conditional assignment lands

Permitted & Conditional Uses: One of These Things Is Not Like the Other

The uses of the lands within a zoning designation generally fall into one of two categories:  permitted and conditional. Most property owners do not give a second thought as to how the use of their property was approved so long as they get to use it the way they intended. But, whether the use is permitted or conditional can affect the future value of the land.

Local governments enact zoning ordinances in order to plan for the use of the lands within their borders. They create zoning classes and then designate the uses that are applicable to each of the groups. Zoning categories typically address the use of the lands (such as residential, agricultural, business, industrial and manufacturing) as well as the building restrictions on the lands (such as height, setbacks and open space).

Within each of the zoning designations are uses that are acceptable in that particular zoning category. Some of these uses are permitted, and others are conditional. A permitted use is a use that is allowed as long as the landowner meets all of the other requirements of the particular zoning category. Permitted uses allow for the use that is intended by the designation. For example, a certain business designation will allow restaurants, and another will allow gas stations. This is the zoning that gives a landowner a legal right to the use and/or structures that he wants to place on the land.

A conditional use is one that is conditioned upon certain requirements. With a conditional use, the landowner (or user of the property) applies for a permit, known as a conditional use permit.  The local government then reviews the application and makes a decision regarding the permit.   If the permit is approved, there is a list of conditions upon which the approval is granted. Those conditions become part of the permit. If those conditions are violated during the term of the permit, a process exists to revoke it. Conditional use permits may also have an expiration date where the property owner has to re-apply for the permit at the end of its term.

Property owners do not have a vested right in a zoning designation. But, once a property is being used or has been built as is permitted under a zoning designation, a property owner’s right in that designation vests. In other words, once a landowner begins a use that is permitted or erects a structure on the property that is permitted, the landowner now has a legal right to continue that use. If the zoning designation then changes, the property owner may continue the use despite the fact that the use is no longer allowed under the current zoning designation (known as legal nonconforming uses). The same holds true for the requirements of a structure – if they change, the property owner may continue to use the structure despite the fact that it no longer conforms to the current zoning requirements (known as legal nonconforming structures).

On the other hand, if a conditional use permit is revoked (or not renewed), the landowner may no longer use his property in the same manner as he did with the conditional use permit. The court, in Rainbow Springs Golf Co., Inc. v. Town of Mukwonago , 2005 WI App 163, 284 Wis. 2d 519, 702 N.W.2d 40, held that a conditional use permit is not a property right, but rather a zoning tool, and, therefore, it may be taken away by a municipality without any compensation to the landowner.

This distinction is important to not only the owner of a property that has a conditional use permit, but also to its lender. If a development is a permitted use under a zoning designation, and that designation changes, the development may continue as a legal nonconforming use or structure.  The value to the owner or to the secured party is not affected. But, if a user of a property violates its conditional use permit and it is revoked, it cannot operate the same use on the property without obtaining another conditional use permit. If it is unable to do so (which is likely given the fact that the prior conditional use permit was revoked), that can affect the value of the property, as the intended use of the property has changed. Given the fact that the loan was probably approved based upon that initial use, the loan can also be affected.

Therefore, when a property owner is developing his property (and a lender is extending credit), how the project is being approved needs to be considered. And, if the property is going to operate with a conditional use permit, everyone involved (owner, user and lender) needs to understand the conditions of the permit and under what circumstances the permit may be terminated.

There are ways to ensure that a conditional use permit cannot be revoked arbitrarily, and its value taken, by the way the conditional use permit is drafted. Lawyers at Axley know how to protect the interests of the landowner and lender during the conditional use process, giving some additional protection to everyone who has an interest in the property.

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DEED OF ASSIGNMENT: EVERYTHING YOU NEED TO KNOW.

A Deed of Assignment refers to a legal document in which an assignor states his willingness to assign the ownership of his property to the assignee. The Deed of Assignment is required to effect a transfer of property and to show the legal right to possess it. It is always a subject of debate whether Deed of Assignment is a contract; a Deed of Assignment is actually a contract where the owner (the “assignor”) transfers ownership over certain property to another person (the “assignee”) by way of assignment. As a result of the assignment, the assignee steps into the shoes of the assignor and assumes all the rights and obligations pertaining to the property.

In Nigeria, a Deed of Assignment is one of the legal documents that transfer authentic legal ownership in a property. There are several other documents like a deed of gifts, Assent, etc. However, this article focuses on the deed of assignment.

It is the written proof of ownership that stipulates the kind of rights or interests being transferred to the buyer which is a legal interest.

