolina firm has been retained by borrower’s lead counsel in Chicago to act as local counsel to a Delaware borrower to deliver a closing opinion in a multi-state loan transaction to an out-of-state lender represented by New York counsel where the borrower is granting a mortgage lien on South Carolina real property and a South Carolina guarantor is granting a security interest in personal property assets as a collateral for the loan. The scenes will focus on the ethical dilemmas faced by local counsel, as well as the different forms of opinions often requested and those rendered (the good and the bad). The panelists will act out the various scenes and then the moderator will “cut” to the panelists to discuss the issues that have been raised. At the end, the panel will address the ugly when the local firm gets sued after the closing on its opinion. The panel will finally address possible sanctions against the attorneys for ethical violations and will discuss liability issues relating to third-party opinions.

Agenda

2:15–3:15 p.m. Hot Topics on Commercial Foreclosure
Susan Driscoll, Rock Hill
Mark S. Sharpe Jr., Charleston

3:15–3:30 p.m. Break

3:30–5:30 p.m. Opinion Practice: The Good, the Bad and the Ugly
Laurie A. Becker, Columbia
Jennifer C. Blumenthal, Charleston
Sharon C. Bramlett, Columbia
George E. Morrison, Charleston
Samuel W. Outten, Greenville
Eldon D. Risher III, Murrells Inlet
Mark S. Sharpe Jr., Charleston

Course Planner/Moderator: John H. Muench, Florence