The 12-story hotel contains 154 rooms and can be delivered unencumbered
The selling agent expressed that the location of the encumbered lots are in an area of the subdivision which otherwise is desirable; she also stated that the encumbered lots were very difficult to sell, generally spent more time on the market, and sold for significantly less than unencumbered
2006 (1993), the Supreme Court held that the contribution of unencumbered
property to a defined benefit plan to satisfy a funding obligation was a violation of Sec.
1992), the Fifth Circuit held that the contribution of unencumbered
, non-cash property by an employer to its defined benefit retirement plan in satisfaction of its required contribution obligation was not a prohibited transaction.
Contribution of Unencumbered
Property to Defined Benefit Plan Was a Sale or Exchange," TTA, Aug.
The underlying question in both cases was whether the contribution of unencumbered
property by a disqualified person in satisfaction of an obligation to fund a qualified plan was a prohibited transaction.
The Supreme Court ruled on May 24, 1993 that a contribution of unencumbered
real property to a company-sponsored pension plan in satisfaction of its funding obligations is a prohibited transaction (Keystone Consolidated Industries, Inc.
an $8 million Freddie Mac permanent loan to refinance the existing debt and cash out unencumbered
equity on the Loudon Arms Apartments in Albany.