Civil Procedure, Finance & Banking, Commercial Law & Contracts

Legal Alert: Holder of Deed Need Not Be Holder of Note to Foreclose, Georgia Supreme Court Rules

by Thomas Byrne, Greg Traylor | Sutherland Asbill & Brennan LLP on 5/24/2013

The Georgia Supreme Court held this week that the holder of a security deed need not also hold the underlying note to exercise the power of sale in accordance with the terms of the security deed. You v. JP Morgan Chase Bank,...more

Get Your Ducks in a Row: Thoughts on Foreclosure of Securitized Debt in Alabama

by Joshua Reif | Baker, Donelson, Bearman, Caldwell &... on 5/23/2013

Alabama remains one of the simplest jurisdictions in the country for commercial foreclosure. Nevertheless, foreclosure in Alabama can quickly become expensive if a lender does not carefully follow the letter of the law and...more

Dispute Over Duke’s 2012 Proposed Rate Increase Continues

by Mary Kathryn (Katie) King | Spilman Thomas & Battle, PLLC on 5/23/2013

On April 12, 2013, the N.C. Supreme Court stepped into the ongoing dispute regarding the 7.2 percent rate increase sought by Duke Energy and approved by the North Carolina Utilities Commission (NCUC) in January 2012. Duke...more

Lenders Beware: Debt Can Now Be Recharacterized as Equity in the Ninth Circuit

by Ted Fates, Heather Riley | Allen Matkins Leck Gamble Mallory & Natsis... on 5/23/2013

For the last 27 years, bankruptcy courts in the Ninth Circuit consistently held that debt could not be recharacterized as equity unless the movant proved inequitable conduct by the debt holder. On April 30, 2013, the Ninth...more

Trustee Empowered To Void Foreclosure Sale Where Error Discovered Before Delivery Of Trustee’s Deed

by Tara C. Narayanan | Miller Starr Regalia on 5/22/2013

California’s Supreme Court affirmed a trustee’s right to void a non-judicial foreclosure sale based on mistakes in the foreclosure process discovered before delivery of a trustee’s deed to the successful bidder. ...more

LIBOR Going Forward: How Will Dismissal of Antitrust Claims Effect Investigations and Private Claims?

by Bill Devinney | BakerHostetler on 5/22/2013

We recently wrote about the dismissal of the plaintiffs’ antitrust claims against banks involved in the LIBOR manipulation scandal for failure to allege an antitrust injury. Since that dismissal, the court has granted...more

Involuntary Bankruptcy Petitions Dismissed Where Alter Ego Status Was Disputed

by Bruce Sabados, Allison Wuertz | Katten Muchin Rosenman LLP on 5/21/2013

The United States Bankruptcy Court for the Southern District of New York granted motions to dismiss involuntary Chapter 7 petitions filed against TPG Troy LLC and T3 Troy LLC (the Troy Entities). Petitioners filed numerous...more

Ohio Supreme Court Holds Mortgage Servicing Not Subject To Consumer Sales Practices Act

by BuckleySandler LLP on 5/21/2013

On May 14, the Ohio Supreme Court held in response to two certified questions from a federal district court that the Ohio Consumer Sales Practices Act (CSPA) generally does not apply to mortgage servicers and servicing....more

Mississippi District Court Defers to New York Court in Bond Action

by Bruce Sabados, Allison Wuertz | Katten Muchin Rosenman LLP on 5/21/2013

The United States District Court for the Northern District of Mississippi denied the motion of defendant ACA Financial Guaranty Corporation (ACA) to dismiss a class action complaint, finding that the issues were previously...more

Rogers Towers: Municipal Liens vs. Mortgages: Florida’s Supreme Court Rules on Superpriority Issue

by Douglas L. Waldorf, Jr. | Rogers Towers on 5/21/2013

In my April 18th post, I discussed the recent trend of municipalities enacting ordinances designed to give their code enforcement liens “superpriority” over prior-recorded mortgages. Basically, the municipalities have sought...more

Florida Complex Litigation Update: Raymond James Financial Services, Inc. v. Phillips: Florida Supreme Court rules that statute...

by Fuerst Ittleman David & Joseph, PL on 5/21/2013

Resolving a matter of first impression in Florida, the Florida Supreme Court recently issued its decision in Raymond James Financial Services, Inc. v. Phillips, Case No. SC11-2513 (Fla. May 16, 2013), concluding that...more

