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Illinois App. Court Holds Reverse Mortgage Borrower Had Mortgageable Interest Following Intestate Death of His Spouse

The Appellate Court of Illinois, First District, recently ruled that the mortgagee of a reverse mortgage loan held an interest in the secured property to the extent that the borrower inherited an interest in the property following the non-borrower’s spouse’s intestate death. Accordingly, the Court reversed the trial court’s dismissal of the reverse mortgagee’s foreclosure […]
Coleman Braun

Source: Consumerfsblog – Illinois App. Court Holds Reverse Mortgage Borrower Had Mortgageable Interest Following Intestate Death of His Spouse

SCOTUS Holds Class Plaintiffs Cannot Voluntarily Dismiss Claims to Appeal Denial of Class Cert

The Supreme Court of the United States recently held that class action plaintiffs cannot stipulate to a voluntary dismissal with prejudice, then appeal the trial court’s prior interlocutory order striking their class allegations because a voluntary dismissal does not qualify as a “final decision” under 28 U.S.C. §1291 and improperly circumvents Federal Rule of Civil […]
Hector E. Lora

Source: Consumerfsblog – SCOTUS Holds Class Plaintiffs Cannot Voluntarily Dismiss Claims to Appeal Denial of Class Cert

6th Cir. Holds Michigan Assignment of Rents Removes Rental Income from Bankruptcy Estate

The U.S. Court of Appeals for the Sixth Circuit recently concluded that Michigan’s assignment of rents statute sufficiently deprived the assignor of the ownership of the rents such that the rents could not be included in the assignor’s bankruptcy estate. The primary issue before the Court was whether Michigan’s assignment of rents statute allowed the […]
Mickey J. Lee

Source: Consumerfsblog – 6th Cir. Holds Michigan Assignment of Rents Removes Rental Income from Bankruptcy Estate

2nd Cir. Upholds Dismissal of Supposed ‘LIBOR Fraud’ Claims

The U.S. Court of Appeals for the Second Circuit recently affirmed the dismissal of LIBOR-manipulation fraud claims brought by a group of hotel-related entities and their investor against a bank and two of its subsidiaries. In so ruling, the Second Circuit held that: (a) the borrower and related entities lacked standing to sue because they […]
Hector E. Lora

Source: Consumerfsblog – 2nd Cir. Upholds Dismissal of Supposed ‘LIBOR Fraud’ Claims

8th Cir. Holds Borrower’s Affidavit Alone Is Insufficient to Rebut TILA’s Presumption of Delivery

The U.S. Court of Appeals for the Eighth Circuit recently held that two borrowers’ conclusory affidavits by themselves were insufficient to rebut the presumption of delivery under the federal Truth in Lending Act, 15 U.S.C. § 1635(c), where the borrowers acknowledged in writing at the closing that they received the disclosures required under TILA. A […]
Ernest Wagner

Source: Consumerfsblog – 8th Cir. Holds Borrower’s Affidavit Alone Is Insufficient to Rebut TILA’s Presumption of Delivery

U.S. Supreme Court Offers Some Clarity in Assessing Debt Purchaser FDCPA Liability

With its unanimous ruling yesterday that a debt buyer is not a “debt collector” under at least one reading of the federal Fair Debt Collection Practices Act, the U.S. Supreme Court offered some clarity to the financial services industry seeking to assess debt purchaser FDCPA liability. It did, however, refuse to address an alternative interpretation that […]
Donald Maurice

Source: Consumerfsblog – U.S. Supreme Court Offers Some Clarity in Assessing Debt Purchaser FDCPA Liability

8th Cir. Upholds Dismissal of TCPA Class Action Based on Consent Shown in Heavily Redacted Records

The U.S. Court of Appeals for the Eighth Circuit recently affirmed the dismissal of a putative class action brought under the federal Telephone Consumer Protection Act (TCPA) for making unsolicited telemarketing calls. The Eighth Circuit held that the plaintiff had given prior express written consent to receive the calls, and the trial court properly considered […]
Hector E. Lora

Source: Consumerfsblog – 8th Cir. Upholds Dismissal of TCPA Class Action Based on Consent Shown in Heavily Redacted Records

U.S. Supreme Court Holds Debt Purchaser Collecting Its Own Debt Is Not Subject to FDCPA

A purchaser of a defaulted debt who then seeks to collect the debt for itself is not a “debt collector” subject to the federal Fair Debt Collection Practices Act under an opinion delivered today by the U.S. Supreme Court. The issue before the Court was whether a purchaser of defaulted debt meets the FDCPA’s definition […]
Donald Maurice

Source: Consumerfsblog – U.S. Supreme Court Holds Debt Purchaser Collecting Its Own Debt Is Not Subject to FDCPA

Fla. Court Holds Alleged ‘No Lawful Basis to Debit’ Enough to State Claim Under Reg J and UCC Art 4A

The Circuit Court of the Eleventh Judicial Circuit in Miami-Dade County, Florida recently dismissed equitable and tort claims for restitution, “money had and received,” negligence, indemnification, tortious interference and conversion brought by a company against its bank for reversing a wire transfer due to fraud.  However, the Court refused to dismiss the account holder’s claim […]
Hector E. Lora

Source: Consumerfsblog – Fla. Court Holds Alleged ‘No Lawful Basis to Debit’ Enough to State Claim Under Reg J and UCC Art 4A

10th Cir. Affirms Refusal to Compel Arbitration as to Non-Signatory Third Parties

The U.S. Court of Appeals for the Tenth Circuit recently affirmed a trial court’s denial of a motion to compel arbitration against non-signatory third-party beneficiaries who did not accept the benefits of the contract. A copy of the opinion in Jacks v. CMH Homes is available at:  Link to Opinion. In 2009, a buyer financed […]
Patrick R. Tira

Source: Consumerfsblog – 10th Cir. Affirms Refusal to Compel Arbitration as to Non-Signatory Third Parties