Read Also: DIFFERENCE BETWEEN TRANSFER OF PROPERTY THROUGH WILLS AND DEED OF GIFT

CONTENTS OF A DEED OF ASSIGNMENT

Content of a Deed of Assignment matters a lot to the transaction and special skill is needed for a hitch-free transaction. The contents of a deed of assignment can be divided into 3 namely; the introductory part, the second (usually the operative part), and the concluding part.

• THE INTRODUCTORY PART: This part enumerates the preliminary matters such as the commencement date, parties in the transaction, and recitals. The parties mentioned in the deed must be legal persons which can consist of natural persons and entities with corporate personality, the name, address, and status of the parties must be included. The proper descriptions of the parties are the assignor (seller) and assignee (buyer). The Recitals give the material facts constituting the background to the current transaction in chronological order.
• THE SECOND PART (USUALLY THE OPERATIVE PART): This is the part where the interest or title in the property is actually transferred from the assignor to the assignee. It is more like the engine room of the deed of assignment. The operative part usually starts with testatum and it provides for other important clauses such as the consideration (price) of the property, the accepted receipt by the assignor, the description of the property, and the terms and conditions of the transaction.
• The testimonium : this shows that all the parties are involved in the execution of the deed.
• Execution : this means signing. The capacity of the parties (either individual, corporate bodies, illiterates) is of great essence in the mode of execution.  It is important to note that the type of parties involved determines how they will sign. Example 2 directors or a director/secretary will sign if a company is involved. In the same way, if an association, couple, individual, illiterate, family land (omonile), firm, unregistered association, etc. is involved the format of signature would be different.
• Attestation : this refers to the witnessing of the execution of the deed by witnesses.

For a Deed of Assignment to be effective, it must include a column for the Governor of the state or a representative of the Government where the property is, to sign/consent to the transaction. By virtue of Sec. 22 of the Land Use Act, and Sec. 10 Land Instrument Registration Law, the Governor must consent to the transaction.

Do you have any further questions? feel free to call Ibejulekkilawyer on 08034869295 or send a mail to [email protected] and we shall respond accordingly.

Disclaimer: The above is for information purposes only and should not be construed as legal advice. Ibejulekkilawyer.com (blog) shall not be liable to any person(s) for any damage or liability arising whatsoever following the reliance of the information contained herein. Consult us or your legal practitioner for legal advice.

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Land Use Conditional Use Permits

Published: May 10, 2021

This content conveys general information. Do not use it as a substitute for legal advice. Any attorney general opinions cited are available from the League’s Research staff.

Conditional use

A conditional use is a land use the city permits in a zoning district only when the applicant meets certain standards. The zoning ordinance typically sets out:

• General standards that apply to all conditional uses, and
• Specific standards that apply to a particular conditional use in a given zoning district.

A use is typically conditional because of:

• Hazards inherent in the use itself, or
• Special problems that its proposed location may present.

For example, cities often designate uses that generate traffic (such as family child care, service stations, convenience stores, or drive-thrus) as conditional uses.

Conditional use permit

A conditional use permit (CUP) is a document. A city issues a permit to allow a conditional use when the applicant meets the general and specific ordinance standards. The permit allows the use only if the applicant addresses the standards set forth in the zoning ordinance. State law authorizes conditional use permits ( Minn. Stat. § 462.3595 ).

General CUP standards

A zoning ordinance typically details general standards that apply to all conditional uses. For example, an ordinance might require all conditional uses to conform to the comprehensive land use plan of the community, be compatible with adjoining properties, and be served by adequate roads and public utilities.

Specific CUP standards

Many zoning ordinances will also set out specific standards for a particular conditional use, such as businesses operating a drive-thru. Specific standards often address off-street parking and loading areas, landscaping and site plan, and hours of business operation.

Granting conditional use permits

Generally, cities may only grant CUPs for uses specifically listed in the zoning ordinance as conditional uses in a particular zoning district.

If a use is not designated as a conditional use in a zoning district, then arguably the city may not issue a CUP without first amending the zoning ordinance to provide for the conditional use. This would, of course, allow other applicants to apply for a conditional use permit under the same standards.

Who grants a CUP

Planning commissions often first consider the CUP application and make recommendations to the city council. State statute allows the city council to assign its CUP approval to another authority. Some cities designate the planning commission as the approving body but typically the city council approves a CUP.

Required approval

If a proposed conditional use satisfies both the general and specific standards set out in the zoning ordinance, the applicant is entitled to the conditional use permit. If the applicant meets all the ordinance standards, the city usually has no legal basis to deny the CUP.

60-Day rule

A written request for a CUP is subject to Minnesota’s 60-day rule. It must be approved or denied within 60 days of the time it is submitted to the city. A city may extend the time period for an additional 60 days, but only if it does so in writing before expiration of the initial 60-day period. Under the 60-day rule, failure to approve or deny a request within the statutory time period is considered an approval ( Minn. Stat. § 15.99 ).

