Press "Enter" to skip to content

Posts published in “Banking”

Arizona Supreme Court Holds Cause of Action on Credit Card Debt Accrues When Payment is Missed in Absence of Acceleration

In a case of first impression, the Arizona Supreme Court recently addressed the question of when the statute of limitations commences on credit card debt that is subject to an optional acceleration clause. A copy of the opinion in Mertola, LLC v. Santos is available at:  Link to…

6th Cir. Rejects Account Overdraft Claims

The U.S. Court of Appeals for the Sixth Circuit recently held that a consumer plaintiff’s breach of contract claim against a defendant bank failed where the bank processed the consumer’s transactions in accordance with the terms of the agreement with the consumer, even though the…

9th Cir. Holds No NBA Preemption for State Law on Escrow Accounts, TILA Escrow Account Rules Not Retroactive

The U.S. Court of Appeals for the Ninth Circuit recently held that the National Bank Act (NBA) did not preempt California’s state escrow interest law, which requires financial institutions to pay at least 2 percent simple interest per annum on escrow account funds. In so…

7th Cir. Holds Bankers’ Professional Liability Policy Did Not Cover Excessive Fees Claims

The U.S. Court of Appeals for the Seventh Circuit recently affirmed the dismissal of a bank’s lawsuit against its insurer for breach of contract and bad faith denial of coverage, holding that the insurance policy’s exclusion for any claim based upon or arising from fees…

9th Cir. Limits Subsequent Good-Faith Transferee Exception in Bankruptcy Fraudulent Transfer Actions

The U.S. Court of Appeals for the Ninth Circuit recently held that a debtor corporation’s sole shareholder and third parties who sold real property and services to the sole shareholder could be liable for fraudulent transfers. In so ruling, the Ninth Circuit held that the…

9th Cir. Holds Nevada Deficiency Limitation Preempted as to Transferees of FDIC

The U.S. Court of Appeals for the Ninth Circuit recently affirmed final judgments against corporate borrowers and guarantors in three separate cases, holding that: (a)  the Nevada statute limiting the amount of the deficiency recoverable in a foreclosure action was preempted by federal law as…