Section 357(c) does not, however, adequately address situations where a single liability
encumbers more than one property or where more than one corporation receives property
encumbered by the same debt.
The sale of a blanket non-performing mortgage and note that
encumbers three walk-up apartment buildings located in the Greenpoint section of Brooklyn.
With certain exceptions, each co-owner must have the right to transfer, partition and
encumber its undivided property interest, without the agreement or approval of any person.
Altus Investors Management Partnership has agreed not to transfer or
encumber its limited partnership units held in the capital of Altus Group Limited Partnership if, following such transfer, it would own less than 20 percent of the issued and outstanding units of the Fund on closing (on a fully-diluted basis), subject to prescribed exceptions.
Carl Volte, Wellpoint's director of health care policy and analysis, said the company is not opposed to the recommendations themselves, but would oppose legislation that could come out of it that would
encumber the managed-care industry or significantly increase health care costs.