Other conditions on permits

A city may attach reasonable conditions relating to the ordinance standards to a CUP based upon factual evidence contained in public record. For example, if a zoning ordinance says a conditional use should not have adverse visual or noise impacts on any adjacent property, a city might require specific screening and landscaping conditions to address any potential impacts established in the record.

Time limits not permitted

State statute says a CUP remains in effect as long as the conditions agreed upon are observed ( Minn. Stat. § 462.3595, subd. 3 ).The attorney general says time limits, such as sunset provisions or automatic annual review, are not consistent with state law, explaining that cities may not enact or enforce provisions that allow a city to terminate CUPs without regard to whether the conditions agreed upon are observed (A.G. Op. 59-A-32 (February 27, 1990)).

If a city wishes to place time constraints on particular uses, the appropriate zoning tool is an interim use permit, not a conditional use permit. State law authorizes interim use permits for:

• A temporary use of property until a particular date;
• Until the occurrence of a particular event; or
• Until zoning regulations no longer permit it ( Stat. § 462.3597 ).

Public hearings

The city may allow a proposed conditional use only after a statutorily required public hearing ( Minn. Stat. § 462.3595, subd. 2 ). The city must provide published notice of the time, place, and purpose of the hearing on a proposed CUP at least 10 days prior to the day of the hearing. If the decision affects an area of five acres or less, the city may need to mail notice to property owners within a 350-foot radius of the land in question. The purpose of the public hearing is to help develop a factual record as to whether the applicant meets the relevant ordinance standards such that the CUP should be granted ( Minn. Stat. § 462.357, subd. 3 ).

City role in hearing

A city exercises “quasi-judicial” authority when considering a CUP application. This means the city’s role is limited to applying the standards in the ordinance to the facts presented by the application. The city acts like a judge in evaluating the facts against the standards. If the applicant meets the standards, then the CUP should be granted.

In contrast, when the city designates certain uses as conditional in the zoning ordinance the city is exercising “legislative” authority and has much broader discretion.

Learn more about conducting public hearings in the League’s Zoning Guide for Cities

Role of neighborhood opinion

Neighborhood opinion alone is not a valid basis for granting or denying a CUP. While city officials may feel their decision should reflect the overall preferences of residents, their task is limited to evaluating how the CUP application meets the ordinance standards. Residents can often provide important facts to help the city address whether the application meets the standards, but unsubstantiated opinions and reactions to an application are not a legitimate basis for a CUP decision. If neighborhood opinion serves as the sole basis of the decision, it could be overturned by a court if challenged.

Documentation of hearing

Whatever its decision, a city should create a record that will support it. If a city denies a CUP application, the 60-day rule requires the reasons for the denial be put in writing. Even if a city approves a CUP, a written statement explaining the decision is advisable. The written statement should address the general and specific ordinance standards and explain the relevant facts and conclusions.

For information on creating a record, see Taking the Mystery Out of Findings of Fact

Conditional use permit after issuance

A conditional use permit is a property right that “runs with the land.” That is, it attaches to and benefits the land and is not limited to a particular landowner ( Minn. Stat. § 462.3595, subd. 3 ). State statute requires CUPs be recorded with the county recorder’s office ( Minn. Stat. § 462.3595, subd. 4 ). When the property is sold, the new landowner will have the continued right to the CUP so long as the conditions are met.

A city can revoke a conditional use permit if there is not substantial compliance with conditions. The revocation must be based upon factual evidence, after appropriate notice and hearing. Because a CUP is a property right, a city should work closely with the city attorney if considering a CUP revocation.

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2013 Louisiana Laws Revised Statutes TITLE 9 - Civil Code-Ancillaries RS 9:4401 - Conditional or collateral assignment of leases or rents

PART IV. PLEDGE OR ASSIGNMENT OF LEASES AND RENTS

§4401. Conditional or collateral assignment of leases or rents

A. Any obligation may be secured by an assignment by a lessor or sublessor of leases or rents, or both leases and rents, pertaining to immovable property. Such assignment may be expressed as a conditional or collateral assignment, and may be effected in an act of mortgage, by a separate written instrument of assignment, or by a separate written instrument of pledge, and may be referred to, denominated, or described as a pledge or an assignment, or both. The instrument shall state the amount of the obligation secured thereby or the maximum amount of the obligation that may be outstanding at any time from time to time that such assignment secures. If such conditional or collateral assignment is made, it shall become absolute upon the assignor's default in respect to the obligation thereby secured or in accordance with the terms of the instrument creating such assignment, and shall become operative as to the debtor upon written notice to the debtor from or on behalf of the assignee or the assignor that such assignment has so become absolute.

