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|Ros v. Lasalle Bank: Southern District of Florida Applies New Florida DCA Case Law to Dismiss Quiet Title Suit Based on Statute of Limitations Allegations|
Nicholas S. Agnello; Burr & Forman LLP;
July 26, 2014, previously published on July 21, 2014In Ros v. Lasalle Bank, N.A., et al., 14-CIV-22112-BLOOM/VALLE (S.D. Fla. July 18, 2014) the Southern District of Florida became the first United States District Court to apply the holding in Evergrene Partners, Inc. v. Citibank, N.A., 39 Fla. L. Weekly D1342 (Fla. 4th DCA 2014) regarding efforts...
|Who Can You Trust? The Failure of RMBS Trustees to Protect Investors|
Bernstein Litowitz Berger Grossmann LLP;
July 25, 2014, previously published on Summer 2014In the aftermath of the largest financial crisis since the Great Depression, investors in residential mortgagebacked securities (“RMBS”) who sustained billions of dollars in losses are still trying to figure out who is legally responsible for the mess. Naturally, the banks that...
|CFPB to Scrutinize Nonbank Products: Prepaid Cards, Debt Settlement, Credit Repair, and Pawn and Title Loans|
Jonathan L. Pompan; Venable LLP;
July 25, 2014, previously published on July 21, 2014Three years after it opened for business, on July 21, 2014, the Consumer Financial Protection Bureau (CFPB) announced it was accepting complaints from consumers with problems with (1) prepaid cards; (2) debt settlement services; (3) credit repair services; and (4) pawn and title loans. This signals...
|Wisconsin Supreme Court’s Decision in Associated Bank N.A. v. Collier Changes the Rules for Collecting Judgments|
Eric J. Hatchell; Foley & Lardner LLP;
July 25, 2014, previously published on July 22, 2014In Wisconsin, supplemental proceedings under Wis. Stat. ch. 816 are the principal tool by which a judgment creditor can discover assets of the judgment debtor in aid of collection. But for the last 15 years, they have also been the mechanism by which sophisticated judgment creditors have obtained a...
|Judge Vacates $22 Million Verdict and Orders New Trial|
Richard A. Vance; Stites & Harbison, PLLC;
July 24, 2014Jefferson Circuit Judge Jim Shake vacated jury verdicts against several banks in a major lender liability/mortgage fraud case in Louisville. The verdict, one of the largest ever in a Kentucky lender liability case, garnered significant media attention when rendered last fall, but the order for a...
|Act 117 Signed into Law Amending the Mechanic’s Lien Law and Easing Construction Lending|
Derek P. Dissinger; Barley Snyder;
July 24, 2014, previously published on July 18, 2014A few months ago we published an article titled, “Pennsylvania House and Senate Pass Bills to Ease Construction Lending.” The article described Senate Bill 145 of 2014 which contemplated amendments to the Mechanic’s Lien Law of 1963 authored to ease construction lending....
|Georgia Supreme Court Applies the Business Judgment Rule to Bank Officers and Directors; Decision Has Implications for Corporate Officers and Directors|
Maia Cogen, Patricia A. Gorham, Gabriel A. Mendel, W. Scott Sorrels, Yvonne M. Williams-Wass; Sutherland Asbill & Brennan LLP;
July 24, 2014, previously published on July 18, 2014In a landmark ruling for officers and directors of Georgia’s financial institutions, the Supreme Court of Georgia held in FDIC v. Loudermilk, S14Q0454 (Ga. July 11, 2014), that officers and directors of banks are protected by the business judgment rule, which affords officers and directors a...
|Maine Supreme Court Decision Limits Scope of MERS' Ability to Assign Mortgages|
Duane Morris LLP;
July 23, 2014, previously published on July 14, 2014On July 3, 2014, the Maine Supreme Judicial Court issued a ruling in Bank of America, N.A. v. Greenleaf, 2014 ME 89 (Me. July 3, 2014), significantly affecting the ability of Mortgage Electronic Registration System, Inc. (MERS) to assign mortgage rights as a "nominee" of a mortgage...
|Georgia Supreme Court Affirms Business Judgment Rule|
Duane Morris LLP;
July 23, 2014, previously published on July 16, 2014The Georgia Supreme Court has, for the first time, affirmed the existence of the business judgment rule in Georgia common law. More specifically, however, the state Supreme Court held that the business judgment rule does not automatically prevent all claims for ordinary negligence against corporate...
|Pennsylvania Mechanics' Lien Law Amended, Clarifying Open-End Construction Loan Mortgage Priority|
Duane Morris LLP;
July 23, 2014, previously published on July 16, 2014On July 9, 2014, Pennsylvania Governor Tom Corbett signed into law Act 117 of 2014, which amends the Pennsylvania Mechanics' Lien Law (MLL), 49 P.S. 1101, et seq., to provide that a construction loan secured by an open-end mortgage where at least 60 percent of the proceeds are "intended to pay...