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Secured Creditor – Collateral – ‘Inconsequential Value’
Holding: Although the secured creditor’s claim is for $3,256,020.67 while the collateral is valued at only $432,575, since the value of the creditor’s lien is approximately 13 percent of the value of its total claim, the court cannot say that the collateral is “of inconsequential value” within the meaning of 11 U.S.C. § 1111(b)(1)(B)(i).
Lender sanctioned for repeated violations of automatic stay
A lender that repeatedly entered a couple's property despite the fact that an automatic stay had been imposed during bankruptcy proceedings has been sanctioned for the violation. The sanction came in In re Sands, a matter in the U.S. Bankruptcy Court for the Middle District of North Carolina. HSBC bank was ordered to pay the Sands' $1,200 in attorney's fees incurred when Winston-Salem attorney Kri[...]
Class action challenges LPS’ grip on foreclosures
Ever heard of LPS? Many attorneys haven't. But LPS - Lender Processing Services, Inc. - and like business entities exercise more day-to-day control over the conduct of bankruptcy, default and foreclosure cases in North Carolina and beyond than actual "clients." At least that is what several recent lawsuits allege. Shelby-based bankruptcy and foreclosure defense attorney O. Max Gardner III (picture[...]
Mediated settlement reached in Indian Beach condo dispute
The plaintiff was serving as general contractor on a 70-unit condominium project located at Indian Beach (“the project”) in a contract with Shearin Family Investments, LLC (“Shearin”). The defendant was the construction lender for the project. Beginning in 2007, the plaintiff provided construction services for the project. Shearin was chronically behind on payment, and, the[...]
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Commentary
- Amotion sees resurgence after almost a decade
- The flip side of generative AI in law and how to address it
- The fight for equal educational opportunity continues
- Court’s term was rough on big business
- Ex-president, bar association have made their choice
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- Lawyers Weekly debuts new and improved web experience
- US Supreme Court bites back at parody’s use of the First Amendment
- Supreme Court leaves key internet protection untouched
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- A Different Ode to Pro Bono Work
- A roadmap to attracting, developing, retaining great associates
