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Can a Massachusetts municipality impose ordinances on banks that are more onerous than existing statewide law? In a recent landmark decision, the Massachusetts Supreme Judicial Court (“SJC”) answered “no.” In Easthampton...more
In a clash of competing sovereigns’ interests, the Second Circuit recently upheld, for now, the authority of the New York Department of Financial Services (DFS) to regulate online payday loans made by Indian tribal lenders to...more
The Commonwealth of Puerto Rico and the Puerto Rico Electric Power Authority (PREPA) yesterday filed separate motions to dismiss the federal court complaint filed last month by some PREPA bondholders seeking to invalidate the...more
Under California’s non-judicial foreclosure statutes, a defaulting borrower cannot enjoin a lender’s initiation of foreclosure proceedings by asserting that the lender lacks standing. (Keshtgar v. U.S. Bank, N.A. (2014) 192...more
On June 28, 2014, the Commonwealth of Puerto Rico adopted the Puerto Rico Corporations Debt Enforcement & Recovery Act, Act 71-2014 (the “Debt Enforcement Act”), enabling certain Commonwealth public corporations in financial...more
Bankruptcy courts have jurisdiction over "core" and "non-core" proceedings. See 28 U.S.C. § 157. In "core" proceedings, bankruptcy courts can enter final judgments. See 28 U.S.C. § 157(b). In "non-core" proceedings, however,...more
On November 6, the U.S. District Court for the Northern District of California dismissed without prejudice as not yet ripe for determination a suit by investors seeking to preempt a California city’s plan to use its eminent...more
It has become increasingly common in recent years for Florida municipalities to enact local ordinances granting so-called “superpriority” status to liens for municipal assessments. These types of ordinances typically state...more
The Florida Supreme Court has ruled that cities cannot create ordinances that subject prior recorded mortgages to their subsequently recorded county or governmental liens, because it conflicts with Florida's state statutes on...more
New York Law Journal
November 15, 2012
Press Release and Media Coverage
In a major decision announced November 8, 2012, the U.S. Court of Appeals for the Second Circuit has overturned Pryor Cashman client Felix Nkansah’s...more
On January 5, 2012, the U.S. Court of Appeals for the Third Circuit found that New Jersey’s recently enacted unclaimed property laws requiring retroactive escheatment of abandoned amounts from stored value cards (SVC or gift...more
The scenario has become all too familiar in recent years: a borrower defaults on a loan and, when the lender pursues the loan collateral through foreclosure or other proceedings, the borrower files for bankruptcy protection....more
Supreme Court Limits Bankruptcy Court Authority to Render Final Orders on State Law Counterclaims: The Supreme Court recently issued a decision resolving “two issues: (1) whether the Bankruptcy Court had the statutory...more
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