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Banks & Banking — Fair Credit Reporting Act – Fannie Mae – Note & Mortgage Owner
Bracken v. Fannie Mae Consumer Resource Center Inc. (Lawyers Weekly No. 002-220-14, 18 pp.) (Timothy Cain, J.) 6:13-cv-01983; D.S.C. Holding: As the owner of plaintiff’s promissory note and mortgage, Fannie Mae was entitled to obtain and review plaintiff’s credit reports. Defendant is entitled to summary judgment on plaintiff’s claim that defendant violated the Fair Credit […]
Tort/Negligence — Loan Servicers – No Duty – Contract – Release – Invasion of Privacy
Land v. Green Tree Servicing, LLC (Lawyers Weekly No. 002-222-14, 12 pp.) (Timothy Cain, J.) 8:14-cv-01165; D.S.C. Holding: South Carolina law did not impose a duty on defendants to act as reasonable and prudent loan servicing companies and agents; plaintiffs’ allegations relate to defendants’ duties, if any, arising out of contract. Plaintiffs have failed to […]
Banks & Banking – Debit Posting Order – Overdraft Fees – Constitutional – Supremacy Clause – State Law Claims – Tort/Negligence
King v. Carolina First Bank (Lawyers Weekly No. 002-123-14, 13 pp.) (Timothy Cain, J.) 6:13-cv-02264; D.S.C. Holding: In state-law claims, plaintiffs challenge the defendant-bank’s practice of posting daily debits from highest in value to lowest, thereby increasing plaintiffs’ overdraft fees. Since plaintiffs’ claims only incidentally affect the bank’s deposit-taking powers under federal l[...]
Banks & Banking – Real Property – Foreclosure – Oral Promises – FDIC – D’Oench, Duhme Doctrine
Federal Deposit Insurance Corp. v. Campbell (Lawyers Weekly No. 002-017-14, 7 pp.) (David C. Norton, J.) 2:13-cv-00743; D.S.C. Holding: Plaintiffs’ counterclaims – originally asserted against a now-failed bank – are based on oral promises made by bank employees. Now that the FDIC has been substituted for the bank, the counterclaims are barred by the doctrine […]
Banks & Banking – Mortgages – Real Property – Toal Administrative Order – HAMP – Tort/Negligence
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
Banks & Banking – Real Property – Mortgages – Verification of Deposit – Tort/Negligence – Duty
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.
Banks & Banking – Mortgages – Real Property – Pay-Off – Failure to Cancel — Attorneys
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.
Banks & Banking – Constitutional – TARP & EEPA – Real Property – Foreclosure
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 [...]
Banks & Banking – Constitutional – TARP & EEPA – Real Property – Foreclosure
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 a[...]
Banks & Banking – Real Property – Mortgages – Pay-Off – Failure to Mark Satisfied – Tort/Negligence
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 ban[...]
Banks & Banking – Consumer Protection — Retail Installment Contract – Repossession – Notice – No Preemption
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 acti[...]
Banks & Banking – Contract – Loan — Letter of Credit – Default – Civil Practice – Preliminary Injunction
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.
Business Law
- Economy forces attorneys to get down to business
- Business Court judges trawl for customers
- Va. company's Web site did not subject business to personal jurisdiction in S.C., appeals panel rules
- Former running back from S.C. wins courtroom victory in contract dispute
- Contract – Government Contract – Qui Tam – False Claims Act
- Licenses & Permits – Beer & Wine Permit – Restrictive Covenant – Suitable Location
- Consumer Protection – FCRA – Auto Loan – Bank Accounting Errors
- Licenses & Permits – Veterinarian – Vaccine Maintenance
- Tort – Business Tort – Va. Computer Crimes Act – Trade Secrets
- Textile firm, railroad settle Graniteville train wreck lawsuit
- State regulators look at car dealer accused of lying to customers
- Subprime mortgage meltdown hits securities law
Commentary
- Virginia Tech student got due process in hearing
- High court justices cross the line of propriety
- High court’s term was rough on big business
- The flip side of generative AI in law and how to address it
- The fight for equal educational opportunity continues
- Letter From The Editor – Working from Home
- NLRB joins FTC in taking aim at non-competes
- Supreme Court leaves key internet protection untouched
- US Supreme Court bites back at parody’s use of the First Amendment
- My goal: Provide the information that you need now
- Case study: North Carolina courts provide guidance on scope, limitations of attorney-client privilege
- A Different Ode to Pro Bono Work
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