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|The Indoor Management Rule and Security Grant in a Signed Purchase Order Upheld|
Jonathan Fleisher, Keri Wallace; Cassels Brock & Blackwell LLP;
October 9, 2014, previously published on October 7, 2014A question that we are often asked as finance lawyers is what level of support is needed to confirm that a document was properly executed, such that it would be binding on, and enforceable against, the corporate signatory. Our general advice is to obtain a certificate of incumbency, together with...
|Tax Evasion: Number of Amended Tax Returns Has Doubled|
Andreas P. Demetriades; Andreas P. Demetriades & Associates- Advocates,Legal and Tax Consultants - Law Firm;
October 8, 2014Cyprus: The three most popular types of International Business Companies (IBCs) operating through Cyprus: Financing, Holding and Trading Companies.
|Holding a Deed in Lieu in Escrow|
Heather Sue Nason, Jonathan R. Sacks; Rogers Towers, P.A.;
October 8, 2014, previously published on September 24, 2014To avoid foreclosure, a borrower might agree to execute a deed in lieu of foreclosure to be held in escrow. In these circumstances, the borrower would execute a deed-in-lieu of foreclosure to the mortgaged property in favor of the lender. The deed would be held by the lender or other third party in...
|Debt Collectors Beware: Venue Provision of FDCPA Reinterpreted|
Brian C. Langs, Joseph R. Marconi; Johnson & Bell, Ltd.;
October 8, 2014, previously published on September 2014In Suesz v. Med-1 Solutions, LLC, 2014 U.S. App. LEXIS 12562 (7th Cir. 2014), the Seventh Circuit recently reinterpreted the venue provision of the federal Fair Debt Collection Practices Act (“FDCPA”). The issue for the court was whether township small claims courts in Marion County,...
|Creditors Beware: Married Couples Claiming Homestead Protection on Two Residences May Avoid a Forced Sale|
Karl Gruss, Edward Lee Kelly; Rogers Towers, P.A.;
October 8, 2014, previously published on September 30, 2014Florida’s homestead exemption protects a married couple’s primary residence from forced sale to satisfy a judgment lien, but what happens when spouses retain two properties as their individual primary residences, claiming homestead protection on each? The answer comes down to whether...
|SCC Maintains Permissive View of Quebec Class Actions and confirms the Consumer Protection Act applies to Bank Conversion Charges|
Shaun Emery Finn; McCarthy Tétrault LLP;
October 8, 2014, previously published on September 22, 2014In Bank of Montreal v. Marcotte, 2014 SCC 55, the Supreme Court dismissed appeals brought by various banks contesting the applicability of the Quebec Consumer Protection Act (“CPA”) to conversion charges charged by banks of foreign currency transactions. The Court concluded that certain...
|Bankruptcy Trustee Lacks Standing to Bring Derivative Claim Against Bank’s Directors After Bank’s Closure and Receivership by FDIC|
Scott St. Amand; Rogers Towers, P.A.;
October 8, 2014, previously published on September 25, 2014In April of 2010, the Office of the Comptroller of the Currency closed First National Bank Myrtle Beach, S.C., a wholly-owned subsidiary of Beach First National Bancshares, a bank holding company, and named the FDIC as its receiver. As a consequence of the bank’s failure, Bancshares filed for...
|If Community Comes First, Customers Will Follow! An Interview with Lyn Hayth, President and CEO of the Bank of Botetourt|
Hugh B. Wellons; Spilman Thomas & Battle, PLLC;
October 7, 2014, previously published on September 18, 2014We interviewed Lyn Hayth, President and CEO of the Bank of Botetourt, for Community Banking Excellence this issue. Lyn has been a banker for more than 30 years. His bank, with about $312 million in assets and $248 million in loans, operates primarily in the Virginia counties of Botetourt, Roanoke,...
|Joint Debts, Joint Tenants - Insolvency Law Meets Real Property Law|
Ivan Y. Lavrence; Blaney McMurtry LLP;
October 7, 2014, previously published on September 30, 2014The decision of the Court of Appeal in TD Bank v. Phillips [2014 ONCA 613] involves a separated couple, their joint asset, a joint debt, and an outcome that is anything but, thanks to creditor protection afforded by the Bankruptcy and Insolvency Act (“BIA”). This decision highlights...
|Only 28 Days Left to Submit Comments Regarding the CFPB’s Proposed Modifications to Home Mortgage Disclosure (Regulation C)|
Yesenia Garcia Perez; Foley & Lardner LLP;
October 7, 2014, previously published on Octobier 2, 2014The Consumer Financial Protection Bureau (“CFPB”) has published for public comment, a proposed rule amending Regulation C to implement amendments to the Home Mortgage Disclosure Act (HMDA). The HMDA requires certain financial institutions to collect and report information in connection...