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Statute of Limitations › Lenders

Statute of Limitations refers to a statute that sets the time period during which a legal claim can be brought. Most statute of limitations laws require individuals to sue at some point during a set period... more +
Statute of Limitations refers to a statute that sets the time period during which a legal claim can be brought. Most statute of limitations laws require individuals to sue at some point during a set period usually commencing from the date of the wrong or injury or the discovery of the wrong or injury. Except for under a limited set of circumstances, if an individual does not file a suit within the specified time period, the law bars them from ever suing on that claim. less -
Sherman & Howard L.L.C.

Bankruptcy Discharge Does Not Trigger Statute of Limitations on Claim Based on Security Agreement

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In a recent decision, the Colorado Supreme Court reversed the Colorado Court of Appeals and held that a discharge in bankruptcy does not trigger the statute of limitations on a claim to foreclose based on a deed of trust....more

Troutman Pepper

Arizona Court of Appeals Narrows Statute of Limitations Application

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The Arizona Court of Appeals recently clarified how the state’s debt collection statute of limitations applies to debt created by a land sale contract. Arizona has a six-year statute of limitations to enforce installment...more

Perkins Coie

The Foreclosure Abuse Prevention Act is Now Law

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On December 30, 2022, New York Governor Kathy Hochul signed into law the Foreclosure Abuse Prevention Act (FAPA) after the bill’s passage by both the New York state senate and the assembly. FAPA is a direct response to a New...more

Perkins Coie

Copper Creek Confirms That Bankruptcy Discharges Have No Effect on the Statute of Limitations in Washington State

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As we previously noted, the statute of limitations on actions to enforce a note or deed of trust can be a brutally effective sword for borrowers in Washington State. Under the six-year limitations period of RCW 7.28.300, a...more

Blank Rome LLP

New York’s Highest Court Makes Key Rulings in Favor of Lenders Clarifying What Accelerates and De-Accelerates a Mortgage Debt for...

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The New York Court of Appeals has resolved a split between two intermediate state appellate courts regarding whether a default letter clearly and unequivocally affirmatively accelerates a mortgage debt and provided much...more

Blank Rome LLP

New York’s Highest Court Makes Key Rulings in Favor of Lenders Clarifying What Accelerates and De-Accelerates a Mortgage Debt for...

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The New York Court of Appeals’ decision set bright-line rules that a noteholder’s voluntary discontinuance of a foreclosure action, in itself, revokes the acceleration of a mortgage debt, and a default letter stating that the...more

Locke Lord LLP

Texas Supreme Court Affirms a Lender’s Equitable Subrogation Rights Following ‎Expiration of the Statute of Limitations on the...

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On January 29, 2021, the Texas Supreme Court confirmed that the voiding of a lender’s lien due ‎to the expiration of the statute of limitations does not preclude the lender from foreclosing on a ‎pre-existing lien under the...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

Rosenberg Martin Greenberg LLP

Maryland Court of Special Appeals Confirms That Foreclosure Actions Are Not Subject to Statute of Limitations

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During the COVID-19 pandemic, a patchwork quilt of statutes, regulations, executive orders, and court orders have imposed on again, off again, restrictions on the filing and prosecution of foreclosure cases. Few of these...more

Snell & Wilmer

Statute of Limitations Bars Lender’s Subsequent Action to Quiet Title Against Junior Lienholder Mistakenly Omitted from Initial...

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A recently issued opinion by the Court of Appeal, Fifth Appellate District tells a cautionary tale regarding a lender’s failure to name a junior lienholder in its initial judicial foreclosure action. In Cathleen Robin v....more

Seyfarth Shaw LLP

Oregon Law Limits Lender Enforcement Actions Against Borrowers

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Oregon’s House Bill 4204 (the “Statute”) was signed into law on July 7, 2020, by Governor Kate Brown. The Statute imposes certain limitations on a lender’s right to undertake enforcement action against a borrower on loans...more

Patton Sullivan Brodehl LLP

A Notice of Trustee’s Sale Does Not Necessarily “Disturb Possession”

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Flashback: Five years ago, Money and Dirt covered the Salazar v. Thomas opinion from California’s Fifth District Court of Appeal holding that a Notice of Default does not “disturb possession” sufficiently to start the...more

Lowenstein Sandler LLP

SBA Announces: “SBA may begin a review of any PPP loan of any size at any time in SBA’s discretion” & DOJ Announces Multiple...

