General Business Civil Remedies Finance & Banking

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Delaware's New Data Destruction Law Takes Effect January 1, 2015

Delaware House Bill 295 was signed into law on July 1. The law provides that if a commercial entity seeks to dispose of records containing consumers' personal identifying information, the commercial entity must take...more

Six Months in Review: Florida Case Law

Florida has witnessed developments in three areas of mortgage foreclosure litigation already this year. The opinions offered by various courts of appeal have come at a time when litigants crave guidance more than ever, but...more

Delaware Court of Chancery Finds Contract Rate Applies to Post-Judgment Interest

The Delaware Court of Chancery recently held that, in a case alleging breach of a loan agreement for more than $100,000, post-judgment interest accrues at the rate set forth in the agreement and not at the lower statutory...more

Construction Lenders Beware: Unbonded Stop-Payment Notices May Be Worth More Than The Paper They Are Written On

A common perception in the construction industry is that the most valuable part of an unbonded stop payment notice is the paper it is written on, at least when it is served on a construction lender. While an unbonded stop...more

Laidler v. Hesco Bastion Environmental, Inc., C.A. No. 7561-VCG (Del. Ch. May 12, 2014) (Glasscock, V.C.)

In this memorandum opinion, the Court of Chancery determined the fair value of the petitioner’s stock in a statutory appraisal proceeding arising from the short-form merger of Hesco Bastion USA, Inc. (the “Company”) into the...more

Bankruptcy Beat : Choice of Law & Liquidated Damages Analyses Result in Significant Reduction of Creditor’s Claim

In the context of an objection to claim proceeding, the Bankruptcy Court (Dabrowski, J.) engaged in choice of law and liquidated damages analyses and as a result disallowed approximately a million dollars of Best Western’s...more

The Washington Court of Appeals Strengthens the Ability of Lenders to Obtain Summary Judgment Against Commercial Guarantors on...

Post-foreclosure deficiency lawsuits against guarantors of commercial loans can be expensive and time consuming — particularly when measured against the sometimes uncertain collectability of the deficiency judgment. Under...more

Virginia Supreme Court Allows Damages Claim for Violation of HUD Regulation Requiring Face-to-Face Meeting before Seeking...

The Virginia Supreme Court recently expanded the grounds under which a private borrower can sue a lender for violations of HUD regulations. In Squire v. Virginia Housing Development Authority, a decision issued on April 17,...more

Damages for Breach of a 12-Month Non-Compete Covenant

In Merlin Financial Consultants Ltd v Cooper [2014] EWCH 1196, the High Court awarded damages to an employer where the employee had breached a 12-month non-compete covenant in a business (rather than employment) agreement. ...more

Borrowers Can Avoid Liability Even After a Trustee’s Sale

Since a lender must have a valid debt and valid lien to conduct a trustee’s sale, a borrower that allows the foreclosure sale to occur impliedly agrees that the debt and lien are valid. In Madison v. Groseth and BT Capital,...more

State Blue Sky Claims Under the Uniform Securities Act Can Be Won by Sellers, But at a Cost

An emerging tool for plaintiff-side securities litigators is the use of state claims under the Uniform Securities Act, such as Massachusetts’ so-called “Blue Sky” statute, Mass. Gen. L. c. 110A, § 410. ...more

A Settlement Agreement's Liquidated Damages Clause That Bears No Reasonable Relationship To Actual Damages Constitutes An...

In Purcell v. Schweitzer (2014) 224 Cal.App.4th 969, the Court of Appeal disapproved of a settlement agreement providing the entire amount in dispute would be due if the debtor breached the agreement. The court determined...more

Unmitigated Waivers: Guarantors Remain Liable Despite 4-Year Delay in Foreclosure Sale

If a lender delays foreclosure allowing years of default interest to accrue such that a guarantor’s obligation increases from $6 million to $12 million, should the guarantor remain on the hook for the full $12 million? In...more

New York’s Highest Court Allows Banks, Customers To Shorten Period For Wrongly Paid Items

On May 8, the New York Court of Appeals held that in certain circumstances a bank and its customer may agree to shorten the statutory time period under the state’s Uniform Commercial Code within which a customer must notify...more

Prepetition Default Interest — Take Nothing For Granted

The case is In Re Shree Mahalaxmi Inc., 503 B.R. 794 (Bankr. W.D. Tex. 2014). After a mortgage lender learned of a prepetition default during a bankruptcy, it filed an amendment to its proof of claim to add prepetition...more

Business Bankruptcy: Executive Summary - Need to Know Bankruptcy Concepts

The following is an executive summary of the “need to know” bankruptcy concepts as they impact creditors in business insolvencies. CHAPTER 11 vs. CHAPTER 7 - - Chapter 11 is technically used for bankruptcy...more

Real Property, Financial Services & Title Insurance Case Law Update

I. FLORIDA STATE CASES – JOURDAN HAYNES & ILAN NIEUCHOWICZ - - Landlord/Tenant: lessor did not breach commercial lease by failing to complete construction by date certain where lease did not provide date by which...more

Illinois AG Licensing Enforcement Actions Target Payday Loan Lead Generator, Lenders

On April 7, Illinois Attorney General (AG) Lisa Madigan sued a payday loan lead generator to enforce a 2012 cease and desist order issued by the state’s Department of Financial and Professional Regulation. ...more

Accrual and Payment of Interest on Creditors’ Claims in Insolvency: The Plenary Session of the Russian Supreme Commercial Court...

This issue considers the most important provisions of the resolution adopted at the Plenary Session of the Supreme Commercial Court of the Russian Federation (the “SCC”) No. 88, dated 6 December 2013, “On Accrual and Payment...more

1st Circuit Limits Secured Lender’s Right to Post-Petition Interest by Applying Flexible Standard

In an important decision for lenders, the 1st Circuit Court of Appeals recently decided In re SW Boston Hotel Venture LLC, holding that a bankruptcy court was right to give a lender a claim for post-petition interest...more

Compliance Matters: We interrupt our regularly scheduled programming…

While we strive to bring you the latest regulatory matters that we believe you will find important for compliance purposes, we would like to take a moment to bring you information that may be just as valuable....more

Alberta Court of Queen’s Bench Confirms Rectification Cannot Remedy Unanticipated Tax Consequences

The recent decision of the Court of Queen’s Bench of Alberta in Graymar Equipment (2008) Inc v Canada (Attorney General), 2014 ABQB 154 is an important reminder of the limited nature of the equitable remedy of rectification...more

Canadian Court Certifies Visa/Mastercard Class Action

In reasons publicly released on Thursday March 27, 2014, Chief Justice Bauman certified two classes of Canadian merchants who allege a price-fixing conspiracy related to Visa and MasterCard interchange fees. As the first...more

The Commercial Decision Reviews Arbitrations: Three Recent Decisions Clarify Standards For Actions Brought Pursuant To Article 75...

Several recent decisions by Commercial Division Justices, two of them affirmed by the First Department, have clarified the limitations and standards applied in actions brought pursuant to Article 75 of the CPLR. Article 75...more

NY Court Rejects Recourse Triggers Accepted in Cherryland and Gratiot

In a prior post (“Emerging Statutory Threats to Recourse Triggers”), we tackled Michigan and Ohio statutes that invalidated non-recourse triggers sprung by certain types of insolvency events. As noted there, the statutes were...more

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