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Documents on Banking Law, Banking & Financial Services
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|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...
|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...
|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...
|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.
|Overview of the Landscape for Evaluating Creditors' Breach of Fiduciary Duty Claims in Delaware|
Mintz Levin Cohn Ferris Glovsky Popeo P.C.;
September 2, 2015, previously published on August 31, 2015In our prior post, we discussed the standard a creditor must meet to sue an insolvent corporation for breach of fiduciary duties, as laid out in the Quadrant Structured Products Co., Ltd. v. Vertin decision. Another notable takeaway from the Quadrant decision was the Court’s overview of the...
|Mixed Result on FDIC Appeal Of Failed-Bank D&O Claims|
George A. LeMaistre; Jones Walker LLP;
August 27, 2015, previously published on August 27, 2015A federal appellate court last week delivered a mixed result to the FDIC in deciding the agency's appeal of trial-court judgments that had been entered in favor of defendant directors and officers of a failed North Carolina bank.
|Italian Bankruptcy Law Reform Emphasizes Flexibility for Borrowers, Active Role for Creditors|
Francesco Squerzoni; Jones Day;
August 26, 2015, previously published on August 2015During the last few years, the section of Royal Decree No. 267 of March 16, 1942 (the "Italian Bankruptcy Law") dedicated to pre-insolvency proceedings has been reformed extensively by the Italian legislature. The purpose of the reform is to provide distressed Italian entities with a more...
|Good News for Secured Creditors and Commercial Lessors in Chapter 13 Cases|
Jason W. Johnson; Lowndes, Drosdick, Doster, Kantor & Reed Professional Association;
August 26, 2015, previously published on August 25, 2015A new administrative order was entered by Chief Judge Jennemann in the Middle District of Florida on August 10. The Middle District of Florida stretches from Jacksonville on the east coast, through Central Florida and down the west coast through Fort Myers. The new procedures affect all Chapter 13...
Second Circuit Denies Midland’s Request For Rehearing On Its Decision That
Upended Longstanding Principles of Lending Law|
Nathan Bull, Scott A. Cammarn; Cadwalader, Wickersham & Taft LLP;
August 26, 2015, previously published on August 26, 2015On August 12, 2015, the United States Court of Appeals for the Second Circuit denied Midland Funding, LLC and Midland Credit Management (collectively, “Midland”)’s petition for panel rehearing, or, in the alternative, rehearing en banc, of the Second Circuit’s recent...