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Real Property & Title Insurance Update: Weeks Ending May 13 & May 20, 2016

REAL PROPERTY UPDATE - Contracts/Personal Liability: official title of “President” underneath signor’s signature on contract did not shield individual from personal liability because contract language reflected...more

CSBS and Multi-State Mortgage Committee Report on 2015 Supervisory Efforts

The Conference of State Bank Supervisors (CSBS) and the Multi-State Mortgage Committee (MMC) issued a report to state regulators regarding its 2015 review of the supervisory structure around examination and risk assessment of...more

Your daily dose of financial news The Brief – 5.26.16

The SEC has opened an inquiry into Alibaba’s accounting related to affiliated companies and related-party transactions, a big deal for a company “long seen as a symbol of China’s growing technological might”...more

Case Reminds Insurance Agents to Review Process of Receiving Approval from Insureds Before Submitting Applications to Carriers

Schmidt v. Indiana Insurance Co., No. 22S01-1507-PL-412, Supreme Court of Indiana, December 2, 2015 - Plaintiff was the owner of a house in which he allowed his cousin to live from 2007 to 2009. When the cousin moved...more

In a Major FIRREA Victory for the Banks, the Second Circuit Overturns $1.27 Billion Jury Verdict

On Monday, the Second Circuit overturned a jury verdict and $1.27 billion penalty against Bank of America imposed under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), 12 U.S.C. § 1833a....more

Special Alert: Second Circuit Reverses SDNY Judgment; Rules Fraud Claim Based on Contractual Promise Cannot Support FIRREA...

On May 23, in an opinion delivered by Circuit Judge Richard Wesley, the Second Circuit Court of Appeals reversed the District Court for the Southern District of New York’s (SDNY) July 30, 2014 judgment ordering a bank and its...more

What Constitutes an Unequivocal Denial of Coverage? New Jersey District Court Provides Some Guidance

Like most jurisdictions, New Jersey allows parties to an insurance contract to shorten the six-year statute of limitations for contract actions. See N.J.S.A. 2A:14-1 (“Every action at law . . . for recovery upon a...more

New York Court of Appeals Rules on Lien Priority in Consolidated Mortgages Case

On May 10, the New York Court of Appeals affirmed the lower court’s decision that consolidated mortgages qualify as the first mortgage of record under Real Property Law article 9-B (the Condominium Act) when the mortgages...more

CMA warns UK estate agents against colluding in online portal selection

On 21 April 2016, the Competition and Markets Authority (“CMA”) published an open letter to estate agents in the UK stressing the importance of making independent commercial decisions and warning them against unlawful...more

When and How Can a Chapter 7 Bankruptcy Trustee Liquidate Your Collateral?

So you are chugging along with a foreclosure action (either on real and/or personal property) only to be stopped in your tracks by the borrower filing a voluntary Chapter 7 bankruptcy petition. The usual, immediate thought...more

New Jersey Federal Court Confirms Application of Anti-Concurrent Causation Language in Hurricane Sandy Lawsuit

Readers of this blog may note that we have previously discussed the topic of anti-concurrent causation clauses in various jurisdictions around the country. As a quick reminder, an anti-concurrent causation clause is that...more

Court Dismisses Fiduciary Claim Between Mortgagor and Mortgagee

In Fornesa v. HSBC Bank USA, N.A., plaintiff sought a damage award against a defendant mortgagor for compensatory and punitive damages, based on alleged predatory lending practices. 2016 Bankr. LEXIS 2011 (S.D. Tex. May 13,...more

Iowa’s Highest Court Enters First Decision on Certain Landlord-Tenant Issues Raised in 2013 Staley Case: Landlords Must Take Note...

As most landlords are aware, in 2013, the Iowa Court of Appeals entered a decision in the Staley v Barkalow case, which involved a group of tenants who sued their landlord over the content of their lease agreements....more

CFPB Report Reviews 2015 Fair Lending Activities and Notes Continuing Priorities

On April 29, the CFPB released its fourth annual report to Congress on fair lending activities. The report recaps the CFPB’s 2015 supervisory and enforcement efforts around fair lending and identifies ongoing priorities in...more

NY Appellate Court Rules “Blanket Ordinance or Law Coverage” not as Blanket as Insured Hoped

In 1947, some Bedouin shepherd boys were tending their sheep and goats near the ancient settlement of Qumran, near the Dead Sea. One of the boys threw a rock into an opening on the side of a cliff and heard something break. ...more

Another Case Addressing a Potential Trap for Real Estate Investors: Dedication of Private Property to the Public

In a prior post, Implied Dedication of Private Property to the Public: the Law is Unsettled, we saw that California courts have struggled with the interpretation of Civil Code section 1009, which generally makes it more...more

New Jersey Supreme Court Holds that a Person Violates the Insurance Fraud Statute Even if Insurer is Not Duped Into Paying a...

In the recent case of State of New Jersey v. Robert Goodwin, 224 N.J. 102, 129 A.3d 316 (N.J. 2016), the Supreme Court of New Jersey held that a person violates the insurance fraud statute, N.J.S.A. 2C:21-4.6(a), even if he...more

Risks of Withdrawing a Case: Reciprocity of Attorneys’ Fees in Connecticut Consumer Contract Default Actions

Lenders beware! If you have brought an action to seek recovery of a defaulted consumer loan whether it be foreclosure or a breach of contract action, Connecticut has a statutory scheme which provides that the debtor, if it...more

South Carolina Department of Revenue Audits

The South Carolina Department of Revenue (SCDOR) administers the state’s tax laws. Like the IRS, SCDOR audits tax returns, but only certain returns subject to South Carolina tax, such as South Carolina income tax returns,...more

FinCrimes Update - April 2016 Summary, Volume 4, Issue 4

AML/BSA & OFAC: FINCEN ANNOUNCES DEPARTURE OF DIRECTOR CALVERY - On April 26, FinCEN announced the departure of Director Calvery. Commenting on Calvery’s accomplishments during her tenure as Director, the agency...more

Recipe for a Project Bankruptcy: The Owner in Bankruptcy Through The Lens of the Construction Manager

Industry leaders agree that the economy has turned the corner and private construction projects are on the uptick.  Banks have eased lending requirements and there is more private equity money on the streets.  Inexperienced...more

California Man Pleads Guilty to Criminal Charges Relating to HAMP Modification Scheme

On May 4, 2016, the United States Attorney for the Southern District of New York and the Special Inspector General of the Troubled Asset Relief Program (SIGTARP) announced that a California man was found guilty of...more

Dealing with Mechanic’s Liens Which Arise After Completion of Construction

Construction is complete on your new home and you are busy settling in to your new surroundings and then you receive notice that a mechanic’s lien has been recorded and is now encumbering your property. You discover that one...more

House Passes Private Flood Insurance Bill by Unanimous Vote

On April 28, the U.S. House of Representatives passed the Flood Insurance Market Parity and Modernization Act (H.R. 2901) by a unanimous vote of 419-0. The bill, which was introduced in June 2015 by Rep. Dennis Ross,...more

Vendor Landmines

Q: Our condominium has more than 2 million square feet of unused common space. It seems like a no brainer to invite a food-and-drink vendor to use the space and charge rent based on a percentage of gross sales. Do we need to...more

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