Magazine article Journal of Property Management

IREM Sponsors Victorious Legislation

Magazine article Journal of Property Management

IREM Sponsors Victorious Legislation

Article excerpt

Thanks to the hard work and dedication of IREM, CCIM Institute, and REALTORS[R] Commercial Alliance members lobbying on behalf of their industry, Congress passed legislation reforming class action suits and bankruptcy in 2005.

The Class Action Fairness Act established a uniform set of criteria for determining when a multi-state class-action lawsuit can be moved from state court to federal court. The new law authorizes federal courts to hear class-action suits involving more than $5 million when the case is outside the home state of the defendants or when less than one-third of the case is located in the home state of the defendants. Federal lawsuits are significantly more difficult to approve. The new guidelines are also intended to limit the plaintiff attorney's ability to "venue-shop" when filing class action suits.

President Bush signed a bankruptcy reform bill into law, addressing several issues impacting property managers. The provisions better position real estate assets when tenants or owners file for bankruptcy. The law positively impacts many kinds of real estate including condos, rental properties, retail centers and single assets like multifamily buildings. The law lifts the automatic stay for rental housing when the bankruptcy petition is filed after the judgment of possession. …

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