News & Analysis as of

Loan Documentation

Re-examining purpose clauses and Quistclose trusts

by Dentons on

In CCM Industrial Pte Ltd (in liquidation) v Chan Pui Yee [2016] SGHC 231 (CCM Industrial), the liquidators of CCM Industrial Pte Ltd (the Company) brought a claim for the recovery of certain payments (the Payments) to the...more

Before You Comment on My Haircut, Think Again

by Bryan Cave on

Back in 2008 and 2009 Eddie Liles lent around $102,000 to his brother Dallas to purchase rental properties at 554 South Shore Drive and 540 South Shore Drive in Greenup County, Kentucky, as well as a 2008 Ford 4×4 truck. The...more

The Supreme Court reinforces the SAAMCo Principle

by Dentons on

The Supreme Court in BPE Solicitors v. Hughes-Holland [2017] UKSC 21 (also known as Gabriel v. Little) has considered for the first time, and reinforced, the principles set out in the landmark professional negligence case of...more

Pursuing non-performing loans in the Middle East A key issue checklist for financial institutions

by DLA Piper on

With liquidity again becoming a serious concern in the region, we are witnessing a sharp uptick in the number of instructions from regional and international lenders relating to (i) regional borrowers failing to repay a loan;...more

Cross-Border Loan Transactions: Supplementing Canadian Law Governed Loan Documents with Collateral and Guaranty Documents Governed...

by Dorsey & Whitney LLP on

Many cross-border loan transactions involve subsidiaries that are organized in the United States and/or U.S. based collateral. To the extent that the underlying loan is made to a Canadian borrower by a Canadian lender, these...more

Lender's Edge Newsletter

by Polsinelli on

Enforcement of a Commercial Loan After the Property Securing the Loan is Sold or Transferred - Enforcement of due-on-sale clauses started growing in popularity in the 1970s as a result of instability in the economy and...more

New Forms May Alleviate Some Concerns About Massachusetts Notarizations

by Murtha Cullina on

Massachusetts is notorious for having hyper-technical rules about notarization. The trouble started in 2009 with the bankruptcy case of Matthew H. Giroux. ...more

Need To Fix That Accidental Release of a Deed of Trust?

N.C. Gen. Stat. § 45-36.6(b) provides that if a secured party erroneously records a release or satisfaction of a security instrument, then the secured party can file a document of rescission that will effectively rescind the...more

Slam on the Slam – A California Court Further Limits the Sham Guaranty Defense

by Ervin Cohen & Jessup LLP on

There has been much recent California case law regarding the sham guaranty defense and for good reason – success for a guarantor on this defense can eliminate a lender’s recovery of a deficiency against a guarantor of a...more

Sham Guaranties Are (Still) Hard To Come By

In a prior post, Sham Guaranties Are Hard To Come By, we reviewed a decision from the First District Court of Appeal that emphasized how difficult it is for guarantors to win on a “sham guaranty” defense. That defense...more

Attachment Issues: Staple the Allonge to the Note or Else!

by Shipman & Goodwin LLP on

In attempting to fend off lenders’ mortgage foreclosure actions, borrowers will often assert defenses challenging the lenders’ right to foreclose. Two recent Connecticut Superior Court decisions provide cautionary tales on...more

Receivables Based Lenders Beware

by Baker Donelson on

Lenders frequently enter into loans secured by accounts receivables and/or chattel paper. A security agreement is signed, and the lender files a UCC financing statement, “putting the world on notice” of its security interest...more

Resolving Shopping Center Foreclosures in Florida - Considerations for Lenders

by Carlton Fields on

Shopping centers in Florida—and across the country—are increasingly facing financial stress due to factors such as Internet commerce and rent pressures. Rents generated from a shopping center are usually pledged as...more

Is Brexit “materially adverse” to you? Perhaps, if it triggers an ‘event of default’ under your agreement(s).

by Reed Smith on

While the impact of the EU referendum decision on outstanding financing transactions is still to be determined, both lenders and borrowers may be wondering if the ramifications of Brexit have or could be considered to...more

IRS Issues New Requirements for IVES Participants

by Foley & Lardner LLP on

On June 23rd, the IRS dropped a bombshell on the lending industry. As of Midnight on July 1, 2016, many lenders will no longer be able to verify directly borrower income except through snail mail. If the IRS sticks to its...more

Supreme Court of Texas; Recent Texas Home Equity Lending Decisions

by Winstead PC on

On May 20, 2016, the Supreme Court of Texas (the "Court") issued its opinions in two cases involving Texas home equity lending – Garofolo v. Ocwen Loan Servicing and Wood v. HSBC Bank USA. The decisions are important for the...more

PF Newsletter: LMA Updates - Quarter One 2016

by Latham & Watkins LLP on

Legal & Regulatory - BRRD: FCA publishes modification by consent for Article 55 rules - Article 55 of the EU Bank Recovery and Resolution Directive 2014/59 (BRRD) requires European Economic Area (EEA) firms and...more

Do We Want the CFPB to Regulate the Practice of Law?

by Burr & Forman on

On April 25, the Consumer Financial Protection Bureau (“CFPB”) entered into a Consent Order with a New Jersey debt collection law firm, Pressler & Pressler, LLP, and two of its managing partners, Sheldon H. Pressler, and...more

The Continued Migration of US Covenant-Lite Structures into the European Leveraged Loan Market

by Latham & Watkins LLP on

At the start of 2016, global sponsors and their advisers are the US leveraged loan and global bond markets to the European leveraged loan market. Healthy investor appetite over the last several years means attractive terms...more

A Trifecta of Legal Victories for Lenders in Florida

by Foley & Lardner LLP on

Deutsche Bank Trust Co. v. Beauvais, Case No.: 3D14-575 (Fla 3rd DCA April 13, 2016) - Based on Beauvais, lenders should take a look at their loan documents, paying particular attention to any non-waiver and...more

Dot Your “I”s and Cross your “T”s: When It Comes to Perfecting Your Security Interest

by Murtha Cullina on

It always starts so easy. Borrower comes in and wants to borrow money. Lenders want some form of collateral to secure (potentially) a loan and the Borrower happily agrees to provide, or pledge, collateral to secure a loan. ...more

Waive Goodbye to Juries

by Murtha Cullina on

The right to a trial by jury is considered a fundamental right in Connecticut. However, our Supreme Court has held that this right is subject to certain limitations. Indeed, the right to a jury may be specifically waived by...more

FASB’s Current Expected Credit Loss Proposal - Capital Recapture Considerations for Loan Documents

by Dorsey & Whitney LLP on

This eUpdate addresses a concern regarding the impact on bank capital of the FASB’s “Proposed Accounting Standards Update, Financial Instruments—Credit Losses (Subtopic 825-15)” (the “Proposal”), should it be adopted. ...more

Middle District of Florida Holds Arbitrability of TCPA Claims Question for Arbitrator

by Burr & Forman on

Harrington v. Regions Bank, No. 2:15-cv-522-Ftm-29MRM (M.D. Fla. Jan. 29, 2016) - Before the Court was Defendant’s Motion to Compel Arbitration and Stay Proceedings. Plaintiffs opposed the Motion, contending that their...more

Use of Denton on an Application to Set Aside Default Judgment in the TCC

by Dentons on

In Tideland Ltd v Westminster City Council [2015[ EWHC 2710 (TCC) (a judgment dated July 2015 but only just published), the TCC made a decision to set aside default judgment regarding a £7m claim . The judgment provides...more

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