(1) An assignment relating to a lease or rent of an immovable is given the effect of recordation when an original or a certified copy of the instrument creating the assignment is filed in the conveyance records of the parish in which the immovable is situated; however, an assignment contained in an act of mortgage filed in the mortgage records of such parish on or after September 1, 1995, shall be given the effect of recordation when, to the extent, and for so long as the act of mortgage is given such effect, without the need for separate recordation in the conveyance records. An assignment given the effect of recordation has such effect with regard to all obligations, present and future, secured thereby notwithstanding the date of the incurrence of such obligations or the nature of such obligations.

(2) Such assignment may include all or any portion of the assignor's presently existing and anticipated future leases and rents pertaining to the described immovable property. As future leases or rents of an immovable come into existence the assignee's rights as to such leases and rents shall have effect as to third persons from the date of the filing of the instrument. It shall not be necessary to specifically describe the presently existing or future arising leases or rents; to affect the assignor, the assignee, the debtor, or other third parties the instrument shall suffice if it contains a general description of the leases and rents together with a description of the immovable affected by the lease. The immovable property description shall be the kind of description which, if contained in a mortgage of the immovable, would cause such mortgage to be effective as to third persons if the mortgage were properly filed for record under the laws of this state.

(3) Once an assignment relating to leases or rents of an immovable is so filed, the assignee shall have a superior claim to the leases and rents assigned and their proceeds as against all other creditors whose claims or security interests arise or are perfected after the filing of the assignment, notwithstanding the fact that the debtor is not notified of or does not consent to the assignment or that the assignee is not in possession of the immovable property.

(4) Except for purposes of Subsection G, the term "lease" as used in this Section includes a sublease.

B. This Section is intended to recognize one method of securing obligations, and shall not have the effect of repealing any other provision of law in respect to pledge, pawn, and assignment of incorporeal rights.

C. This Section is remedial and shall be retroactive. All assignments of leases or rents heretofore made in compliance with the provisions of this Section are hereby validated.

D. A landowner or mineral servitude owner may make a conditional or collateral assignment pursuant to this Section of rents, royalties, delay rentals, shut-in payments, and other payments which are rent or rentals under Title 31 of the Louisiana Revised Statutes attributable to the landowner's sale, lease, or other disposition of his right to explore and develop his land for production of minerals or to the mineral servitude owner's sale, lease, or other disposition of his mineral right. This Section shall not otherwise apply to rents, royalties, overriding royalties, bonuses, and other payments and other rights under mineral leases and other contracts relating to minerals.

E. This Section shall apply to assignments of leases of movable property subject to the Louisiana Lease of Movables Act entered into prior to the time Chapter 9 of the Louisiana Commercial Laws (R.S. 10:9-101, et seq.) becomes effective, including without limitation those assignments of leases that affect rights arising after the effective date of Chapter 9 and those continuing assignments that may secure future obligations, lines of credit, and other ongoing credit facilities. This Section shall further apply to assignments of leases of immovable property located in this state without regard to the time Chapter 9 becomes effective.

F.(1) Except as otherwise agreed to by the parties, the assignee's interest in the leases or rents assigned continues in any identifiable proceeds including collections received by the assignor.

(2) In the event of insolvency proceedings instituted by or against an assignor, the assignee has a perfected security interest in proceeds of the leases or rents or both leases and rents assigned, as follows:

(a) In identifiable noncash proceeds and in separate deposit accounts containing only proceeds.

(b) In identifiable cash proceeds in the form of money which is neither commingled with other money nor deposited in a deposit account prior to the insolvency proceedings.

(c) In identifiable cash proceeds in the form of checks and the like which are not deposited in a deposit account prior to the insolvency proceedings.

(d) In all cash and deposit accounts of the assignor in which proceeds have been commingled with other funds, but the perfected security interest under this Section is subject to any right of set-off. It is further limited to an amount not greater than the amount of any cash proceeds received by the assignor within ten days before the institution of the insolvency proceedings, less the sum of:

(i) the payments to the assignee on account of cash proceeds received by the assignor during such period; and

(ii) the cash proceeds received by the assignor during such period to which the assignee is entitled under Paragraphs (a) through (c) of Subsection F(2).

G.(1) The rights of an assignee against the debtor shall be subject to any dealing by the debtor with the assignor, any other assignee, or other successor in interest of the assignor until the debtor receives written notice from or on behalf of the assignee or the assignor that the assignment of the particular lease or rent of which he is debtor has become absolute. A notification which does not reasonably identify the rights assigned is ineffective. If requested by the debtor, the assignee must seasonably furnish reasonable proof that the assignment has been made and unless he does so the debtor may pay the assignor.

