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Home / Opinion Digests / Consumer Protection – Lottery Proceeds – Loan Collateral (access required)

Consumer Protection – Lottery Proceeds – Loan Collateral (access required)

On remand from the Supreme Court of Virginia, a Fairfax Circuit Court applies Utah law to construe a loan agreement in which a Virginia State Lottery winner pledged her winnings as collateral for a loan, and because Utah does not recognize an affirmative defense of usury and had a default rate of prejudgment interest ...

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