New York State Court Dismisses RMBS Putback Action Against Nomura As Time-Barred

by Orrick - Structured Finance Group on 5/20/2013

On May 10, Justice Sherwood of the Supreme Court of the State of New York dismissed on statute of limitations grounds an RMBS putback action brought against Nomura Credit & Capital, Inc. (Nomura)....more

New York State Court Allows Trustee Lawsuit Against DB Structured Products to Proceed

by Orrick - Structured Finance Group on 5/20/2013

On May 13, Justice Kornreich of the Supreme Court of the State of New York denied DB Structured Products, Inc.’s (DBSP) motion to dismiss an RMBS putback action brought against it by the trustee for the relevant RMBS trust. ...more

New York Appeals Court Overturns Sanction Requiring Bank To Accept Terms Of Trial Loan Modification

by BuckleySandler LLP on 5/20/2013

On May 1, the Supreme Court of the State of New York, Appellate Division, overturned a lower court’s order requiring a lender to modify a borrower’s loan agreement under the terms employed in the trial period as the penalty...more

Ninth Circuit Overrules Longstanding (But Questionable) Bankruptcy Appellate Panel Precedent to Allow Bankruptcy Court to...

by Kevin Coleman, Valerie Peo | Schnader Harrison Segal & Lewis LLP on 5/20/2013

Bankruptcy trustees and lenders to a potentially insolvent debtor — particularly any lender who has or intends to acquire an equity stake in the borrower — should take note of a recent decision by the U.S. Ninth Circuit Court...more

Magistrates to Handle Florida Residential Foreclosure Actions – Florida Supreme Court Amends Rule 1.490 and Significantly Changes...

by Scott St. Amand, Douglas L. Waldorf, Jr. | Rogers Towers on 5/16/2013

It is no secret that Florida consistently ranks among the worst states in the union in regards to the mire of the residential mortgage foreclosure case backlog. From 2007 to 2013, approximately 1.5 million foreclosure cases...more

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Civil Procedure › Finance & Banking › Commercial Law & Contracts

Legal Alert: Holder of Deed Need Not Be Holder of Note to Foreclose, Georgia Supreme Court Rules

Get Your Ducks in a Row: Thoughts on Foreclosure of Securitized Debt in Alabama

Dispute Over Duke’s 2012 Proposed Rate Increase Continues

Lenders Beware: Debt Can Now Be Recharacterized as Equity in the Ninth Circuit

Trustee Empowered To Void Foreclosure Sale Where Error Discovered Before Delivery Of Trustee’s Deed

LIBOR Going Forward: How Will Dismissal of Antitrust Claims Effect Investigations and Private Claims?

Involuntary Bankruptcy Petitions Dismissed Where Alter Ego Status Was Disputed

Ohio Supreme Court Holds Mortgage Servicing Not Subject To Consumer Sales Practices Act

Mississippi District Court Defers to New York Court in Bond Action

Rogers Towers: Municipal Liens vs. Mortgages: Florida’s Supreme Court Rules on Superpriority Issue

Florida Complex Litigation Update: Raymond James Financial Services, Inc. v. Phillips: Florida Supreme Court rules that statute...

New York State Court Dismisses RMBS Putback Action Against Nomura As Time-Barred

New York State Court Allows Trustee Lawsuit Against DB Structured Products to Proceed

New York Appeals Court Overturns Sanction Requiring Bank To Accept Terms Of Trial Loan Modification

Ninth Circuit Overrules Longstanding (But Questionable) Bankruptcy Appellate Panel Precedent to Allow Bankruptcy Court to...

Magistrates to Handle Florida Residential Foreclosure Actions – Florida Supreme Court Amends Rule 1.490 and Significantly Changes...

Indiana Eliminates Provisions Binding Interested Parties Not Named In Foreclosure Actions

District Court Denies Countrywide’s Motion to Dismiss AIG Suit

The Ninth Circuit Holds that Bankruptcy Courts Have Authority to Recharacterize Debt as Equity

Former Owner Cannot Challenge Foreclosure Procedure In Forcible Detainer Action

Adversary Proceedings in Bankruptcy Court

New York Appellate Court Reinstates Fraudulent Inducement Claim Against Goldman and M&T Bank

Court Upheld A Waiver Of Property Code Rights And Affirmed A Deficiency Judgment Based On The Foreclosure Price

District Court Denies Banks’ Motions to Dismiss Litigation Concerning Role of MBS Trustees

A Bank Can Solely Look To Its Account Agreement To Determine The Ownership Of Funds In An Account

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