News & Analysis as of

Default

1st Circuit Court of Appeals Finds Foreclosure Sale Not Rendered Void by Statutory Violations or Breach of Mortgage Instrument

by Weiner Brodsky Kider PC on

The U.S. Court of Appeals for the First Circuit recently rejected arguments that a foreclosure sale was rendered void by the defendants’ violations of certain Massachusetts statutes, or by defendants’ violation of a section...more

High Court Decision in Norske Skog: Puh! (Norwegian for Phew!)

by Latham & Watkins LLP on

Ruling confirms majority noteholder should not be disenfranchised from voting - The English High Court held that it had jurisdiction in a cross-border dispute involving the Norske Skog group (Norske Skog), and confirmed...more

Awkward: Old Friend From Church Blocks Discharge of Student Loan Debt

by Bryan Cave on

Providing an exception to the axiom that no good deed goes unpunished (a wonderful phrase courtesy of Clare Booth Luce, author, Ambassador, speaker, and a model for our times even thirty years after her death), a Texas...more

Another Vantage Case, South Carolina style

by Ary Rosenbaum on

Knight’s Companies, a septic tank, trucking and concrete block business in sued Vantage Benefits and their principals Jeff and Wendy Richie in Federal District Court in South Carolina, The suit claims that Vantage and the...more

Vantage defaults in first case decision

by Ary Rosenbaum on

It didn’t take long for the first decision in a lawsuit against vantage Benefits and its owners when they defaulted. A default judgment was handed down by Judge David C. Godbey of the U.S. District Court for the Northern...more

6th Circuit Says No Standing for FDCPA Claim under Spokeo

by Weiner Brodsky Kider PC on

The Sixth Circuit Court of Appeals recently held that two plaintiffs did not have standing to pursue their FDCPA claim for failure to make a required disclosure where the non-disclosure did not hurt the plaintiffs. The Sixth...more

Commercial Evictions: Mitigation in Commercial Lease Defaults

by Pepper Hamilton LLP on

When negotiating a commercial lease, one party or both parties often raise the issue of mitigation, generally meaning to make less severe. In the commercial lease context, it is most often discussed in the defaults and...more

Restructuring and Insolvency Bulletin Issue 3 - January 2018: Russian transportation and logistics conglomerate FESCO PLC...

by Dechert LLP on

This case reiterates the opportunity that an English scheme provides to companies in emerging market jurisdictions seeking to restructure their English law debt obligations with international lenders. Mr Justice Snowden’s...more

U.S. District Court for the Southern District of Florida Narrows the Definition of Borrower Under RESPA

by Ballard Spahr LLP on

In 2014, the Consumer Financial Protection Bureau (CFPB) promulgated a number of mortgage servicing rules, including rules governing loss mitigation procedures. ...more

3rd Circuit Holds Delaware Tolling Statute Does Not Apply to Out-of-State Resident Subject to Service of Process

by Weiner Brodsky Kider PC on

The U.S. Court of Appeals for the Third Circuit recently held that under Delaware law, a debtor’s out-of-state residency alone did not toll the Delaware statute of limitations. The Third Circuit overturned the U.S. District...more

Exelco’s US Chapter 11 Case Dismissed in Favor of Belgian Proceeding

by Dechert LLP on

The Delaware Bankruptcy Court recently dismissed a Chapter 11 bankruptcy case pending before it and recognized, under Chapter 15 of the Bankruptcy Code, the debtor’s bankruptcy proceeding in Belgium. Exelco NV (“Exelco”), a...more

Financial Markets Disputes and Regulatory Update - January 2018 - Judgments

by Dentons on

Court of Appeal upholds consistent interpretation of ISDA Master Agreement - Dexia Crediop S.P.A. v. Comune di Prato [2017] EWCA Civ 428 - Dexia was appointed as Prato's adviser in relation to debt restructuring and...more