(2) Except as provided in this Subsection (G), a debtor who has received written notice that the assignment has become absolute will not be discharged from his debt if he pays anyone other than the assignee. In any case in which a debtor is not notified of the assignment made in compliance with the provisions of this Section and, in good faith, makes payment of rent in whole or in part to the assignor or the assignor's successor, or to a subsequent assignee of the rent who shall have notified the debtor of that assignment, then to the extent of payment, the debtor shall be exonerated of liability to make payment to the first assignee; however, the person to whom payment was made shall be accountable and liable to the assignee for the sums received. The debtor may, at its option, commence concursus proceedings instead of making payment to the assignor or the assignee.

(3) Notwithstanding the debtor's receipt of written notice of the assignment, a modification of or substitution for the lease made in good faith and in accordance with reasonable commercial standards is effective against an assignee, unless the debtor has otherwise agreed with the assignee. In either event the assignee acquires rights under the modified or substituted lease corresponding to the assignee's rights under the original lease. No termination or modification of or substitution for a lease shall be effective against an assignee as to the right to the payment of rent or a part thereof under an assigned lease which has been fully earned by performance. The assignment may provide that modification of or substitution for the lease is a default by the assignor.

(4) A term in any lease between a debtor and an assignor is ineffective if it prohibits assignment of rent or prohibits creation of a security right in rent due or to become due or requires the debtor's consent to such assignment of rent or security interest in rent.

(5) The mere existence of a conditional or collateral assignment does not impose contract or tort liability upon the assignee for the assignor's acts or omissions relating to such leases.

H.(1) The effect of recordation of all assignments recorded on or after September 1, 1990, ceases ten years after the date of the instrument creating the assignment, except, that if an instrument creating an assignment describes the maturity of an obligation secured thereby and if any part of the described obligation matures nine years or more after the date of the instrument, the effect of recordation ceases six years after the described maturity date. A recorded instrument creating an assignment may be reinscribed by filing a signed, written notice of reinscription. The notice shall state the name of the assignor as it appears in the recorded instrument and recordation number or other appropriate recordation information of the instrument or of a prior notice of reinscription and shall declare that the instrument is reinscribed. A notice of reinscription that is filed before the effect of recordation ceases continues that effect for ten years from the date the notice is filed. A notice of reinscription that is filed after the effect of recordation ceases produces the effects of recordation, but only from the date the notice is filed. The method of reinscription provided in this Section is exclusive, and neither an amendment of an instrument creating an assignment nor an acknowledgment of the existence of an assignment by the assignor constitutes a reinscription of the instrument. Notwithstanding the foregoing, the effect of recordation of an assignment contained in an act of mortgage filed on or after September 1, 1995, continues for so long as the act of mortgage is given the effect of recordation. In such cases, reinscription of the act of mortgage constitutes reinscription of the assignment contained therein.

(2) Notwithstanding the foregoing provisions, the effect of registry of all assignments recorded on or before August 31, 1990, shall be determined by the other laws of registry applicable thereto.

(3) The recordation of an assignment may be cancelled by the consent of the assignee evidenced by any written release, under private signature or otherwise. Cancellation or erasure of an act of mortgage containing an assignment constitutes cancellation of the assignment contained therein, whether the act of mortgage was recorded in the mortgage records or conveyance records, or both.

I. The provisions of R.S. 9:4401(A), as amended and reenacted, and the provisions of R.S. 9:4401(G) and (H) as enacted by Acts of the 1990 Regular Session are remedial and shall, wherever possible, be given retroactive effect. All assignments of present and future leases or rents heretofore made in compliance herewith are hereby validated.

Added by Acts 1980, No. 321, §1; Acts 1985, No. 592, §5, eff. July 13, 1985; Acts 1987, No. 130, §1, eff. June 18, 1987; Acts 1989, No. 137, §4, eff. Sept. 1, 1989; Acts 1990, No. 1079, §3, eff. Sept. 1, 1990; Acts 1995, No. 1087, §3.

Disclaimer: These codes may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

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provided that such plantations shall be exempted only so long as they continue to be plantations.

provided that such lands shall be exempted only so long as they continue to be orchards, topes and arecanut gardens.

provided that such land shall be exempted only so long as such land is used for such purpose.

