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Chapter 7 › Promissory Notes

Womble Bond Dickinson

Trustee Survives Judgment in Fraudulent-Conveyance Action Based on Novation Argument

Womble Bond Dickinson on

The Sixth Circuit recently ruled that a trustee’s claim that a novation occurred upon the execution of amended and restated loan documents could not be dismissed under a Rule 12 (b)(6) motion. The Sixth Circuit remanded the...more

Ballard Spahr LLP

New York Appellate Court Confers Standing on Assignee of Note Previously Discharged in Bankruptcy

Ballard Spahr LLP on

A mortgage lender has standing to foreclose even when it obtains assignment of the underlying promissory note after the note has been discharged in bankruptcy, a New York appellate court has ruled. The case arose after the...more

Troutman Pepper

Banks Beware! Parol Evidence May Not Correct Drafting Errors When Enforcing Security Agreements

Troutman Pepper on

Secured transactions typically include two key documents, which are often executed simultaneously: a promissory note memorializing loan and repayment terms executed by the borrower in favor of the lender and a security...more

Katten Muchin Rosenman LLP

Involuntary Bankruptcy Petitions Dismissed Where Alter Ego Status Was Disputed

Katten Muchin Rosenman LLP on

The United States Bankruptcy Court for the Southern District of New York granted motions to dismiss involuntary Chapter 7 petitions filed against TPG Troy LLC and T3 Troy LLC (the Troy Entities). Petitioners filed numerous...more

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