Federal Deposit Insurance Corp. v. Willetts (Lawyers Weekly No. 14-02-0912, 13 pp.) (Terrence Boyle, J.) 7:11-cv-000165; E.D.N.C. Holding: In this case there is no evidence that the defendant-bank officers and directors engaged in self-dealing or other unconscionable conduct; furthermore, plaintiff ...Read More »
Banks And Banking
Banks & Banking – Promissory Notes – Guarantors – ECOA – Statute of Limitations – Tort/Negligence – Fraud
PNC Bank, N.A. v. Welsh Realty, LLC (Lawyers Weekly No. 14-02-0878, 6 pp.) (Terrence Boyle, J.) 5:13-cv-00203; E.D.N.C. Holding: Where the loans at issue were made in 2006 and 2008, the defendant-guarantors’ counterclaims under the Equal Credit Opportunity Act are ...Read More »
Banks & Banking – Promissory Note – Personal Guaranty – Deed of Trust – Settlement Agreement – Equal Credit Opportunity Act – Nondisclosure – Duress – Consideration
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 ...Read More »
Falchook v. BAC Home Loans Servicing, L.P. (Lawyers Weekly No. 14-02-0258, 10 pp.) (James Fox, Sr.J.) 5:13-cv-00170; E.D.N.C. Holding: Where plaintiffs failed to allege any damages flowing from defendants’ purported failure to notify plaintiffs of the change in the entity ...
Tagged with: Real Estate Settlement Procedures ActRead More »
Bank of America, N.A. v. Old Republic Insurance Co. (Lawyers Weekly No. 14-04-0228, 10 pp.) (Graham Mullen, J.) 3:10-cv-00553; W.D.N.C. Holding: Where defendant insured the plaintiff-bank against borrower default on home equity loans, defendant may not introduce extrinsic evidence of ...
Tagged with: home equity loansRead More »
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
Tagged with: jurisdictionRead More »
Banks & Banking – Fraudulent Transfer Claim – Gift Recipient – Indemnity – ECOA Defense – Unjust Enrichment
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.
Tagged with: Fraudulent TransferRead More »
Banks & Banking – Contract – Promissory Note – ECOA – Wife’s Guaranty – First Impression – Affirmative Defense
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.
Tagged with: ECOARead More »
Banks & Banking – Investment Contract – Tort/Negligence – Breach of Fiduciary Duty Claim – Lehman Note
North Carolina Department of State Treasurer v. Bank of New York Mellon Whether a note with a term of two years and two days was a “two-year note” within the meaning of the parties’ contract is a factual issue not appropriately resolved on a motion for judgment on the pleadings.
Tagged with: mortgageRead More »
Banks & Banking – Tort/Negligence – Business Judgment Rule – Ordinary Negligence – Civil Practice – Motion to Strike – Affirmative Defense – Failure to Mitigate Damages
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.Read More »