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|Wire Transfer Fraud in Massachusetts: Basic Risk Allocation Principles|
Jennifer E. Greaney; Sally Fitch LLP;
February 18, 2015Fraudulent wire transfers initiated by sophisticated cyber criminals pose a significant risk to businesses and financial institutions. Technologically savvy fraudsters can steal confidential information through a variety of mechanisms, including malicious software installed on an unwitting victim's...
|Foreclosing Lender Forced to File a Separate Action on Association Assessments|
Heather Sue Nason, Jonathan R. Sacks; Rogers Towers, P.A.;
February 18, 2015, previously published on January 20, 2015Foreclosing mortgagees often wait until after a foreclosure judgment and certificate of title are issued to determine the extent of liability to a homeowners or condominium association for past due assessments. But what if there is a dispute as to the amounts owed to the association after the...
|Failure to Record a Satisfaction of Mortgage Can Become Costly in the State of Ohio|
Benjamin Hoen; Weltman, Weinberg & Reis Co., L.P.A.;
February 18, 2015, previously published on January 02, 2015 An Act has been introduced by the Ohio legislature, known as H.B. 201, which will make it very costly for a mortgagee, or any successor or assignee of the original mortgagee, who receives a payoff from the homeowner, and fails to timely record a satisfaction of mortgage. The Act has passed both the...
|Documentary Stamp Taxes: Enforcing a Promissory Note and Mortgage Prior to Payment|
Karl R. Gruss, Edward Lee Kelly; Rogers Towers, P.A.;
February 18, 2015, previously published on January 13, 2015While failure to pay Florida’s documentary stamp taxes on a promissory note or mortgage can subject the offender to criminal and financial sanctions, the state’s courts of appeal are split when it comes to determining whether Florida law permits enforcement of a note or mortgage when...
|Saudi Arabia Updates Arbitration Law to Resolve More Commercial Disputes|
Sally Fitch LLP;
February 18, 2015Like the companies they serve, international arbitration venues are also subject to the pressures of competition. Various arbitration locations and policies have their advantages, and arbitration laws can make a big difference in parties' decisions about where they want commercial disputes to be...
|Bank Capital Requirements: Federal Reserve Board Proposes Rule Establishing Common Equity Surcharge on U.S. Global Systemically Important Banks|
Whitney A. Chatterjee, H. Rodgin Cohen, Elizabeth T. Davy, Mitchell S. Eitel, Michael T. Escue; Sullivan & Cromwell LLP;
February 18, 2015, previously published on December 14, 2014On December 9, the Board of Governors of the Federal Reserve System (the “FRB”) issued a Notice of Proposed Rulemaking (the “Proposed Rule”) to establish risk-based capital surcharges for systemically important U.S. bank holding companies (“BHCs”).
|Federal Tenant Protection Act Scheduled to Expire|
Weltman Weinberg Reis Co. L.P.A.;
February 18, 2015, previously published on December 29, 2014In 2009, President Obama signed into law the federal Protecting Tenants at Foreclosure Act (PTFA), granting tenants, under certain circumstances, the right to live out their lease or at least 90 days' notice before having to vacate a property sold at foreclosure sale. PTFA came at the height of the...
|Italy and Switzerland Sign Landmark Exchange of Information Agreement|
Giulia Cipollini, Filippo Noseda; Withers Bergman LLP;
February 18, 2015, previously published on February 9, 2015After three years of intense negotiations, on the 15th January 2015 representatives of the Italian and Swiss Governments signed an agreement which spells the end of banking secrecy.
|IBERIABANK v. Beneva|
Scott Jonathan Kennelly, Janet C. (Jacy) Owens; Rogers Towers, P.A.;
February 18, 2015, previously published on January 15, 2015When an institution acquires a failed bank from the FDIC as Receiver and then faces litigation arising from the failed bank’s loans, FDIC “special powers” can often be asserted by the institution, as assignee of the FDIC as Receiver, to bar certain claims or defenses brought by...
|Bank Leumi Agreement with Department of Justice Results in Disclosure of Identities of 1,500 U.S. Account Holders|
Jon Grouf, James J. Holman, Hope P. Krebs, Anthony D. Martin, Megan R. Worrell; Duane Morris LLP;
February 17, 2015, previously published on January 12, 2015These developments raise many significant issues for U.S. persons with undisclosed accounts at Bank Leumi with respect to potential criminal prosecution, civil examinations and the availability of the Offshore Voluntary Disclosure Program and the Streamlined Programs for residents and nonresidents.