Compensation

SECT ION 37-B

GRANT OF PERMISSION TO EDUCATIONAL INSTITUTIONS AND HOSPITALS RUN BY PUBLIC TRUST

Trust deed Copies of sale deed, patta copy or chitta copy Audited Balance sheet for the last 3 years Order of affiliation / approval issued by the competent authority for running the educational institution Details of land held by the Trust (Survey No. & Extent-wise details)  

Authorities

Authorised Officer under the Tamil Nadu Land Reforms (Fixation of Ceiling on Land) Act, 1961, as amended

Sub Collector/Revenue Divisional Officers in the district

Authority – (i) G.O.Ms.No.34, Revenue, dated 14.1.2015

(ii) Notification published in the Tamil Nadu Government Gazette dated 4.3.2015)

Assigning Authority under the Tamil Nadu Land Reforms (Disposal of Surplus Land) Rules, 1965

Sub Collector / Revenue Divisional Officers in the district.

Performance under Land Reforms

Collateral Assignment

Jump to section.

A collateral assignment involves granting a security interest in the asset or property to a lender. It is a lawful arrangement where the borrower promises an asset or property to the lender to guarantee the debt repayment or meet a financial obligation. Moreover, in a collateral assignment, the borrower maintains asset ownership, the lender holds the security interest, and the lender has the right to seize and sell the asset in event of default. This blog post will discuss a collateral assignment, its purpose, essential considerations, and more.

Key Purposes of a Collateral Assignment

Collateral assignment concerns allocating a property's ownership privileges, or a specific interest, to a lender as loan collateral. The lender retains a security interest in the asset until the borrower entirely settles the loan. If the borrower defaults on loan settlement, the lender can seize and market the collateral to recover the unpaid debt. Below are the key purposes of a collateral assignment.

• Enhanced Lender Protection: The primary purpose of the collateral assignment is to provide lenders with an added layer of security and assurance. Also, by maintaining a claim on the borrower's properties, lenders lower their risk and improve the probability of loan settlement. In case of default, the lender can sell the collateral to recover the unpaid balance. This security authorizes lenders to offer loans with lower interest rates, as the threat associated with the loan is reduced.
• Favorable Loan Terms: Collateral assignment allows borrowers to access financing on more favorable terms than unsecured loans . However, the terms of the loan will vary depending on the borrower’s creditworthiness and the value of the collateral. Generally, lenders are more willing to extend larger loan amounts and lower interest rates when they have collateral to fall back on. The presence of collateral reassures lenders that they have a viable means of recouping their investment, even in case of default. This increased confidence often leads to more competitive loan offers for borrowers.
• Unlocking Asset Value: Collateral assignment enables borrowers to leverage the value of their assets, even if those assets are not readily convertible into cash. For instance, a business owner with valuable machinery can assign it as collateral to secure a business loan. This arrangement allows the borrower to continue utilizing the asset for operational purposes while accessing the necessary funds for expansion or working capital. Collateral assignment, thus, enables the efficient allocation of resources. However, the collateral will still be considered in determining the loan amount and terms.
• Access to Higher Loan Amounts: When borrowers promise collateral against a loan, lenders can present greater loan amounts than for other unsecured loans. The worth of the collateral serves as a reassurance to lenders that they can recover their investment even if the borrower fails to settle the loan. Therefore, borrowers can obtain higher loans to finance important endeavors such as purchasing property, starting a business, or funding major projects.
• Diversification of Collateral: Collateral assignment offers flexibility for borrowers by allowing them to diversify their collateral base. While real estate is commonly used as collateral, borrowers can utilize other valuable assets such as investment portfolios, life insurance policies, or valuable personal belongings. This diversification allows borrowers to access financing without limiting themselves to a single asset, thereby preserving their financial flexibility.

Steps to Execute a Collateral Assignment

A collateral assignment is a financial procedure that involves utilizing an asset as security for a loan or other responsibilities. Below are the essential steps involved in the collateral assignment process.

