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Foreclosure › Promissory Notes

Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of... more +
Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of greater legislative and judicial scrutiny after systemic abuses were uncovered during the widespread foreclosure crisis resulting from the Great Recession. less -
McGlinchey Stafford

Litigation Byte (July Edition)

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The Litigation Byte is the new name and format for McGlinchey’s Commercial Law Bulletin. Our new format reflects McGlinchey’s national coverage and our expanded footprint while still serving up the digestible, insightful...more

Morrison & Foerster LLP

Scrivener’s Error in Guaranty Reformed Outside of Statute of Limitations and Held Enforceable

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In an appeal heard by the Appellate Division of the Supreme Court in the First Judicial Department of New York, the Court recently ruled that a court may reform a guaranty after the statute of limitations for a reformation of...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: V 4, Issue 2, March 2024

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Volume 4, Issue 2, 2024 Welcome! Welcome to the second issue of Promissory Notes - our banking and finance e-newsletter - for 2024. Business today is characterized by relentless change. To assist our clients in navigating...more

McGlinchey Stafford

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

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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

Patton Sullivan Brodehl LLP

Guarantor Liability: Assignment of Note Doesn’t Automatically Assign Guaranty Too

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Obligations reduced to a promissory note are often accompanied by a written guaranty. The law treats the guaranty as an independent obligation. A case recently decided by California’s First District Court of Appeal —...more

Fox Rothschild LLP

A “Note” About Your Mortgage. There is a Difference.

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Most of us wander through life unconcerned about the vagaries of house finance laws until we decide we want a house. Candidly, because of how house purchases come about, most of us don’t know much about mortgage financing...more

Goulston & Storrs PC

The Importance of Having All Your Docs in a Row On a Commercial Foreclosure Summary Judgment Motion

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Like many of you, we are seeing a significant increase in commercial real estate (“CRE”) loan workouts. The magnitude of the swell in distressed CRE loans remains unclear, although one thing is certain: appreciating the...more

Miller Nash LLP

Paperclips and Staples: “Affixing” Allonges under the UCC

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In the age of digital transactions and DocuSign, the importance of lenders storing and maintaining original loan documents has waned. But exceptions persist. In a recent decision, the Washington Court of Appeals (Division I)...more

McGlinchey Stafford

Who has Standing to Assert a TILA Violation? - McGlinchey’s Commercial Law Bulletin - February 20, 2023

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Ohio- Non-Signatory Compelling Arbitration Duff v. Christopher, 11th Dist. Lake, No. 2023-Ohio-349. In this appeal, the Eleventh Appellate District affirmed in part and reversed in part a trial court’s decision compelling...more

McGlinchey Stafford

Do I Have Standing in Florida State Court? Not So Fast.-McGlinchey Commercial Law Bulletin - January 20 2023

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Ohio- Liquidated Damages- Pacetti’s Apothecary v. Rebound Bracing & Pain Sol. Inc., 2d Dist. Greene, No. 2023-Ohio-93. In this appeal, the Second Appellate District affirmed the trial court’s decision finding that a late...more

Miller Nash LLP

The Washington Court of Appeals (Re-)Explains the Statute of Limitations for Deeds of Trust After a Bankruptcy Discharge

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On January 18, 2021, the Washington Court of Appeals in Copper Creek (Marysville) Homeowners Ass’n v. Kurtz reaffirmed an important rule related to real property foreclosures and the statute of limitations after a bankruptcy...more

McGlinchey Stafford

Do I Have To File A Claim To Foreclose On A Deceased Borrower’s Mortgage? - The Bullet Point: A Commercial Law Bulletin

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Ohio- Insurance coverage for data breach- Emoi Servs., LLC v. Owners Ins. Co., 2d Dist. Montgomery No. 29128, 2021-Ohio-3942 In this appeal, the Second Appellate District reversed and remanded the trial court’s...more

Law School Toolbox

Bar Exam Toolbox Podcast Episode 146: Listen and Learn -- Mortgages and Priority

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Welcome back to the Bar Exam Toolbox podcast! In today's installment of our "Listen and Learn" series, we're focusing on Real Property. In particular, we're diving into the tricky subtopic of mortgages and priorities.  In...more

