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|Former NFL Player Defeats Fraud Allegations Which Results In Discharge Of Debt|
Elizabeth J. Austin, Irve J. Goldman, Jessica Grossarth, Jonathan A. Kaplan; Pullman & Comley, LLC;
June 24, 2015, previously published on June 12, 2015On March 31, 2015, the Honorable Albert S. Dabrowski issued a decision in Hamrah v. Coulette (In re Coulette), Adv. Pro. No. 13-2039, concerning the issue of whether an obligation created by a failed business investment gives rise to a non-dischargeable debt in a Chapter 7 bankruptcy case filed by...
|Forbearance Agreements and Tolling Provisions|
D. Robb English; Aird & Berlis LLP;
June 24, 2015, previously published on June 3, 2015Recently, we have run into several situations where there was a danger of a limitation period expiring during or shortly after a forbearance period. Sometimes demands are issued and notices of intention to enforce security are delivered at or before the execution of the Forbearance Agreement. Even...
|Amendment of Rules Applicable to French Branches of Non-European Banks|
Philippe Goutay, Anselme Mialon; Jones Day;
June 24, 2015, previously published on June 2015A bank that has its registered office outside the European Economic Area ("EEA") may consider establishing a presence in France in order to provide banking services to French counterparties. The bank may either set up a full-fledged subsidiary or a branch office, i.e., a more simple...
|Second Circuit Holds Application of State Usury Laws to Third-Party Debt Purchasers Not Preempted by National Bank Act|
Nathan Bull, Scott A. Cammarn, Michael S. Gambro, Stuart N. Goldstein, Jordan M. Schwartz; Cadwalader, Wickersham & Taft LLP;
June 23, 2015, previously published on June 8, 2015On May 22, 2015, in Madden v. Midland Funding, LLC1 (“Madden”), the United States Court of Appeals for the Second Circuit held that the application of state usury laws to third-party assignees is not preempted by the National Bank Act (the “NBA”) but rather such assignees...
|New Jersey Bankruptcy Court Issues Ruling Regarding Condominium Association Liens in Chapter 13 Proceedings|
Robert J. Flanagan; Greenbaum, Rowe, Smith & Davis LLP;
June 23, 2015, previously published on June 2015On June 11, 2015, the United States Bankruptcy Court for the District of New Jersey recognized that a condominium association’s lien is entitled to a limited six-month priority over a first mortgage.
|NextDecade Obtains Additional Funding for Rio Grande LNG Terminal|
Sutherland Asbill Brennan LLP;
June 23, 2015, previously published on June 22, 2015NextDecade, LLC (NextDecade) announced that Valinor Management, L.P. and Halcyon Energy Investors, L.P. have joined certain funds managed by York Capital Management Global Advisors, LLC and its affiliates in providing NextDecade with an additional US$85 million in order to take the proposed Rio...
|Lenders Get Protection Under New Amendments to Nevada’s HOA Lien Priority Statute|
Jacob D. Bundick, Leslie S. Godfrey, Sean A. Gordon, Jennifer L. Gray; Greenberg Traurig, LLP;
June 23, 2015, previously published on June 15, 2015In a September 2014 ruling, the Nevada Supreme Court sent shockwaves through the lending community by holding that a homeowners association’s (HOA) non-judicial foreclosure sale can extinguish a mortgage lender’s previously-recorded first deed of trust on a property if that foreclosure...
|Regulators are Aiming Enforcement Oversight at Your Bank|
Molly Z. Brown, Mary I. Edquist, Richik Sarkar; McDonald Hopkins LLC;
June 22, 2015, previously published on June 16, 2015As a financial institution, regulators see you as the first line of defense against criminal activity. You have a duty to ferret out your customers’ questionable business—and not taking enough action can carry significant and costly consequences.
|Pledging a Residence to Secure a Commercial Loan|
Matthew G. DiMeglio, Arnold D. Spevack; Lerch Early Brewer Chartered;
June 19, 2015, previously published on June 15, 2015When a borrower requests a commercial loan for a new business or a business acquisition, lenders frequently require the borrower to secure the business loan with a mortgage on a personal residence. The residence may be taken as additional collateral, or because of the insufficiency of other...
|Lenders, Be Wary When Extending Credit on Rental Income Stream|
Alison W. Rind; Lerch Early Brewer Chartered;
June 19, 2015, previously published on June 15, 2015A recent 7th U.S. Circuit Court of Appeals case reminds lenders that it is incumbent upon the lender to verify the income stream before extending credit based on rental income. In Wells Fargo Equipment Finance Inc. v Titan Leasing, Inc., the bank extended non-recourse credit (a loan secured only by...