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Banks & Banking – Promissory Note – Personal Guaranty – Deed of Trust – Settlement Agreement – Equal Credit Opportunity Act – Nondisclosure – Duress – Consideration (access required)

Rabun Cnty. Bank v. Highlands Land Holding Grp., LLC (Lawyers Weekly No. 14-16-0267, 11 pp.) (Ann Marie Calabria, J.) Appealed from Jackson County Superior Court (J. Thomas Davis, J.) N.C. App. Unpub. Holding: An individual defendant’s execution of a guaranty ...

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Banks & Banking – FDCPA – Real Property – Mortgages – Foreclosure Proceedings (access required)

Kasaua v. Bank of America, N.A. As a mortgage servicer, defendant is not a debt collector and is exempt from liability under the Fair Debt Collection Practices Act. In addition, plaintiffs’ allegations concerning “trial plan payments” for a supposed mortgage modification relate to conduct occurring in November 2009

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Banks & Banking – Fraudulent Transfer Claim – Gift Recipient – Indemnity – ECOA Defense – Unjust Enrichment (access required)

Wells Fargo, N.A. v. Triplett The plaintiff-bank alleges that, while Peggy Triplett and her husband owed the bank between two and four million dollars, Mrs. Triplett fraudulently transferred $8 million to the Peggy Ann Triplett Foundation. With respect to the bank’s fraudulent transfer claim, the Foundation is not entitled to indemnity or contribution from Mrs. Triplett’s estate or her trust.

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Banks & Banking – Contract – Promissory Note – ECOA – Wife’s Guaranty – First Impression – Affirmative Defense (access required)

RL Regi North Carolina, LLC v. Lighthouse Cove, LLC When a bank violates the federal Equal Credit Opportunity Act by requiring a spouse to guaranty a secured loan, the spouse can raise the ECOA violation as an affirmative defense if the bank sues to enforce the guaranty. We affirm judgment for the defendant-wife.

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Banks & Banking – Tort/Negligence – Business Judgment Rule – Ordinary Negligence – Civil Practice – Motion to Strike – Affirmative Defense – Failure to Mitigate Damages (access required)

Federal Deposit Insurance Corp. v. Willetts This court previously denied defendants’ motion to dismiss based on its determination that, should defendants’ actions be determined to fall beyond the scope of the business judgment rule, they will be judged against an ordinary prudent person standard. The court stands by its ruling.

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Banks & Banking – FIRREA – Exhaustion of Administrative Remedies – First Impression — FDIC Receivership – Purchase – Tort/Negligence — Real Property – Breach of Contract (access required)

Front Street Construction, LLC v. Colonial Bank, N.A. The Federal Deposit Insurance Corp. (FDIC), as receiver for failed bank Colonial Bank, N.A., entered into a purchase and assumption agreement (PAA) with Branch Banking and Trust Co. Some of plaintiffs’ claims against BB&T arose from acts or omissions by Colonial and were not addressed in the PAA. As to those claims, plaintiffs must exhaust their administrative remedies under the Financial Institutional Reform, Recovery and Enforcement Act (FIRREA) before they can seek judicial remedies.

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Banks & Banking – FIRREA – Exhaustion of Administrative Remedies – First Impression — FDIC Receivership – Purchase – Tort/Negligence — Real Property – Breach of Contract (access required)

Front Street Construction, LLC v. Colonial Bank, N.A. The Federal Deposit Insurance Corp. (FDIC), as receiver for failed bank Colonial Bank, N.A., entered into a purchase and assumption agreement (PAA) with Branch Banking and Trust Co. Some of plaintiffs’ claims against BB&T arose from acts or omissions by Colonial and were not addressed in the PAA. As to those claims, plaintiffs must exhaust their administrative remedies under the Financial Institutional Reform, Recovery and Enforcement Act (FIRREA) before they can seek judicial remedies.

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