Quantcast
Home (page 2)

Tag Archives: Banks & Banking

Banks & Banking – Tort/Negligence – FIRREA – Corporate – Officer & Director Liability – Gross Negligence – Business Judgment Rule (access required)

Federal Deposit Insurance Corp. v. Willetts Plaintiff alleges that the defendant-officers and directors of Cooperative Bank permitted a lax loan approval process, that state and federal regulators repeatedly warned defendants about risks associated with a high concentration in speculative loans, and that defendants continued to focus on real estate lending after 2007 when they should have known that the real estate market was slowing. Plaintiff has sufficiently alleged gross negligence; furthermore, it is too early in this action to determine whether the business judgment rule will protect defendants from claims of ordinary negligence.

Read More »

Banks & Banking – Consumer Protection – Retail Installment Contract – Repossession – Notice – No Preemption (access required)

Epps v. JP Morgan Chase Bank NA Federal regulations under the National Banking Act do not preempt a Maryland statute that governs repossession of personal property; Maryland has the right to regulate the notices lenders sent to borrowers before they repossess goods bought on a retail installment contract, and the 4th Circuit vacates dismissal of plaintiff car buyer’s putative class action.

Read More »

Tort/Negligence – Breach of Fiduciary Duty Claim – Power of Attorney – Dying Aunt – Banks & Banking – Joint Account with Right of Survivorship (access required)

Albert v. Cowart Acting at the direction of his dying aunt and pursuant to her power of attorney, a nephew transferred approximately $450,000 into a joint account with right of survivorship that he shared with his aunt. Since the aunt was still alive at the time of the transfers, the transfers did not constitute gifts to the nephew.

Read More »

Contract – Negotiable Instruments – Promissory Note – Banks & Banking – Merger – No Judicial Notice (access required)

TD Bank, N.A. v. Mirabella Where defendant’s promissory note promises to pay Carolina First Bank or Carolina First Bank’s order, and where the only evidence that plaintiff is entitled to collect on the note is in several merger documents which were only provided in the appendix of plaintiff’s appellate brief, there is a genuine issue of material fact as to whether plaintiff is entitled to collect on defendant’s note.

Read More »

Tort/Negligence – Banks & Banking – Real Property – Mortgages – Note & Guaranty — Breach of Fiduciary Duty Claim (access required)

Wells Fargo Bank, N.A. v. VanDorn The plaintiff bank seeks to collect on a note and guaranties executed by defendants. In their counterclaim, defendants allege nothing more than an ordinary — albeit longstanding — lender-borrower relationship; defendants have failed to allege a fiduciary relationship with the bank.

Read More »

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

Orban v. Wilkie After merging with a South Carolina bank, defendant TD Bank, N.A. became the owner of plaintiffs’ note and deed of trust by operation of South Carolina law; furthermore, TD Bank was not required to obtain a certificate of authority from the N.C. Secretary of State prior to conducting a foreclosure in North Carolina. We affirm the trial court’s denial of plaintiffs’ motion to enjoin the foreclosure sale.

Read More »

Contract – Promissory Note — Banks & Banking – Real Property – Laches — Environmental Degradation – Principal Payments (access required)

Carolina First Bank v. Stambaugh Even though the plaintiff-bank instituted foreclosure proceedings on defendants’ property, it remained defendants’ responsibility to provide erosion control on the property. No delay by the bank injured defendants; therefore, the equitable doctrine of laches is inapplicable. The bank’s motion for summary judgment is granted.

Read More »

Real Property – Mortgages – Banks & Banking – Foreclosure – Note Holder – RESPA — Unfair Trade Practices Claim (access required)

Crispin v. BAC Home Loans Servicing, LP The complaint alleges that, in response to plaintiff’s qualified written request, defendant Bank of America (BofA) identified Natalie Mendez as someone who could help him, but Ms. Mendez told plaintiff she had neither the information nor the authority to help him. If plaintiff’s allegation is true and BofA responded to the qualified written request insufficiently, plaintiff has stated a claim under the Real Estate Settlement Procedures Act. Defendants’ motion to dismiss is denied.

Read More »

Real Property – Mortgages – Banks & Banking — Consumer Protection – TILA – Wrong Form (access required)

Watkins v. SunTrust Mtge. Inc. A lender did not violate the Truth in Lending Act when it used a form similar to “Model Form H-8” instead of “Model Form H-9” to notify a borrower refinancing a home mortgage of his right to rescind the transaction, and the 4th Circuit upholds the district court’s dismissal of the defaulting borrower’s TILA claim.

Read More »

Real Property – Mortgages – Foreclosure – Note Holder – Banks & Banking – Merger – Default – Receivership (access required)

In re Foreclosure of Deed of Trust of Carver Pond I Ltd. Partnership When the holder of respondent’s note merged with Bank of America, Bank of America became the holder of respondent’s note. Furthermore, a receiver is not an agent of either party; therefore, the receiver’s failure to pay the mortgage is not attributable to Bank of America.

Read More »