Commercial Law & Contracts

Read Conflict of Laws updates, alerts, news, and analysis from leading lawyers and law firms:

News & Analysis as of May 20, 2013

Will New Marijuana Laws Go Up In Smoke?
Bill on Bankruptcy: Who's to Blame for the Hostess Liquidation?
Weekly Brief: Google Antitrust Suit?; Legal Weed; Law Firm Mega-Merger Mania
Appeal Trial Court - What To Do When a Party Loses or is Unhappy with a Decision Made by the Trial Court - Kathi Sandweiss discuss
The Apellate Process Explained - Kathi Sandweiss discusses the appeals process and what it can and can't do for your situation.
Northern Mariana Islands Retirement Fund Files For Bankruptcy

Update: Banking Difficulties May Lead Marijuana Dispensaries to Commit Bank Fraud

by Fuerst Ittleman David & Joseph, PL on 5/16/2013

As we have previously reported, despite the growing number of States that have sanctioned the use of marijuana in various forms, the federal government has continued its efforts to crack down on dispensaries....more

CFPB Issues Final Preemption Determination For Maine, Tennessee Unclaimed Gift Card Laws

by BuckleySandler LLP on 5/6/2013

On April 19, the CFPB issued a final preemption determination regarding whether the Electronic Fund Transfer Act (EFTA) and Regulation E preempt certain unclaimed gift card laws in Maine and Tennessee. The EFTA, as...more

Spotlight on Unclaimed Property: CFPB Rules That Federal Law Preempts Tennessee's Unclaimed Property Statute Applicable to Gift...

by Baker, Donelson, Bearman, Caldwell &... on 5/6/2013

In its first preemption determination, on April 19, 2013, the Consumer Financial Protection Bureau (CFPB) ruled that Tennessee's unclaimed property statute provisions applicable to gift cards are preempted by federal law. The...more

Ninth Circuit Widens Circuit Split Over Application of State or Federal Bankruptcy Law To Determine Whether Claims of...

by Alyson Allen, Mark Bane, Stephen Moeller-Sally, James Wilton | Ropes & Gray LLP on 5/3/2013

In an important decision for private equity sponsors and other insiders who advance loans to their businesses, on April 30, 2013, the Ninth Circuit Court of Appeals in In re Fitness Holdings International confirmed that...more

CFPB issues first preemption determinations

by Barbara S. Mishkin | Ballard Spahr LLP on 4/29/2013

Last week, the CFPB issued final determinations as to whether certain Maine and Tennessee laws relating to unclaimed gift cards are preempted by federal law on gift card expiration dates. The rulings represent the CFPB’s...more

CFPB Uses Novel Interpretation, Increases Compliance Burden for Gift Card Issuers Through its First Preemption Determination

by Leonard N. Chanin, Rick Fischer, Matthew W. Janiga, Obrea O. Poindexter | Morrison & Foerster LLP on 4/24/2013

On April 19, 2013, the Consumer Financial Protection Bureau (“CFPB”) announced it was making a determination to preempt a provision of Tennessee unclaimed property law that it deemed inconsistent with the federal Electronic...more

Creditors Can Reach Benefits under "Top Hat" Plan, United States District Court of Maryland Rules

by Katherine Lange | Womble Carlyle Sandridge & Rice, PLLC on 4/17/2013

Executive Summary: ERISA “top hat” plan’s anti-alienation provision does not trump state garnishment laws. A familiar feature of ERISA is its protection of a participant’s retirement savings from creditors; ERISA...more

Ninth Circuit Holds Private Company Rules Preempt California Law

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 4/10/2013

California Labor Code Section 450(a) forbids employers from coercing the patronage of their employees: It provides...more

Sherzer v. Homestar Mortgage Services: The Third Circuit Takes Sides in a Circuit Split Over How a Borrower Exercises Rescission...

by Christopher Hart, Stephen J. Shapiro | Schnader Harrison Segal & Lewis LLP on 3/18/2013

In a recent decision, the Third Circuit took sides in a split between U.S. Circuit Courts of Appeal over what action borrowers must take to exercise their right to rescind a loan under the Truth in Lending Act (TILA). It...more

PA Supreme Court Invalidates Local “Flat Tax” on Businesses

by Sharon R. Paxton | McNees Wallace & Nurick LLC on 2/19/2013

In Shelly Funeral Home, Inc. v. Warrington Township, 30 MAP 2010 (December 18, 2012), the Pennsylvania Supreme Court reversed a 2010 decision of the Commonwealth Court and held that a business privilege “flat tax” ordinance...more