When Defendant’s Default Does NOT Warrant a Default Judgment

by Farrell Fritz, P.C. on

Default judgments are merely rubber-stamped when defendant fails to appear and/or answer, right? Wrong, as the New York County Commercial Division’s recent decision in Gutterman v. Stark (Hon. Shirley Werner Kornreich, J.)...more

Latin America Dispute Resolution Update – The Latest Developments in Cross-Border Disputes Involving the US and Latin America

NAFTA’s Future Looks Increasingly Uncertain - The United States, Mexico and Canada have now completed the fifth round of negotiations concerning the renegotiation of NAFTA, and the future of the treaty is looking...more

CFPB Focusing on Risks in Car Loans

by Goodwin on

The Consumer Financial Protection Bureau (CFPB) released its quarterly report on credit trends for the third quarter of 2017 last week, focusing on trends in the auto lending industry. Auto loans are a key sector in the...more

Criminal sanctions against defaulting taxpayers

by Hogan Lovells on

With the expiry of the deadline for participation in the special voluntary disclosure programme, SARS is not relenting in identifying defaulting taxpayers. In a media release issued on 28 September 2017, SARS has indicated...more

In Alabama: Lenders Must Strictly Comply with Notice Requirements

The Alabama Supreme Court recently released an opinion interpreting the pre-foreclosure notice requirements contained in paragraph 22 of the standard mortgage form. In short, strict compliance is required. The Court in Ex...more

401(k)/403(b) Loan Borrowers – Check Your Paystubs!

by Foley & Lardner LLP on

A recent tax court case, Louelia Salomon Frias, v. Commissioner, TC Memo 2017-139, illustrates why it is good practice to verify that employee loan repayments have been timely deducted. Plan Loan Requirements. An employer...more

“Better Late Than Never” Not a Refrain for the Defaulting Defendant Lacking a Potentially Meritorious Defense

by Farrell Fritz, P.C. on

Statutorily imposed deadlines are not optional for commercial litigants; this much should be obvious. Notwithstanding, and despite numerous technological calendaring options available to commercial litigators, deadlines are...more

Commercial landlords beware! Time to modify your lease form allowing encumbrance of tenant’s interest?

by Thompson Coburn LLP on

The California Court of Appeal recently held that a lender that took possession of a defaulting tenant’s premises and then transferred its interest to a third party was not liable to the landlord for future rent. In BRE DDR...more

Recording a Trustee’s Deed is Privileged Under CA Civil Code Section 47

California law is pretty clear that the recordation of a notice of default and notice of sale — two key documents that are a prerequisite to a nonjudicial foreclosure sale (aka trustee’s sale) — are privileged and cannot form...more

Tenants Beware – The Ninth Circuit Has Ruled That The Bankruptcy Code Can Be Used By A Landlord To Strip A Tenant’s Right To...

by Ervin Cohen & Jessup LLP on

Just last month, the Ninth Circuit issued a ruling in the case of Matter of Spanish Peak Holding II, LLC, that is potentially devastating to a tenant that leases property from a landlord that files for bankruptcy relief....more

Client Alert: North Carolina Court of Appeals Issues Important Opinion on Commercial Lease Guaranties

Is a personal guaranty a separate agreement from the underlying contract it guarantees? The North Carolina Court of Appeals recently considered this issue in Friday Investments, LLC v. Bally Total Fitness of the...more

From the Top In Brief - July/August 2017

by Jones Day on

In Midland Funding, LLC v. Johnson, No. 16-348, 2017 BL 161314 (U.S. May 15, 2017), the U.S. Supreme Court ruled that a credit collection agency does not violate the Fair Debt Collection Practices Act ("FDCPA") when it files...more

Sub-Prime Auto Loan Delinquencies Continue to Rise, but Experts Provide Divergent Views of Impact

by Foley & Lardner LLP on

Nearly one year ago, we wrote about auto loan delinquencies’ potential impact on the automotive industry. Now, car sales are falling and auto loan delinquencies are making headlines again, with a growing number of subprime...more

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