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|Update on the Retail Banking Investigation|
Rebecca Owen-Howes, Sam Szlezinger; Dentons Canada LLP;
April 23, 2015, previously published on January 26, 2015The Competition & Markets Authority (CMA) issued a short update on its retail banking investigation which includes services to SMEs at the end of last year. Since publishing its Issues Statement in November 2014, it has received standard off-the-shelf information from relevant parties in...
|Federal Court Holds That Bank’s Deed of Trust Primes IRS Tax Lien Despite Its Subsequent Recordation|
Matthew G. DiMeglio; Lerch Early Brewer Chartered;
April 23, 2015, previously published on April 6, 2015A federal court of appeals held that a bank’s deed of trust had priority over an IRS tax lien, even though, the IRS filed notice of the tax lien more than a month before the bank recorded the deed of trust. On January 4, 2005, Restivo Auto Body, Inc. borrowed $1 million from Susquehanna Bank....
|Even Under a Contractual Right to Indemnification, Fees Must be Reasonable|
Brett Kenworthy, Daanish Samadmoten; Aird & Berlis LLP;
April 22, 2015, previously published on March 26, 2015On June 6, 2014, Justice Brown of the Ontario Superior Court of Justice (Commercial List) released additional reasons1 to his decision in Romspen Investment Corp. v. 6711162 Canada Inc., 2014 ONSC 2781, centred on the cost submissions made by counsel to Romspen Investment Corp....
|Themes for the New Year - the FCA's December 2014 Enforcement Conference|
Alexandra Doucas, Felicity Ewing, Katharine Harle; Dentons Canada LLP;
April 22, 2015, previously published on February 2, 2015The coming year sees a number of regulatory changes on the horizon, from the implementation of the new Senior Managers Regime to the FCA's review of its policy on penalties. In order to understand what will change from a regulatory perspective, it is perhaps necessary to understand why. One of the...
|Updated Code of Conduct for the Credit and Debit Card Industry in Canada|
James H. Archer, Ana Badour; McCarthy Tétrault LLP;
April 22, 2015, previously published on April 20, 2015On April 13, 2015, the Department of Finance announced changes to the Code of Conduct for the Credit and Debit Card Industry in Canada (the “Code”). The Code has been in existence since 2010 and consisted previously of 10 Elements applicable to participants in the debit and credit card...
|Supreme Court Provides TILA Home Loan Rescission Guidance|
R. Scott Adams; Spilman Thomas & Battle, PLLC;
April 21, 2015, previously published on March 13, 2015In a recent unanimous decision, the United States Supreme Court held that a borrower exercising her right to rescind a mortgage loan under the Truth in Lending Act (“TILA”) merely had to provide written notice of rescission within three years after the loan was originated. The Supreme...
|Facing Merger Challenges. In 5, 4, 3, 2, 1......|
Hugh B. Wellons; Spilman Thomas & Battle, PLLC;
April 21, 2015, previously published on April 8, 2015A few weeks ago, a writer for a banking magazine asked my top five challenges to a successful bank merger. That is a loaded question! The challenges to complete a merger agreement, the challenges to close the merger, and the challenges to make the merger a long-term success are all different. What...
|Better late than never: late service of notice of amount payable under section 6(d) of the ISDA Master Agreement|
Richard Caird, Sam Coulthard, Alexandra Doucas; Dentons Canada LLP;
April 21, 2015, previously published on January 6, 2015Goldman Sachs International (GSI) has recently succeeded on an application for summary judgment against Videocon Global Ltd (Videocon) on somewhat unusual facts. The short judgment of Mr Justice Teare (the Judge) reflects the continuing ability of the 1992 ISDA Master Agreement to generate...
|Defeating Another Challenge to the Mortgage Electronic Registration System|
Angela L. Beblo; Spilman Thomas & Battle, PLLC;
April 21, 2015, previously published on March 13, 2015Since the mortgage crisis began several years ago, the Mortgage Electronic Registration System (“MERS”) has faced numerous legal attacks relating to foreclosures, assignments and what interest MERS holds in a deed of trust or mortgage. Among these cases are claims brought by government...
|Indiana Repossession Triggers Acceleration Clause, Statute of Limitations|
Nicholas Rohner; Weltman, Weinberg & Reis Co., L.P.A.;
April 17, 2015, previously published on April 3, 2015In 2004, Robert Imbody (“Imbody”) financed the purchase of a truck through Fifth Third Bank (“Bank”). Imbody made all scheduled payments until March of 2006. On May 31, 2006, the Bank repossessed the truck. The Bank sold the truck at auction and a deficiency balance of more...