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Tag Archives: Banks & Banking

Real Property – Development Investment – Contract – Negotiable Instruments – Promissory Notes – Banks & Banking – Unfair Trade Practices Claim (access required)

In re Fifth Third Bank, N.A. Where the plaintiff-borrowers did not rely on any representation made by the defendant-bank when plaintiffs decided to invest in a planned development, and where plaintiffs failed to show that the bank had a duty to monitor the developers’ actions, plaintiffs did not make out a prima facie case of unfair trade practices against the bank. We affirm summary judgment for the bank on plaintiffs’ claims and on the bank’s counterclaim for breach of contract and costs.

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Real Property – Mortgages – Foreclosure – Banks & Banking – Promissory Note Indorsement – Stamp Without Signature (access required)

In re Foreclosure of Deed of Trust by Bass On a promissory note, an unsigned stamp which reads, “PAY TO THE ORDER OF EMAX FINANCIAL GROUP, LLC WITHOUT RECOURSE BY: MORTGAGE LENDERS NETWORK USA, INC.” is insufficient, by itself, to prove a transfer of the note from Mortgage Lenders to Emax. We affirm the trial court’s dismissal of these foreclosure proceedings.

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Civil Practice – Personal Jurisdiction – Banks & Banking – Real Property – Mortgages – Closing Attorneys (access required)

RBC Bank v. Hedesh Where the defendant South Carolina attorneys’ only connections to North Carolina are the location of the plaintiff-lender and the residence of two out of 15 real estate purchasers, North Carolina lacks personal jurisdiction over the South Carolina attorneys. This matter is transferred to the District of South Carolina.

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Banks & Banking – Unfair Trade Practices – Loan Discount Fee – No Discount – Closing Fees (access required)

Bumpers v. Community Bank of Northern Virginia When defendant charged plaintiffs for something it did not provide - a discount on the loan rate - defendant committed an unfair trade practice. We affirm summary judgment for plaintiffs on their unfair trade practices claim based on the loan discount fee. We reverse summary judgment for plaintiffs as to the issue of excessive closing fees. On remand, the trial court may consider the question of class certification.

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Contract – Banks & Banking – Business Loans – Tort/Negligence – Fraud – Civil Practice – Statute of Limitations – Tortious Interference (access required)

Stony Point Hardware & General Store, Inc. v. Peoples Bank Plaintiffs should have discovered the defendant-banks’ alleged fraud no later than the parties’ meeting on April 29, 2003. Even though plaintiff’s complaint relates back to their voluntarily dismissed counterclaims in an action filed by the bank on Aug. 30, 2006, plaintiffs’ counterclaims in that action were not filed until July 16, 2007. Therefore, plaintiffs’ fraud claim is barred by the statute of limitations. We affirm the trial court’s order granting the bank’s motion to dismiss.

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Civil Practice – Appeals – Contract – Banks & Banking – Promissory Note – Attorney’s Fees – S.C. Law (access required)

East Bay Co. v. Baxley Commercial Properties, LLC Even though a party need not formally object and except to a discovery ruling in order to preserve the issue for appeal, the record must show that the appealing party made his objection known to the trial court. Since the record does not show that defendant objected to the trial court’s order compelling discovery, and since defendant did not refer to the order in the notice of appeal, we lack jurisdiction to consider the order compelling discovery. We dismiss defendant’s appeal in part and affirm in part.

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Securities – Unfair Trade Practices – ‘In or Affecting Commerce’ – Banks & Banking (access required)

DeGorter v. Capitol Bancorp Ltd. Even though plaintiff contends that “the business of the parties was to buy, develop, and market banks and bank services” and the underlying transaction was the purchase and sale of a bank, since plaintiff’s unfair trade practices claim is based on allegations that defendants deceived him into buying securities, plaintiff’s claim is not based on activities “in or affecting commerce” within the meaning of the Unfair and Deceptive Trade Practices Act. Defendants’ motion to dismiss is granted.

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Tort/Negligence – Banks & Banking – Fiduciary Duty – Fraud – Unfair Trade Practices – Real Property – Appraisal (access required)

Allran v. Branch Banking & Trust Corp. (Lawyers Weekly No. 11-15-0698, 14 pp.) (Calvin E. Murphy, J.) N.C. Bus. Ct. Holding: The plaintiff-borrower alleges that the defendant-bank (1) failed to reveal that the land the borrower was buying was not worth the purchase price and (2) falsified closing documents; these allegations are not sufficient to show any fiduciary duty or fraud, but they are sufficient to state a claim of unfair and deceptive trade practices. The bank’s motion to dismiss is granted as to plaintiff’s claims of breach of fiduciary duty, constructive fraud, fraud, and fraud in the inducement. The motion to dismiss is denied as to plaintiff’s unfair trade practices claim.

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