Creditor’s Rights – Promissory Note – Default – Guarantor Liability 
By Deborah Elkins
Published: November 23, 2010
Tags: Creditor's Rights, Judge Jackson L. Kiser, U.S. District Court - Western District
A creditor on a promissory note is not obliged to sue the guarantor on the note first, and a Danville U.S. District Court enters judgment for plaintiff creditor, as defendant maker of the note admits he is in default and owes money to the creditor; but there is a factual dispute as to the amount [...]
Creditor’s Rights – Equipment Leases – Default – Insolvency – FRE 408
By Deborah Elkins
Published: November 2, 2010
Tags: Creditor's Rights, Judge Dennis Dohnal, U.S. District Court - Eastern District
A Richmond U.S. District Court grants summary judgment to plaintiff financial services company against a defendant who admits defaulting on multiple equipment leases, for a balance due of over $1.4 million. Plaintiff company alleges defendant has not made monthly payments under the leases since at least June 1, 2009, and that this constitutes a default [...]
Creditor’s Rights – Promissory Note – Receiver Suit – Jurisdiction
By Deborah Elkins
Published: July 7, 2010
Tags: 4th U.S. Circuit Court of Appeals, Creditor's Rights, Judge Dennis W. Shedd
A receiver appointed pursuant to an FTC enforcement action against a fraudulent debt counseling scheme wins summary judgment in its action to recover receivership property, payment on a promissory note, from a business associate who borrowed $1.34 for a restaurant from the perpetrator of the fraud; the 4th Circuit says the note was a negotiable [...]
Creditor’s Rights – Garnishment Exemption – Interest Payments
By Deborah Elkins
Published: June 28, 2010
Tags: Creditor's Rights, Judge Karen J. Burrell, Norfolk Circuit Court, Virginia Circuit Courts
A Norfolk Circuit Court denies a judgment debtor’s garnishment exemption claim contending that the creditor, Investor’s Financial Services, improperly charged him a higher interest rate than that authorized by Va. Code § 6.1-330.54, and impermissibly charged compound interest on the prejudgment interest judgment obtained against plaintiff on July 11, 2000. Plaintiff maintains he is entitled [...]
Creditor’s Rights – Foreclosure Sale – ‘Splitting’ Note From Deed
By Deborah Elkins
Published: June 2, 2010
Tags: Creditor's Rights, Judge Claude M. Hilton, U.S. District Court - Eastern District
A homeowner cannot set aside the foreclosure sale of her Manassas home by suing defendant creditor alleging she is the only party to this matter who can prove legal and equitable ownership in the property, and defendants’ foreclosure proceeding violated Virginia foreclosure laws, and the Alexandria U.S. District Court grants summary judgment to defendant creditor. [...]
Creditor’s Rights – Fair Debt Act – Foreclosure – Securitized Mortgages
By Deborah Elkins
Published: May 18, 2010
Tags: Creditor's Rights, Judge Liam O'Grady, U.S. District Court - Eastern District
An Alexandria U.S. District Court dismisses plaintiffs’ claim alleging violations of the Fair Debt Collection Practices Act and other state law claims against defendant creditor, the substitute trustee and the mortgage servicer, in an effort to challenge defendants’ authority to enforce the deed of trust securing a note on plaintiffs’ real estate. Plaintiffs allege the [...]
Creditor’s Rights – Furnishings Not ‘Connected’ To Property
By Deborah Elkins
Published: April 6, 2010
Tags: Creditor's Rights, Judge Glen E. Conrad, U.S. District Court - Western District
Furnishings for a bankrupt hotel are not “improvements” that can be claimed under a mechanic’s lien, and a Harrisonburg U.S. District Court reverses a bankruptcy court order allowing the furniture to be claimed in a supplier’s mechanic’s lien. Summit argues on appeal the personal property provided by CFI, which includes items such as chairs, tables [...]
Creditor’s Rights – Bank Holding Company Act – TILA – Equity Line – Subordination Policy
By Deborah Elkins
Published: April 1, 2010
Tags: Creditor's Rights, Judge Anthony J. Trenga, U.S. District Court - Eastern District
A couple who wanted to refinance their primary mortgage can sue their home equity-line lender under the Bank Holding Company Act for its alleged blanket policy of refusing to subordinate its loan to a new loan from another lender; an Alexandria U.S. District Court says whether this is an “unusual banking practice” is an open [...]
Creditors’ Rights – Fair Debt Act – Demand Letter
By Deborah Elkins
Published: March 23, 2010
Tags: Creditor's Rights, Judge James C. Cacheris, U.S. District Court - Eastern District
A plaintiff who sues a law firm that sent her a demand letter for delinquent homeowner dues on behalf of a condominium unit owners’ association has no claim against the firm under the Fair Debt Collection Practices Act, says an Alexandria U.S. District Court. The court applies the “least sophisticated consumer” standard used in the [...]
Creditor’s Rights – Farm Produce – PACA Trust
By Deborah Elkins
Published: March 15, 2010
Tags: 4th U.S. Circuit Court of Appeals, Creditor's Rights, Judge Paul V. Niemeyer
A seller of farm produce has a trust on sale proceeds under the Perishable Agricultural Commodities Act, but the 4th Circuit remands the case for reconsideration of the amount the district court required for payment. Two sellers of perishable agricultural commodities, Nickey Gregory Company, LLC, and Poppell’s Produce Inc., commenced this action under the Perishable [...]
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