News & Analysis as of

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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

ISDA Master Agreement – Court of Appeal favours chosen law over local

by Dentons on

When commercial parties choose English law to govern their hedging or financing contracts, the English courts will usually apply that choice with very few exceptions. A recent Court of Appeal case further narrows one such...more

Need Another Reason To Avoid Mixing Family & Finances?

by Bryan Cave on

You have a big heart and a little bit of money. You want to help out a cash-strapped family member, and – “because you’re family” – you don’t put down how much you’ll loan or how it’ll be paid back. ...more

Default Determination Highlights The Importance Of Alleging Every Element

by Jones Day on

A recent ITC decision, stemming from a default initial determination, underscores the importance of alleging every element in a complaint. 19 U.S.C. § 1337(g)(l) provides that the Commission, when making a determination on...more

Debt Dialogue: June 2017 - The Cumulus Media Ruling and the Material Adverse Event Default

In February 2017, Judge Katherine Polk Faila of the Southern District of New York issued a bench ruling in Cumulus Media Holdings Inc. v. JPMorgan Chase Bank, N.A. (S.D.N.Y. Feb. 24, 2017), in which she found that a proposed...more

Can Usury Ever Be Waived?

by Allen Matkins on

California courts have defined “usury” as “the exacting, taking or receiving of a greater rate than is allowed by law, for the use or loan of money.” Ross v. Wheeler 140 Cal. App. 217, 222 (1934). The California Constitution...more

Navient Attacks CFPB UDAAP Enforcement Without Implementing Rules

by Ballard Spahr LLP on

One of the hallmarks of the CFPB’s enforcement actions has been its use of those actions to announce new legal standards. Navient attacks this enforcement strategy in its motion to dismiss a recent case brought against it by...more

Sixth Circuit Court of Appeals Holds Properly Perfected Assignment of Rents Not Property of Bankruptcy Estate

by Foley & Lardner LLP on

In a significant ruling impacting commercial real estate lenders in Michigan, the 6th Circuit Court of Appeals has ruled that an absolute assignment of rents that had been fully perfected (by demanding payment from tenants to...more

Who Knew? An Absolute Assignment of Rents Can Be Absolute

by Seyfarth Shaw LLP on

Sixth Circuit Determines that an Absolute Assignment of Rents Perfected Under Michigan State Law Takes Property out of a Bankruptcy Estate (In Re Town Center Flats, LLC, Case No. 16-1812 — Decided May 2, 2017)....more

ITC Commissioners Remain Split on Cease and Desist Orders

by Jones Day on

We previously wrote about the ITC Commissioners’ split on the standard for the issuance of cease and desist orders. In recent opinions, Commissioners Schmidtlein and Kieff have written separately to express their view that...more

Debt Dialogue: April 2017 - Minnesota Appeals Court Addresses Accounting for Trustee’s Fees and Expenses

In a short decision, In re that Certain Indenture Date as of April 1, 2010 (MN Ct. App. April 3, 2017), the Court of Appeals of Minnesota recently addressed a challenge to the award of trustee fees and legal expenses brought...more

ALJ Finds ITC Remedial Orders Unenforceable

by Jones Day on

We previously wrote about the uphill battle Respondent Eko Brands faced in an enforcement proceeding after it defaulted in the underlying investigation. The ALJ found during the proceedings that res judicata barred its...more

Landlords Beware: Subordination Agreements

by Snell & Wilmer on

In the recent Arizona Court of Appeals case Earle Investments, LLC v. Southern Desert Medical Center Partners, 762 Ariz. Adv. Rep. 12 (2017), the Court of Appeals addressed the question of the scope of a subordination...more

Federal Judge Dismisses Claims In Nationwide Default Servicing Class Action

by Goodwin on

On March 30, 2017, Judge Karas of the Southern District of New York dismissed multiple claims in a putative nationwide class action challenging default servicing activities. In the case, Tardibuono-Quigley v. HSBC Mortgage...more

Connecticut Court Holds No Coverage for Late Notice Under D&O Policy

In Zahoruiko v. Fed. Ins. Co., No. 3:15-cv-474 (VLB), 2017 U.S. Dist. LEXIS 28204 (D. Conn. Feb. 28, 2017), the United States District Court for the District of Connecticut had occasion to consider whether an insured’s late...more

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