• Assess the Need for Collateral Assignment. The initial step in collateral assignment is determining whether collateral is necessary. Lenders or creditors may require collateral to mitigate the risk of default or ensure repayment. Evaluating the value and marketability of the proposed collateral is crucial to ascertain if it meets the lender's requirements.
• Select Appropriate Collateral. The next step involves choosing a suitable asset for collateral assignment. Common classifications of collateral comprise stocks, real estate, bonds, cash deposits, and other valuable assets. The collateral's value should be sufficient to cover the loan amount or the obligation being secured.
• Understand Lawful and Regulatory Requirements. Before proceeding with collateral assignment, it is essential to comprehend the lawful and regulatory provisions specific to the jurisdiction where the transaction happens. Collateral assignment laws can vary, so seeking advice from legal professionals experienced in this area is advisable to ensure compliance.
• Negotiate Provisions. Once the collateral is recognized, the collateral assignment provisions must be negotiated among the concerned parties. It includes specifying the loan amount, interest rates, repayment terms, and any further duties or limitations associated with the collateral assignment.
• Prepare the Collateral Assignment Agreement. The collateral assignment agreement is a lawful document that typically includes details about the collateral, the loan or obligation being secured, and the rights and responsibilities of both parties. It is highly advised to engage the services of a legal specialist to prepare or review the contract.
• Enforce the Collateral Assignment Agreement. After completing the collateral assignment agreement, it must be executed by all involved parties. This step ensures that all necessary signatures are obtained and copies of the agreement are distributed to each individual for record-keeping objectives.
• Notify Relevant Parties. To ensure proper recognition and recording of the collateral assignment, it is important to notify all relevant parties. It may involve informing the lender or creditor, the custodian or holder of the collateral, and any other pertinent stakeholders. Sufficient documentation and communication will help prevent potential disputes or misunderstandings.
• Record the Collateral Assignment. Depending on the nature of the collateral, it may be necessary to record the collateral assignment with the appropriate government authority or registry. This step provides public notice of the assignment and establishes priority rights in case of multiple claims on the same collateral. Seeking guidance from legal professionals or relevant authorities can determine if recording the collateral assignment is required.
• Monitor and Maintain the Collateral. Throughout the collateral assignment term, it is crucial to monitor and maintain the value and condition of the collateral. This includes ensuring insurance coverage, property maintenance, and compliance with any ongoing obligations associated with the collateral. Regular communication between all parties involved is essential to address concerns or issues promptly.
• Terminate the Collateral Assignment. Once the loan or obligation secured by the collateral is fully satisfied, the collateral assignment can be terminated. This involves releasing the collateral from the assignment, updating relevant records, and notifying all parties involved. It is important to follow proper procedures to ensure the appropriate handling of the legal and financial aspects of the termination.

Benjamin W.

Key Terms for Collateral Assignments

• Security Interest: It is the legal right granted to a lender over the assigned collateral to protect their interests in case of borrower default.
• Collateral Valuation: The process of determining the worth or market value of the assigned collateral to assess its adequacy in securing the loan.
• Release of Collateral: The action taken by a lender to relinquish its claim over the assigned collateral after the borrower has fulfilled the loan obligations.
• Subordination Agreement : A legal document that establishes the priority of multiple creditors' claims over the same collateral, typically in the case of refinancing or additional loans.
• Lien : A legal claim or encumbrance on a property or asset, typically created through a collateral assignment, that allows a lender to seize and sell the collateral to recover the loan amount.

Final Thoughts on Collateral Assignments

A collateral assignment is a valuable instrument for borrowers and lenders in securing loans or obligations. It offers borrowers access to profitable terms and more extensive loan amounts while reducing the risk for lenders. Nevertheless, it is essential for borrowers to thoughtfully assess the terms and threats associated with collateral assignment before proceeding. Seeking professional guidance and understanding the contract can help ensure a successful and beneficial financial arrangement for all parties involved.

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Meet some of our Collateral Assignment Lawyers

Shelia A. Huggins is a 20-year North Carolina licensed attorney, focusing primarily on business, contracts, arts and entertainment, social media, and internet law. She previously served on the Board of Visitors for the North Carolina Central University School of Business and the Board of Advisors for the Alamance Community College Small Business Center. Ms. Huggins has taught Business and Entertainment Law at North Carolina Central University’s law school and lectured on topics such as business formation, partnerships, independent contractor agreements, social media law, and employment law at workshops across the state. You can learn more about me here: www.sheliahugginslaw.com www.instagram.com/mslegalista www.youtube.com/mslegalista www.facebook.com/sheliahuugginslaw

Steven Stark has more than 35 years of experience in business and commercial law representing start-ups as well as large and small companies spanning a wide variety of industries. Steven has provided winning strategies, valuable advice, and highly effective counsel on legal issues in the areas of Business Entity Formation and Organization, Drafting Key Business Contracts, Trademark and Copyright Registration, Independent Contractor Relationships, and Website Compliance, including Terms and Privacy Policies. Steven has also served as General Counsel for companies providing software development, financial services, digital marketing, and eCommerce platforms. Steven’s tactical business and client focused approach to drafting contracts, polices and corporate documents results in favorable outcomes at a fraction of the typical legal cost to his clients. Steven received his Juris Doctor degree at New York Law School and his Bachelor of Business Administration degree at Hofstra University.

Rhea de Aenlle is a business-savvy attorney with extensive experience in Privacy & Data Security (CIPP/US, CIPP/E), GDPR, CCPA, HIPAA, FERPA, Intellectual Property, and Commercial Contracts. She has over 25 years of legal experience as an in-house counsel, AM Law 100 firm associate, and a solo practice attorney. Rhea works with start-up and midsize technology companies.

