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The Value of Counsel in Class Action Lawsuit Defense

From the banking industry to insurance, consumer sales to data protection, class action lawsuits put millions or even billions of dollars at stake. News coverage of a string of recent scandals and resulting litigation have brought increased attention to the vulnerability of the banking and financial industry to class actions. In fighting these cases, it…

Seventh Circuit Holds That Adverse Domination Doctrine Does Not Toll Statute of Limitations On Claims Against Debtor’s Principals When A Creditors’ Committee Is Appointed

When a corporation files a case under Chapter 7 of the United States Bankruptcy Code, a “bankruptcy estate,” consisting of all of the corporation’s assets as of the petition date, including causes of action against the corporation’s officer and directors, is created and a trustee is appointed to administer the estate.  The trustee’s powers include…

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Sibert v. Wells Fargo Bank, N.A.: Timing Is Everything Under the Servicemembers Civil Relief Act

As the old saying goes, “Timing is everything.”  Borrower Richard Sibert certainly found that out in the United States Court of Appeals for the Fourth Circuit’s July 17, 2017 opinion in Sibert v. Wells Fargo Bank, N.A. In May of 2008, while Mr. Sibert was serving in the United States Navy, he and his wife…

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Due Diligence Considerations in Accounts Receivable Asset Based Lending

Asset-based lending (ABL) has gained favor in recent years, increasing the opportunity for small or new businesses looking for financing while also raising the level of complexity of the arrangements. Secured by intangible collateral, accounts receivable-based lending raises potential issues that deserve a closer look. Benefits of accounts receivable lending ABL based on accounts receivable…

Quicken Loans, Inc. v. Walters: A Case of Unambiguous Ambiguity

In the case of Quicken Loans, Inc. v. Walters, all five justices of the Supreme Court of Appeals of West Virginia agreed that West Virginia’s “illegal loan” statute was unambiguous.  While one might think that agreement on that point would be followed by a unanimous ruling in favor of one of the parties to the…

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Buyer Beware: The Thorny Problem of Belongings Left Behind On Property Purchased At Foreclosure Sale

For a number of reasons, real property usually sells for less at foreclosure than it would in an arms-length negotiated sale.  A June 29, 2017 decision by the Maryland Court of Special Appeals provides an example of the kinds of unknown risks foreclosure sale purchasers, including lenders, may face that dictate that they not pay…

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Mortgage Lender Wins the Battle But Loses the War in the Third Circuit

In a June 6, 2017 opinion, the United States Court of Appeals for the Third Circuit agreed with mortgage lender, AmeriChoice Federal Credit Union, that bankruptcy courts have the authority to impose limits on future bankruptcy filings by Chapter 13 debtors who move to dismiss their cases voluntarily.  Unfortunately for AmeriChoice, the Third Circuit’s decision…

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Purchasers of Distressed Consumer Debt Must Obtain Collection Agency Licenses to Foreclose In Maryland

The Maryland Collection Agency Licensing Act, codified in the Business Regulations Article of the Annotated Code of Maryland, requires any person who “does business as a collection agency in the State” to obtain a license from the Maryland Collection Agency Licensing Board.  Maryland’s second highest court, the Court of Special Appeals, held in 2013 that…

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Changes in Maryland Quiet Title Procedure Strengthen Judgments

Until 2016, quiet title actions in Maryland had proceeded based on common law and the results were confusing, inconsistent, and unreliable. The Maryland Land Title Association, along with other industry organizations such as the Maryland Bankers Association and the Maryland Association of Realtors, recognized the haphazard process that resulted and successfully lobbied the state to…

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