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Between May 20 and May 22, SBA announced three new Interim Final Rules and the U.S. Department of Justice (DOJ) announced three new fraud prosecutions stemming from PPP loans. Those prosecutions reflect that the DOJ does not...more

Carlton Fields

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

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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

Clark Hill PLC

2019 Arizona Case Law Affecting Commercial Real Estate and Lending (September 2019)

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The following information accompanies a presentation Mike gave to members of the Arizona Commercial Mortgage Lenders Association (ACMLA) on September 10, 2019. Arizona Case Law – Deficiency Liability - Helvetica...more

Locke Lord LLP

Credit Markets Seek to Limit the Influence of Net Short Lenders

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Introduction - Over the past several months, there has been an increase in credit agreements and high-yield bond indentures with provisions designed to limit the influence of lenders whose economic interest is not aligned...more

Womble Bond Dickinson

Trustee Survives Judgment in Fraudulent-Conveyance Action Based on Novation Argument

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The Sixth Circuit recently ruled that a trustee’s claim that a novation occurred upon the execution of amended and restated loan documents could not be dismissed under a Rule 12 (b)(6) motion. The Sixth Circuit remanded the...more

Clark Hill PLC

2019 [Part 2] Arizona Case Law Affecting Commercial Real Estate and Lending

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The following information accompanies a presentation Mike gave to members of the Arizona Commercial Mortgage Lenders Association (ACMLA) on April 9, 2019. Arizona Case Law – Statute of Limitations/Settlement Agreement - ...more

Clark Hill PLC

2018 Arizona Case Law Affecting Commercial Real Estate and Lending

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The following information accompanies a presentation Mike gave to members of the Arizona Commercial Mortgage Lenders Association (ACMLA) on October 9, 2018. Arizona Case Law – Credit Card Statute of Limitations - Mertola,...more

Troutman Pepper

New York Appellate Court Decision Provides Guidance for Lenders in Foreclosure Actions

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The New York Appellate Division for the Second Department recently issued a ruling that makes it more difficult for mortgage holders to foreclose on certain properties. ...more

Clark Hill PLC

2017-18 Arizona Case Law Affecting Commercial Real Estate and Lending

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The following information accompanies a presentation Mike gave to members of the Arizona Commercial Mortgage Lenders Association (ACMLA) on March 13, 2018. Arizona Case Law – Trustee’s Sale Statute of Limitations;...more

Spilman Thomas & Battle, PLLC

WVCCPA and the 2018 West Virginia Legislative Session Update #1

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The 2018 West Virginia Legislative Session ended last week, and the legislature has rejected two bills that would have modified the Consumer Credit and Protection Act (“WVCCPA”), the primary statute in West Virginia that...more

Snell & Wilmer

Conflicts of Laws, Deficiency Actions, and Statutes of Limitations – Oh My!

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What law governs a deficiency action if the choice-of-law provisions in the note and deed of trust conflict? The Arizona Court of Appeals answered that very question in ZB, N.A. v. Hoeller, No. 1 CA-CV 16-0071 (Ct. App. April...more

Foley & Lardner LLP

A Trifecta of Legal Victories for Lenders in Florida

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Deutsche Bank Trust Co. v. Beauvais, Case No.: 3D14-575 (Fla 3rd DCA April 13, 2016) - Based on Beauvais, lenders should take a look at their loan documents, paying particular attention to any non-waiver and...more

Burr & Forman

Chorus of Critics Grows Again for Third DCA’s Beauvais Opinion on Statute of Limitations, Rehearing Granted by Third DCA

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The opinion of Florida’s Third District Court of Appeal in Deutsche Bank Trust Co. Americas v. Beauvais, No. 3D14-575, 2014 WL 7156961 (Fla. 3d DCA Dec. 17, 2014) has been a lightning rod for criticism from federal courts in...more

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