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Can A Receiver Be Appointed To Take Possession And Safeguard Transferred Property Pending Trial Of A Fraudulent Transfer Action?

QUESTION: I know receivers often bring actions to set aside fraudulent transfers and recover the property transferred, but can a receiver be appointed in a fraudulent transfer lawsuit to take possession of and safeguard...more

U.S. Supreme Court hears oral argument in Article III standing case

Last week, the U.S. Supreme Court heard oral argument in Spokeo, Inc. v. Robins, an important case presenting the question of whether a plaintiff who cannot show any actual harm from a violation of the Fair Credit Reporting...more

Guarantors Can Use Anti-Deficiency Statute in North Carolina

The North Carolina Supreme Court recently handed down the final word in a dispute over whether guarantors get the benefit of the state’s anti-deficiency statute after the lender bids on and buys the real property at a...more

The ERISA Litigation Newsletter - October 2015

Editor's Overview - This month, we review the Second Circuit's ruling in New York State Psychiatric Ass'n, Inc. v. UnitedHealth Grp. wherein the Second Circuit ruled that: (i) a provider association has associational...more

October 2015: Bankruptcy & Restructuring Litigation Update

Third Circuit Heads in Opposite Directions Regarding the Doctrine of Equitable Mootness. In two recent opinions issued within a month of each other, Third Circuit judges have argued in favor of overturning, and then...more

It just got a little bit easier to enforce judgment liens

Last year, we posted It just got a little bit harder to enforce judgment liens, which analyzed a Court of Appeals decision that invalidated a judgment lien against third-party purchasers due to the judgment creditors’ failure...more

Stendardo Revisited: The Importance of Specifying Obligations in a Mortgage that Continue in Force after a Foreclosure Judgment

In a recent 2015 case, EMC Mortgage, LLC v. Biddle, 114 A.3d 1057, the Pennsylvania Superior Court applied the holding, Stendardo v. First National Mortgage Association, 991 F.2d 1089 (3d Cir.1993), to a case where a mortgage...more

CFPB Obtains Injunction Against World Law Group

The CFPB recently obtained preliminary injunctions against debt-reduction company World Law Group, its affiliates and its owners, thereby freezing the company’s assets and stopping all further operations pending the outcome...more

N.D. Illinois: Bank’s HAMP Procedures Weren’t Unfair or Deceptive

A U.S. District Judge in the Northern District of Illinois recently granted summary judgment in favor of defendant PNC Bank on a borrower’s promissory estoppel and Illinois Consumer Fraud Act (ICFA) claims in connection with...more

California’s New Voidable Transactions Act

California’s recently enacted Uniform Voidable Transactions Act (UVTA), makes it easier for creditors to recover assets that are transferred to third parties when a debtor is insolvent, even when there is no improper intent...more

Blog: So That’s A “Collective Investment Scheme” – The Court Of Appeal Sorts It Out (Part II); And The FCA Issues A Warning

The Supreme Court has refused to give the 16 defendants (*) in the FCA -v- Capital Alternatives Limited case permission to appeal against the decision of the Court of Appeal that an African Land Scheme and a Carbon Credit...more

Business Court Enjoins Enforcement Of High Interest Rate Loans Made By American Indian-Related Business

Judge Gale's opinion last week in Western Sky in State v. Western Sky Financial, LLC, 2015 NCBC 84 has a little bit of everything in it: choice of law, the U.S. Constitution, claims for usury (excessive interest rates) and...more

Finally, a SOL Decision Focused On Unjust Enrichment and Inequitable Results

This week, the First District Court of Appeals joined the Fourth District Court of Appeals in holding that Florida’s five-year statute of limitation (SOL), under Fla. Stat. § 95.11(2)(c), did not bar the lender’s second...more

Corporate Communicator - Fall 2015: SEC Proposes Rules for the Clawback of Executive Compensation

In this issue of the Corporate Communicator, we bring you an article about the SEC’s recently released proposal to adopt rules for the clawback of executive compensation. The proposal is already controversial and it may prove...more

North Carolina Governor Signs HB 174/Session Law 178 into Law – Altering Foreclosure Rights & Remedies in the Landlord-Tenant...

North Carolina Governor Pat McCrory signed HB 174/Session Law 178 into law on August 5, modifying several requirements to the foreclosure process in the landlord-tenant context. Of particular importance, the bill amended the...more

Rules Against Title Insurer on Date of Loss Issue

In the recent decision in First American Title Insurance Co. v. Johnson Bank, 1 CA-CV 14-0190, 2015 WL 3965740 filed June 30, 2015, the Arizona Court of Appeals held that the date for calculating a loss under a lender’s title...more

Nevada Amends Law Regarding Deficiency Judgment Calculation

By amending a statute that limits deficiency judgment amounts in certain cases, Nevada lawmakers have attempted to restore balance as the law applies to commercial properties. The amendments follow a recent wave of litigation...more

Delaware Bankruptcy Court Allows Debtor to Sidestep “Make-Whole” Payment

Bankruptcy Judge Christopher S. Sontchi recently ruled in the Energy Future Holdings case that the debtor will not be required to pay the $431 million “make whole” demanded by bondholders upon the debtor’s early payment of...more

Chase Bank Ordered to Stop Collecting on 528,000 Accounts – Pay $50 Million to Consumers

On July 8, 2015 the Consumer Financial Protection Bureau (CFPB) and 47 states took action against Chase Bank for illegal debt collection activities involving the sale of delinquent accounts to third-party junk debt buyers. ...more

H.B. 2067: A Statutory Method for Unilateral Rescission

In a move greatly benefiting lienholders and loan servicers, Texas Governor Greg Abbott recently signed H.B. 2067, amending the Texas Civil Practice and Remedies Code to allow for the unilateral rescission of the acceleration...more

SEC Cannot Use Dodd-Frank Bans Retroactively

Section 925(a) of the Dodd-Frank Act expanded a remedy for certain violations of securities laws form barring association with broker-dealers to a bar that includes municipal advisors, rating organizations and other regulated...more

Banking Disputes Quarterly - Q2 2015

Welcome to the summer issue of Banking Disputes Quarterly, keeping you informed about the latest news and legal developments in banking disputes. In On the Horizon we look ahead to an important appeal to be heard by...more

New York Court of Appeals Provides Guidance on Deficiency Judgments

The level of proof that a lender must submit to obtain a deficiency judgment following a mortgage foreclosure was recently clarified by the New York Court of Appeals. Under RPAPL § 1371, a lender may seek a deficiency...more

Newly-Enacted Texas Law Confirms Mechanism for Lenders to Unilaterally Rescind Acceleration

On June 17, 2015, Governor Greg Abbott signed House Bill 2067, which amends the Texas Civil Practice and Remedies Code to provide a clear mechanism for lenders to unilaterally rescind acceleration of a defaulted loan. ...more

Do the CFPB Mortgage Servicing Rules Provide For Rescission?

The Consumer Financial Protection Bureau’s (CFPB) mortgage servicing rules have now been in place for nearly 18 months. These rules have set forth extensive loss mitigation procedures that nearly all servicers must follow. In...more

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