News & Analysis as of

Borrowers Affirmative Defenses

Vedder Price

COVID-19 and MAC in Financing Agreements

Vedder Price on

The MAC provision - A material adverse change (“MAC”) provision (depending on where or how it is used) typically references a material adverse change in the business, assets, properties, liabilities, operations, condition...more

Ward and Smith, P.A.

How to Write an Effective SBA Litigation Plan

Ward and Smith, P.A. on

When an SBA loan goes into default, the SBA requires a lender to commence litigation when the lender concludes that (1) defensive action is necessary to protect the collateral or ability to collect from the obligor or (2)...more

White & Case LLP

Sanctioned default? The English High Court considers the effect of foreign illegality on English obligations

White & Case LLP on

As sanctions ramp up globally, it is increasingly important for commercial parties engaged in cross border transactions to have certainty (i) as promisees (e.g. lenders) as to when their counterparties may legitimately avoid...more

Fox Rothschild LLP

Borrower Not Entitled To Attorneys’ Fees Under PA Act 6 Based Solely On Affirmative Defense

Fox Rothschild LLP on

The Pennsylvania Supreme Court held that a Philadelphia homeowner was not entitled to attorneys’ fees under a PA consumer protection law because filing affirmative defenses doesn’t qualify as filing an “action” under the law....more

Bradley Arant Boult Cummings LLP

Filing a Collection Suit? The Statute of Limitations for the Forum State May Not Be the Correct Limitations Period

Debt collectors filing suit often assume that the forum state’s statute of limitations will apply. However, a string of recent cases suggests that may not always be the case. The Ohio Supreme Court recently determined that,...more

Spilman Thomas & Battle, PLLC

ECOA Gets More Teeth in North Carolina

In one of my prior “Drive Thrus” in Community Banking Exellence, I reminded everyone that lenders can never require a spousal guaranty, but can request one. The North Carolina Court of Appeals brought that fact home recently...more

Foley & Lardner LLP

The Impact of Costello v. Grundon: Margin Rules and the Enforceability of Loan Documents in Financing Transactions

Foley & Lardner LLP on

A recent decision of the Seventh Circuit Court of Appeals has significant implications for lenders in commercial loan transactions and for law firms that give legal opinions about the enforceability of loan documents....more

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