By Jennifer Pastarnack, Johanna Colpritt and Ida Vanto | January 29, 2024
A recent development with credit agreements is that they contain new provisions that expressly preclude "distressed investors" from holding the loans. This article aims to alert readers of the contractual language changes in these agreements and the implications of those changes.
6 minute read
By Scott A. Weinberg and Joel C. Haims | January 17, 2024
Scott Weinberg and Joel Haims discuss New York's "Election of Remedies" statute, examining whether it really has a material impact in practice.
6 minute read
By Riley Brennan | January 16, 2024
"Given the language Congress used in the FCRA, state requirements and prohibitions should only be preempted when the matter is capable of classification as identity theft, and then only 'with respect to the conduct required' by the FCRA's identity theft reporting regulations," U.S. District Judge Lance E. Walker for the District of Maine wrote. "In other words, this is a case of partial preemption. When the federal identity theft regulations apply to an act of economic abuse, then the blocking of identity-theft-related reporting activity must proceed according to federal law. But insofar as a given debt is the product of more than mere identity theft, compliance with both federal and state law may be appropriate, depending on the circumstances."
6 minute read
By Howard W. Kingsley | January 16, 2024
Howard Kingsley, who represented Broom Lender in "Broome Lender LLC v. Empire Broome LLC," discusses the case and how the Appellate Division, First Department removed common obstacles and cleared the path for assignees of mortgage loans to foreclose easily and quickly. Kingsley offers that the case is a "major win for lenders and their assignees because there had not been a prior decision by a New York state court where it found that, although standing was not established through an allonge, standing was established on summary judgment by the assignment of the note."
8 minute read
By Zack Needles | January 9, 2024
The news and analysis you need to start your day.
4 minute read
By Charles Toutant | January 8, 2024
Richard Perr, chair of the Consumer Financial Services Practice Group at Kaufman Dolowich in Philadelphia, expects to see such suits become more common as the collection industry abandons phone calls and postal mail in favor of less costly methods of contacting debtors.
5 minute read
By Jim Francis | January 5, 2024
What happens when a consumer brings a claim under the FCRA against a furnisher that is a federal government agency, claiming the agency violated the statute? Is that agency protected from liability by the federal government's sovereign immunity?
7 minute read
By Brian Lee | January 2, 2024
In her State of the State message, Gov. Kathy Hochul urged lawmakers to empower the attorney general's office and financial regulators to crack down on abusive business practices.
5 minute read
By Barbara M. Goodstein and John M. Conlon | December 6, 2023
Judgment creditors frequently encounter difficulties enforcing their judgments against debtors, particularly those in distressed circumstances. A recent decision by the Court of Appeals of Ohio in 'Wulco v. The O'Gara Group & Monroe Capital Partners Fund' involved a battle between a judgment creditor and a UCC secured creditor, each seeking to obtain funds in a debtor's bank account. The court examined not only the relative rights of the creditors as to those funds, but also whether a court clerk to whom the funds were transferred (as part of garnishment proceedings) could be a "transferee" under Section 9-332 of the Uniform Commercial Code, thereby stripping away any prior security interest.
12 minute read
By Scott Mollen | December 5, 2023
Scott Mollen discusses "Bank of N.Y. Mellon v. DeMatteis," where the court held that the bankruptcy stay pursuant to Section 362(a)(1) (§362) "tolls the [statute of limitations] for commencing a mortgage foreclosure action against the defendant debtor, regardless of whether that defendant owns the property at the time of the bankruptcy filing," and "Knowles v. 21st Mtge. Corp.," a landlord-tenant case where the court held that the tenant's failure to pay bills did not constitute abandonment of property.
19 minute read
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