Bukhari Nuriddin is the Owner of The Nuriddin Law Company, P.C., in Atlanta, Georgia and an “Of Counsel” attorney with The Baig Firm specializing in Transactional Law and Wills, Trusts and Estates. He is an attorney at law and general counsel with extensive experience providing creative, elegant and practical solutions to the legal and policy challenges faced by entrepreneurs, family offices, and municipalities. During his legal careers he has worked with entrepreneurs from a wide array of industries to help them establish and grow their businesses and effectuate their transactional goals. He has helped establish family offices with millions of dollars in assets under management structure their estate plans and philanthropic endeavors. He recently completed a large disparity study for the City of Birmingham, Alabama that was designed to determine whether minority and women-owned businesses have an equal opportunity to participate in city contracting opportunities. He is a trusted advisor with significant knowledge and technical experience for structuring and finalizing a wide variety of complex commercial transactions, estate planning matters and public policy initiatives. Raised in Providence, Rhode Island, Bukhari graduated from Classical High School and attended Morehouse College and Howard University School of Law. Bukhari has two children with his wife, Tiffany, and they live in the Vinings area of Smyrna.

John has extensive leadership experience in various industries, including hospitality and event-based businesses, then co-founded a successful event bar company in 2016. As co-founder, John routinely negotiated agreements with venues, suppliers, and other external partners, swiftly reaching agreement while protecting the brand and strategic objectives of the company. He leverages his business experience to provide clients with strategic legal counsel and negotiates attractive terms.

Patent attorney with master's in electrical engineering and biglaw experience.

Benjamin S.

Benjamin Snipes (JD/MBA/LLM) has 20 years of experience advising clients and drafting contracts in business and commercial matters.

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‘Icehouse’ proposal lands conditional use OK in Georgetown

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GEORGETOWN — While there is no definite timeline, a multistory, former cold-storage structure — vacant for decades — could become home to workforce housing and commercial ventures.

That’s the hope of DE OZ Property Management, an investment group now armed with conditional use approval from Town Council, which passed it 5-0 Monday.

“Moving forward with that project — I think it is a great thing for Georgetown,” said Mayor Bill West.

The approval includes a series of conditions, like exterior composition, lighting and fencing requirements. Additionally, outdoor patios, rooftop spaces, solar panels and stormwater facilities would be permitted.

The developer’s next step is the presentation of its proposal to the town’s Planning Commission.

Banking on potential subsidies and tax credits, the group sought approval to allow a mixed-use building at 107 Depot St., with a commercial tenant in the basement and first floor, and 25 apartments on the upper floors. But the town’s current urban business district zoning specifies no more than three housing units above commercial space.

A public hearing on the conditional use request was held at the March 25 Town Council meeting.

There, Daniel Bond, representing DE OZ, said the group is seeking Downtown Development District reimbursement and state and federal historic and renewable energy tax credits. With plans to incorporate solar and geothermal, there could also be energy efficiency subsidies, he said.

Remaining obstacles include securing ample parking, as well as permission from various town and state entities on final site plans.

For the commercial component, the developer is working with La Plaza, a local nonprofit that assists businesses.

The $15 million project has an emphasis on workforce housing, Mr. Bond said, estimating that the monthly rental rates could be about $1,400 for one bedroom, $1,600 for two bedrooms and $1,800-$2,000 for a three-bedroom apartment.

This proposal has received support from the Sussex Economic Development Action Committee, Sussex County’s Community Development and Historical Preservation divisions, the Greater Georgetown Chamber of Commerce, Sussex County Habitat for Humanity, La Esperanza, Southern Delaware Tourism and several others.

Also Monday, there was a first reading of a potential modification to the chapter on urban business district zoning in the town’s code. If approved with a second reading and adoption, the “no more than three apartments” wording would be eliminated.

Town manager Eugene Dvornick explained, “This would allow for a multifamily dwelling as part of a building utilized for nonresidential use, permitted under this article.”

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37 CFR 3.56: Conditional assignments

Taken from the USPTO's TM Federal Statutes and Rules, Last Revised in January 2018

CFR Part Index | Key Word Index Part 3 : Assignment, Recording, and Rights of Assignee Date And Effect Of Recording

Previous: §3.54 | Next: §3.58

§3.56    Conditional assignments.

Assignments which are made conditional on the performance of certain acts or events, such as the payment of money or other condition subsequent, if recorded in the Office, are regarded as absolute assignments for Office purposes until cancelled with the written consent of all parties or by the decree of a court of competent jurisdiction. The Office does not determine whether such conditions have been fulfilled.

• thiruvananthapuram News

Land assignment on conditional basis

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