Cadwalader, Wickersham & Taft LLP

Summer Reading July, 2021 - Note Prevails over Mortgage in the Event of a Conflict

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A recent decision from The Supreme Court of Florida (the “Florida Supreme Court”) in WVMF Funding v. Luisa Palmero, et al. (Fl. S. Ct.; SC19-1920, June 24, 2021) held that, while a note and mortgage must be read together, in...more

McGlinchey Stafford

The Bullet Point: Ohio Commercial Law Bulletin Have My Trade Secrets Been Misappropriated? Volume 5, Issue 2

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Unconsionability Defense to Arbitration- Sebold v. Latina Design Build Group, L.L.C., 8th Dist. Cuyahoga No. 109362, 2021-Ohio-124 In this appeal, the Eighth Appellate District affirmed the trial court’s decision agreeing...more

Patton Sullivan Brodehl LLP

How a Junior Lien Can Survive Judicial Foreclosure

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Oscar Wilde is quoted for saying—“To expect the unexpected shows a thoroughly modern intellect.” This advice certainly holds true for a senior deed of trust lienholder contemplating foreclosure on real property security. ...more

Snell & Wilmer

Nevada Supreme Court Approves the Use of Lost Note Affidavits in Foreclosure Proceedings

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Over the last decade or so, many Nevada borrowers faced with foreclosure of their residences have objected to foreclosure proceedings because the lender does not hold the original promissory note. In Jones v. U.S. Bank...more

McDermott Will & Emery

Damages Award Crumbles in Texas Concrete Manufacturing Row

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The Supreme Court of Texas held that a limited partner had standing to sue for alleged loss in the value of its interest in the partnership, but reversed a damages award in favor of that limited partner for insufficient...more

McGlinchey Stafford

Am I a party entitled to enforce a promissory note?

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Shareholder Derivative Lawsuit Aungst v. Light, 9th Dist. Summit No. 29349, 2020-Ohio-3347 In this appeal, the Ninth Appellate District affirmed the trial court’s decision, finding that when a shareholder’s derivative...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending October 4, 2019

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Real Property Update - Foreclosure / Bankruptcy / Surrender: borrower cannot challenge judgment of foreclosure entered upon judicial notice of his statement of intention to surrender the property and order of discharge...more

Nutter McClennen & Fish LLP

Bankruptcy Court Confirms Enforceability of Mortgage Notwithstanding Expiration of Statute of Limitations for Underlying...

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In In re Fortin, 598 B.R. 689 (Bankr. D. Mass. 2019), the United States Bankruptcy Court for the District of Massachusetts considered whether a lender may enforce a mortgage despite the unenforceability of the underlying...more

Bilzin Sumberg

Eleventh Circuit Holds that a Guarantor Lacks Standing Under the Equal Credit Opportunity Act

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Late last month, the U.S. Court of Appeals for the Eleventh Circuit held in Regions Bank v. Legal Outsource PA, No. 17-11736, 2019 WL 4051703 (11th Cir. Aug 28, 2019), that a loan guarantor does not qualify as an “applicant”...more

Nutter McClennen & Fish LLP

Legal Advisory: Enforcement Issues in Massachusetts Real Estate Loans

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Two recent Massachusetts Appeals Court decisions offer both clarity and caution to mortgage lenders seeking to enforce their loan documents. These decisions address the importance of properly drafting prepayment provisions in...more

Carlton Fields

Real Property & Title Insurance Update: Week Ending March 29, 2019

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Real Property Update - Foreclosure / Attorneys' Fees: borrower not entitled to attorneys' fees for prevailing on lender's claim for reformation of mortgage, where lender prevailed on claim of foreclosure without...more

Burr & Forman

Grant v. Citizens Bank, N.A.: Florida Courts Agree that Statute of Limitations does not Bar Collection of Amounts More than Five...

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In an opinion issued recently, Florida’s Fifth District Court of Appeal joined other Florida appellate courts in holding that the five-year statute of limitations to bring an action to enforce a promissory note and/or...more

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