News & Analysis as of

Debt Statute of Limitations

Hinshaw & Culbertson - Consumer Crossroads

The Texas Supreme Court Has Spoken: Mortgage Servicers May Rewind and Restart the Statute of Limitations Clock Within the Same...

Last week, the Texas Supreme Court answered the Fifth Circuit’s certified question as to whether simultaneous rescission and reacceleration can reset the limitations period under Texas Law by holding that “a rescission that...more

McGlinchey Stafford

Am I Entitled to a Bonus? - McGlinchey Commercial Law Bulletin - February 16, 2024

McGlinchey Stafford on

Ohio- Enforceability of Arbitration Agreement- Bryan Costin v. Midwest Vision Partners LLC., 8th Dist. Cuyahoga No. 112651, 2024-Ohio-463. The Eighth District Court of Appeals recently affirmed the trial court’s ruling...more

Seward & Kissel LLP

Excessive Debt Killed the Radio Star, More Mass Torts, Immune System, and Mojo Rising

Seward & Kissel LLP on

WSJ Report: Audacy Close to Filing for Bankruptcy| RadioWorld - After struggling to pay back some of its $2 billion in debt, radio broadcaster Audacy is preparing to file for bankruptcy protection according to a report in...more

Troutman Pepper

Arizona Supreme Court Rules Recording a Notice of Sale Does Not Trigger Final Statute of Limitations Period to Collect Debt

Troutman Pepper on

The Arizona Supreme Court just issued a significant and favorable foreclosure statute of limitations decision in Bridges v. Nationstar Mortgage LLC, — P.3d —, 2022 WL 3905320. It held that recording a notice of trustee’s sale...more

Patterson Belknap Webb & Tyler LLP

First Department Clarifies Circumstances Under Which Acknowledgment of a Debt Will Toll Limitations Period for Action to Recover...

In Hawk Mountain LLC v. RAM Capital Group LLC, the First Department held that, under New York General Obligations Law (“G.O.L.”) § 17-101, an acknowledgment of a debt tolled the limitations period for an action to recover a...more

Hinshaw & Culbertson - Consumer Crossroads

Landmark New York Court of Appeals Decision Clarifying Calculation of Statute Of Limitations in Mortgage Foreclosure Actions

The New York Court of Appeals reversed four Appellate Division decisions and decided in favor of the mortgagees in a consolidated decision issued on February 18, 2021, ruling, inter alia, that...more

Locke Lord LLP

New York Appellate Court allows Action on Note Debt Despite Finding that Statute of Limitations Precludes Foreclosure Action

Locke Lord LLP on

While it is common knowledge in New York that the statute of limitations to collect a debt is six years from the time of acceleration, in a recent decision the Appellate Division, Third Judicial Department opened up the...more

Ballard Spahr LLP

Maryland federal district court rules choice of law provision applies to effect of partial payment on statute of limitations...

Ballard Spahr LLP on

A Maryland federal district court, in Jennings v. Dynamic Recovery Solutions LLC, ruled that the effect of a partial payment on revival of the statute of limitations was governed by the law of Delaware, the state designated...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending February 7, 2020

Carlton Fields on

Real Property Update - Fraudulent Transfer: Real property that was worth less than mortgage encumbering it was not an asset per the plain language of section 726.102(2) and, therefore, could not support fraudulent transfer...more

Ballard Spahr LLP

CDIA and Metro 2 approve new special comment code for extinguished debts

Ballard Spahr LLP on

Recently, the Consumer Data Industry Association (CDIA) and the Metro 2 Taskforce approved a new Special Comment Code in FAQ 69.  According to CDIA’s press release , the new code, “DE = Debt Extinguished Under State Law,”...more

Blank Rome LLP

NY’s Fourth Department Holds That Notice of Default Did Not Provide Clear and Unequivocal Notice to Accelerate the Debt

Blank Rome LLP on

In Ditech Financial LLC v. Corbett, 2018 WL 6006682, at *1, —N.Y.S.3d —- (2d Dept. Nov. 16, 2018), the Appellate Division, Fourth Department, held that a notice of default sent to the borrowers-defendants, which discussed a...more

Spilman Thomas & Battle, PLLC

Zombie (Debt Collector) Beware: West Virginia Expands Prohibited Actions

America’s fascination with zombies infiltrated the West Virginia Legislature during the 2014 Regular Session, resulting in the introduction of a “zombie debt” bill, House Bill 4360. The bill, as introduced, was designed to...more

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