News & Analysis as of

Noteholders Foreclosure

McGlinchey Stafford

Ohio Appeals Court Finds Credence to “Show Me the Note” Theory in Foreclosure

McGlinchey Stafford on

On June 21, 2024, the Ohio Second Appellate District reversed a trial court decision granting plaintiff summary judgment in a residential foreclosure action, finding that a competing lienholder’s discovery request for...more

Ward and Smith, P.A.

In Foreclosure, Your Attorney Can Be Counsel or Trustee, But Not Both

Ward and Smith, P.A. on

Five years ago, the General Assembly amended the foreclosure statute to prohibit an attorney who serves as trustee or substitute trustee from representing the noteholder or the borrower during a foreclosure proceeding.  ...more

Skadden, Arps, Slate, Meagher & Flom LLP

New York Court of Appeals Ruling Could Shift Negotiating Leverage to Holdout Noteholders in Out-of-Court Restructurings

The New York Court of Appeals’ recent 4-3 opinion in CNH Diversified Opportunities Master Account, L.P. v. Cleveland Unlimited, Inc., 2020 WL 6163305 (NY Oct. 22, 2020), could provide minority noteholders with additional...more

Kramer Levin Naftalis & Frankel LLP

New York Court of Appeals Distinguishes Marblegate, Holds Majority-Directed Strict Foreclosure Violates Indenture and Minority...

On October 22, 2020, in a 4-3 opinion, the Court of Appeals for the State of New York held that the right of certain dissenting minority noteholders to sue for nonpayment following a default survived a strict foreclosure,...more

Jones Day

New York's Highest Court Upholds Minority Noteholders' Rights Under Trust Indenture Act

Jones Day on

The Situation: In a sharply divided 4-3 decision, CNH Diversified Opportunities Master Account, L.P., et al. v. Cleveland Unlimited, Inc. et al., Case No. 42 (Oct. 22, 2020), the New York Court of Appeals reversed the courts...more

McGlinchey Stafford

Am I a party entitled to enforce a promissory note?

McGlinchey Stafford on

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 February 14, 2020

Carlton Fields on

Real Property Update - Foreclosure / Standing: Where plaintiff was substituted in as a party plaintiff after original note was filed with the court, introduction of original note bearing blank indorsement into evidence at...more

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