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|Guarantors Can Use Anti-Deficiency Statute in North Carolina|
Rayford K. (Trip) Adams; Spilman Thomas & Battle, PLLC;
October 22, 2015, previously published on October 13, 2015The North Carolina Supreme Court recently handed down the final word in a dispute over whether guarantors get the benefit of the state’s anti-deficiency statute after the lender bids on and buys the real property at a foreclosure sale. And that word is that the guarantors can use the...
|Class Action by Banks Against Target Certified|
Kevin L. LaRoche; Borden Ladner Gervais LLP;
October 9, 2015, previously published on September 20, 2015On September 15, 2015, Justice Paul A. Magnuson of the United States District Court, District of Minnesota granted class certification to banks that issued payment cards in the payment card data breach that was publicly disclosed by Target on December 19, 2013.
|White House Announces Another Round of Sweeping Regulatory Adjustments to Cuban Sanctions|
Charles P. Adams, Ira Gonzalez; Adams and Reese LLP;
October 9, 2015, previously published on September 28, 2015Although Congress has remained cautious of taking any action to ease the American-imposed embargo on the majority of business interactions with Cuba, President Obama’s administration continues to push forward with the implementation of additional revisions to ease sanctions and potentially...
|Deficiency Judgment Cases In North Carolina Just Got A Lot More Complex|
Jay DeVaney, Brian T. Pearce; Nexsen Pruet, LLC;
October 7, 2015, previously published on September 25, 2015A question that continually arose during the foreclosure deficiency actions that were spurred by the recent “Great Recession,” was whether or not a guarantor on a loan could raise the “defense” offered in N.C. Gen. Stat. § 45-21.36. The statute, thought to apply by its...
|Same As It Ever Was, Same As It Ever Was...1*|
Stephen C. Stapleton; Cowles & Thompson
A Professional Corporation;
September 18, 2015, previously published on September 15, 2015In May 2015, I wrote an article in this newsletter about the fallout attendant to a mistake associated with a term loan entered into between GM and JP Morgan in 2008 which, among other things, provided for the filing of UCC terminations statements as to certain previous loans. See...
|Who is Liable for Chip-Based Credit Card Fraud?|
Cameron G. Shilling; McLane Middleton, Professional Association;
September 17, 2015, previously published on September 2015Credit card companies - not retailers or consumers - have historically absorbed the liability for fraudulent credit card transactions. That will change on October 1, 2015. If your business does not use EMV equipped card readers to process credit cards that utilize the new chip technology, then your...
|Lender Held to Hold Unperfected Lien on Payment Right Under Borrower's Business Interruption Insurance Policy|
Lawrence D. Coppel; Gordon Feinblatt LLC;
September 14, 2015, previously published on September 2015In Wheeling & Lake Erie Railway Co. v. Keach (In re Montreal, Maine & Atlantic Railway, Ltd), --F3d--, 2015 WL 4934212 (1st Cir. August 19, 2015), a case of first impression at the appellate level, the US Court of Appeals for the First Circuit, applying Maine law, held that a lender’s...
|Attention Banks and Thrifts: Use Caution Retaining Vendors To Investigate Matters Requiring Attention|
Molly Z. Brown; McDonald Hopkins LLC;
September 14, 2015, previously published on September 11, 2015At least every 12-18 months, federal and state banking regulators conduct an examination of the financial institutions under their jurisdiction to ensure that they are operating in a safe and sound manner and providing fair access to credit. If an examination reveals that practices deviate from...
|Proposed Rule Filed Applying "Gifts" Rule to Municipal Advisors|
J. Andrew Gipson; Jones Walker LLP;
September 11, 2015, previously published on September 10, 2015On September 2, the Municipal Securities Rulemaking Board ("MSRB") filed a proposed rule change with the Securities and Exchange Commission that would apply to municipal advisors limitations on business-related gift giving currently applicable to other municipal securities professionals...
|Proposed US Tax Legislation Aims to Curb Hedge Fund Reinsurance|
Paul J. Ahn, Michael Greenberg, David D. Luce, Gerald Rokoff; DLA Piper (Canada) LLP;
September 10, 2015, previously published on July 1, 2015Senator Ron Wyden (D-OR) has released legislation, the Offshore Reinsurance Tax Fairness Act (ORTFA), which aims to close what he perceives to be a loophole used to exploit an exception to the passive foreign investment company or PFIC tax rules.