New York Court of Appeals Holds Upholds Broad Choice of New York Law Provision in Contract Even in Absence of Contacts With New...

by Rena Andoh, John Stigi | Sheppard Mullin Richter & Hampton LLP on 1/31/2013

In IRB-Brasil Resseguros, S.A. v. Inepar Investments, S.A., No. 191, 2012 WL 6571286 (N.Y. Dec. 18, 2012), the Court of Appeals of the State of New York held that a broad choice of law provision in a contract precludes any...more

Ninth Circuit Affirms Dismissal Of Unfair Competition Claims Over Teaser Rates

by BuckleySandler LLP on 1/21/2013

On January 9, the U.S. Court of Appeals for the Ninth Circuit affirmed a district court’s dismissal of a putative class action against a national bank over its adjustable rate mortgage disclosure and payment application....more

Court of Appeals Affirms Validity of New York Choice-of-Law Provisions

by Bruce Sabados | Katten Muchin Rosenman LLP on 1/14/2013

The New York Court of Appeals has held that where a contract contains a New York choice-of-law provision and is otherwise subject to New York General Obligations Law Section 5-1401, New York substantive law will apply and the...more

Registered Share Capital System in Non-Publicly Traded Joint Stock Companies under the Turkish Commercial Code

by Burak Kepkep on 11/9/2012

This article highlights the legal framework introduced by the new Turkish Commercial Code No 6102 on registered share capital system in non-publicly traded joint stock companies....more

General Assembly of Partners Meeting and Decision Quorum in Limited Liability Partnerships under the Turkish Commercial Code

by Burak Kepkep on 11/9/2012

This note outlines General Assembly of Partners Decision and Meeting Quorums, as amended by the new Turkish Commercial Code No 6102, which entered into force on 1 July 2012....more

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Conflict of Laws › Finance & Banking › Commercial Law & Contracts

Update: Banking Difficulties May Lead Marijuana Dispensaries to Commit Bank Fraud

CFPB Issues Final Preemption Determination For Maine, Tennessee Unclaimed Gift Card Laws

Spotlight on Unclaimed Property: CFPB Rules That Federal Law Preempts Tennessee's Unclaimed Property Statute Applicable to Gift...

Ninth Circuit Widens Circuit Split Over Application of State or Federal Bankruptcy Law To Determine Whether Claims of...

CFPB issues first preemption determinations

CFPB Uses Novel Interpretation, Increases Compliance Burden for Gift Card Issuers Through its First Preemption Determination

Creditors Can Reach Benefits under "Top Hat" Plan, United States District Court of Maryland Rules

Ninth Circuit Holds Private Company Rules Preempt California Law

Sherzer v. Homestar Mortgage Services: The Third Circuit Takes Sides in a Circuit Split Over How a Borrower Exercises Rescission...

PA Supreme Court Invalidates Local “Flat Tax” on Businesses

New York Court of Appeals Holds Upholds Broad Choice of New York Law Provision in Contract Even in Absence of Contacts With New...

Ninth Circuit Affirms Dismissal Of Unfair Competition Claims Over Teaser Rates

Court of Appeals Affirms Validity of New York Choice-of-Law Provisions

Registered Share Capital System in Non-Publicly Traded Joint Stock Companies under the Turkish Commercial Code

General Assembly of Partners Meeting and Decision Quorum in Limited Liability Partnerships under the Turkish Commercial Code

Federal District Court Holds Ohio Post-Repossession Notice Requirements Not Preempted

ABA seeks broad CFPB preemption ruling

Federal District Court Holds Federal Law Preempts Massachusetts’ Statutory Limits On Mortgage Insurance

Missouri District Court Holds State Funds Transfer Act Preempts Certain Customer Indemnity Agreements

CFPB to Determine Whether CARD Act Preempts State Unclaimed Property Laws

New Jersey Legislature Amends Stored Value Card Abandonment Law

Summary of CFPB Notice of Intent for Gift Card Preemption Determinations

CFPB Seeks Input on Conflict Between State and Federal Gift Card Laws

CFPB to make first preemption determinations

The Tenth Circuit holds that ability to repay is not a pleading requirement for a TILA rescission claim

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