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|West Virginia Modifies As-Extracted Collateral Filing Requirements|
Julia A. Chincheck, Sandra M. Murphy; Bowles Rice LLP;
October 22, 2014A new law passed by the West Virginia legislature and signed by the governor on April 1, 2014, clarifies that a secured party's lien on as-extracted collateral will last as long as a deed of trust, filed as a financing statement covering as-extracted collateral, remains enforceable. The new law,...
|Views from the Footprint - Banking, Collateral, Default and Foreclosure Question|
Angela D. Herdman, Nathaniel C. Hunter, Travis A. Knobbe, Victoria D. Summerfield; Spilman Thomas & Battle, PLLC;
October 22, 2014, previously published on October 7, 2014In this issue of Community Banking Excellence, we pose a question to Spilman’s banking law professionals throughout the firm’s geographical footprint, focusing on Virginia, Pennsylvania, North Carolina and West Virginia. The answers vary based on individual state laws.
|Derivatives Sound Practices - Draft Guideline Released for Federally - Regulated Financial Institutions in Canada|
Carol E. Derk, Sienne Lam; Borden Ladner Gervais LLP;
October 21, 2014, previously published on October 9, 2014On October 1, 2014, the Office of the Superintendent of Financial Institutions (OSFI) released draft Guideline B-7 Derivatives Sound Practices (Guideline). The Guideline applies to federally-regulated financial institutions (FRFIs). OSFI first set out its expectations for FRFIs regarding their...
|Louisiana Licensure Requirements|
Craig N. Landrum; Jones Walker LLP;
October 17, 2014, previously published on October 9, 2014Effective January 1, 2015, all out-of-state consumer loan lenders (including on-line lenders) who originate and/or purchase Louisiana consumer loans will be required to obtain a Licensed Lender license from the Office of Financial Institutions of the State of Louisiana.
|Recent CFPB Auto Finance Fair Lending Guidance|
Christopher R. Rahl; Gordon Feinblatt LLC;
October 17, 2014, previously published on October 7, 2014The CFPB recently released their Summer 2014 issue of “Supervisory Highlights.” The publication addresses the CFPB’s fair lending supervisory activity in connection with indirect auto financing. It also provides insight into the CFPB’s views concerning acceptable methods for...
|Repeal of the Interest-Withholding Tax on Certain Cross-Border Loans|
October 16, 2014, previously published on October 2014As a rule, if a nonresident lender grants a loan to an Italian resident borrower, the interest paid on the loan is subject to a 26 percent withholding tax in Italy unless the lender is eligible for the exemption under the Italian laws that implemented the EU Interest and Royalties Directive. The...
|Uniform Voidable Transactions Act Approved by Uniform Law Commission to Replace UFTA|
Mark G. Douglas; Jones Day;
October 16, 2014, previously published on September/October 2014On July 16, 2014, the Uniform Law Commission (the "Commission") approved a series of amendments to the Uniform Fraudulent Transfer Act (the "UFTA"), which is currently in force in 43 states (all states except Alaska, Kentucky, Louisiana, Maryland, New York, South Carolina, and...
|U.S. Causes of Action and Attorney Retainer Fund Sufficient Assets for Chapter 15 Recognition|
Mark G. Douglas, Pedro A. Jiménez; Jones Day;
October 16, 2014, previously published on September/October 2014In December 2013, the U.S. Court of Appeals for the Second Circuit held as a matter of first impression in Drawbridge Special Opportunities Fund LP v. Barnet (In re Barnet), 737 F.3d 238 (2d Cir. 2013), that section 109(a) of the Bankruptcy Code, which requires a debtor "under this title"...
|Proposed Bankruptcy Rule and Official Form Changes|
Mark G. Douglas; Jones Day;
October 16, 2014, previously published on September/October 2014The Judicial Conference Advisory Committees on Appellate, Bankruptcy, Civil, and Criminal Rules have proposed amendments to their respective rules and forms and have requested that the proposals be circulated to the bench, bar, and public for comment. The public comment period closes on Tuesday,...
|Questioning the Executoriness of Trademark Licenses in Integrated Agreements|
Mark G. Douglas, Laura L. Swanson; Jones Day;
October 16, 2014, previously published on September/October 2014Protections added to the Bankruptcy Code in 1988 that give some intellectual property (“IP”) licensees the right to continued use of licensed property notwithstanding rejection of the underlying license agreement do not expressly apply to trademark licenses. As a consequence, a...