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|New Jersey Supreme Court to Review Appellate Division Decision Affecting Lien Priority|
Jessica A. Goldfinger; Greenbaum, Rowe, Smith & Davis LLP;
March 8, 2016, previously published on March 2016During this term, the New Jersey Supreme Court will decide whether a New Jersey law firm’s subsequently recorded mortgage for unpaid legal fees has priority over a factor’s earlier recorded mortgages.
|Codere S.A. Surety Bonds - Gambling with Unfunded Commitments|
Adam Colman, Tawnee Harker, Louisa Watt; Cadwalader, Wickersham & Taft LLP;
March 8, 2016, previously published on March 02, 2016Mr Justice Robin Knowles CBE handed down his judgment on 29 January 2016 in GSO Credit - A Partners L.P. (and other GSO funds) v Barclays Bank PLC and HCC International Company PLC  EWHC 146 (Comm) concerning the application of the Loan Market Association (“LMA”) Standard Terms...
|Highmark Properties Revisited: Lender Credit Bids|
Andrew J. Darcy; Spilman Thomas & Battle, PLLC;
March 7, 2016, previously published on March 1, 2016The dust has yet to settle on the landmark decision of High Point Bank & Trust Co. v. Highmark Properties, LLC, 776 S.E.2d 838 (N.C. 2015). Before delving into the decision that should serve as a harbinger of imminent and drastic mortgage reform, an overview of North Carolina’s...
|Further Loosening of Cuban Sanctions to Expand Access to Finance, Trade and Travel|
Ira Gonzalez; Adams and Reese LLP;
March 4, 2016, previously published on February 1, 2016The Treasury's Office of Foreign Assets Control (OFAC) and the Department of Commerce announced new amendments to Cuban policy to "further implement the new direction toward Cuba" announced by President Obama in December 2014.
|Italian NPL Guaranteed by the Italian Government: Law Decree Approved|
Francesco Squerzoni, Mario Todino, Vinicio Trombetti; Jones Day;
March 3, 2016, previously published on February 2016On February 14, 2016, the Italian Government approved the law decree ("decreto-legge" or the "Decree") that regulates, inter alia, the release of a guarantee by the Italian Government for non-performing loan ("NPL") transactions.
|Senior Managers and Certification Regime|
Elaine Aarons, Harvey Knight, Meriel Schindler; Withers Bergman LLP;
March 2, 2016, previously published on February 18, 2016On 7 March 2016, the first wave of the Senior Managers and Certification Regime will become effective. The senior management of all UK regulated banks, building societies and any regulated business that forms part of a banking conglomerate will be required to perform Senior Management Functions...
|Court Rules Banks Not Liable For Converting Cheques To Non-Existing / Fictitious Payees|
Heather Pessione; Borden Ladner Gervais LLP;
March 1, 2016, previously published on February 17, 2016On the Ontario Court of Appeal released its decision in Teva Canada Limited v. Bank of Montréal. The case arose out of a $5M fraud perpetrated by a former employee of pharmaceutical manufacturer Teva Canada Ltd. ("Teva") against Teva and a number of banks. The former employee...
|Garnishee Bank's "Defenses" Trumped?|
W. Patrick Ayers, Madison L. Mitchell; Burr & Forman LLP;
February 29, 2016, previously published on February 2016Cases decided recently in Florida and Illinois call into question one legal rule that some might have thought well-settled: a first-perfected security interest in collateral beats a later-perfected lien creditor's interest in that same collateral. Seems simple enough. Except this rule might not be...
|Bank Resolutions - Trust the Regulators, but Keep Your Powder Dry|
Assia Damianova, Nick Shiren; Cadwalader, Wickersham & Taft LLP;
February 29, 2016, previously published on February 17, 2016In times of financial turbulence, politicians, regulators and the media make the case for tighter controls of the markets. However, with new regulatory powers coming in and the resulting extra layer of complexity that their application brings, investors have their reasons not to put their trust in...
|Nebraska Department Of Banking And Finance Proposes New Exemption For Advisers To Private Funds|
Jason D. Benson; McGrath North Mullin & Kratz, PC LLO;
February 26, 2016, previously published on First Quarter 2016The Nebraska Department of Banking and Finance has proposed new regulations related to the registration of investment advisers. The regulations will establish a private fund adviser exemption from registration. The regulations were the subject of a rulemaking hearing held on January 7, 2016. There...