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Banks & Banking – Mortgages – Real Property – Toal Administrative Order – HAMP – Tort/Negligence (access required)

Weber v. Bank of America, N.A If plaintiffs base their claim – that defendant did not properly process plaintiffs’ requests for a loan modification – on Chief Justice Toal’s Administrative Order 2011-05-02-01, they should have made their petition in the court adjudicating their foreclosure action

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Banks & Banking – Real Property – Mortgages – Verification of Deposit – Tort/Negligence – Duty (access required)

Midland Mortgage Corp. v. Wells Fargo Bank, N.A. Even though the defendant-bank provided a false verification of deposit (VOD) when the plaintiff-lender requested the VOD in the context of a mortgage closing, plaintiff has not shown that defendant owed it a duty of care under the banking circumstances of this case.

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Banks & Banking – Mortgages – Real Property – Pay-Off – Failure to Cancel — Attorneys (access required)

Regions Bank v. Strawn The defendant-attorney presented evidence that, as part of a real property closing, his employee hand-delivered to the plaintiff-bank a pay-off check and a letter requesting that the bank’s mortgage on the property be marked satisfied.

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Banks & Banking – Constitutional – TARP & EEPA – Real Property – Foreclosure (access required)

First Citizens Bank & Trust Co. v. Spirakis The third-party plaintiff seeks actual and punitive damages against third-party defendants the U.S. Treasury Department and the Board of Governors of the Federal Reserve System for their actions involving the distribution of TARP funds, but nowhere in the Emergency Economic Stabilization Act of 2008 (EESA) or the Administrative Procedure Act is there a provision permitting money damages for alleged injury caused by actions taken pursuant to the EESA.

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Banks & Banking – Constitutional – TARP & EEPA – Real Property – Foreclosure (access required)

CitiMortgage, Inc. v. Kokolis The third-party plaintiff seeks actual and punitive damages against third-party defendants the U.S. Treasury Department and the Board of Governors of the Federal Reserve System, but nowhere in the Emergency Economic Stabilization Act of 2008 (EESA) or the Administrative Procedure Act is there a provision permitting money damages for alleged injury caused by actions taken pursuant to the EESA.

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Banks & Banking – Real Property – Mortgages – Pay-Off – Failure to Mark Satisfied – Tort/Negligence (access required)

Bryan v. Community Resource Mortgage, Inc. There is no question that the plaintiff-debtor paid his debt and that the defendant-bank failed to mark his mortgage satisfied within three months (it waited nine years). Where plaintiff has identified a specific bank employee, who he contends specifically represented that the July 31, 2002 mortgage would be satisfied by a subsequent loan the bank made on Aug. 2, 2002, and where this contention, including the existence of the employee, is supported by the loan closing documents, there is a genuine issue of material fact as to whether plaintiff has made out a claim under S.C. Code Ann. § 29-3-320.

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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.

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Banks & Banking – Contract – Loan — Letter of Credit – Default – Civil Practice – Preliminary Injunction (access required)

Hook Point, LLC v. Branch Banking & Trust Co. Where the plaintiff-borrower had defaulted in several ways on its promissory note to the defendant-bank, the bank was entitled to draw on the borrower’s “last resort” letter of credit. We reverse the trial court’s grant of a preliminary injunction, which barred the bank from drawing on the letter of credit.

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