North Carolina's Anti-Deficiency Statute for Seller Financed Real Estate

The North Carolina General Statutes prohibit a creditor in a seller-financed purchase money real estate transaction (where the seller of the land and the creditor providing financing for the sale are the same person) from obtaining a judgment agains ...[Read more]

Published: 10/1/2015 | 0  Comments | 0  Links to this post

Sometimes You Want To Be Ordinary: Restructuring Payment of Past Due Accounts to Avoid Bankruptcy Preference Liability

Because bankruptcy filings were up over the past several years, debtors and trustees in those cases are now at the point of filing preference lawsuits in bankruptcy courts across the country.  Relying on Section 547(b) of the Bankruptcy Code, plaint ...[Read more]

Published: 9/25/2015 | 0  Comments | 0  Links to this post

Determination of Clerk at Foreclosure Hearing is Binding in Subsequent Litigation

​In Funderburk v. Chase, COA14-1258 (N.C. Ct. App. 2014), the North Carolina Court of Appeals held that the issues decided by the Clerk of Court are binding in subsequent litigation involving the same parties on the same loan (such as a counterclaim ...[Read more]

Published: 9/9/2015 | 0  Comments | 0  Links to this post

Bank Boards and Corporate Officers Review your Policies and Procedures: Business Judgment Rule Protections May Be Loosening

​A recent decision from the Fourth Circuit, Federal Deposit Insurance Corporation v. Rippy, No. 14-2078 (4th Cir. Aug. 18, 2015), may signal a weakening of the business judgment rule’s long-standing protections for corporate officers.  The case surr ...[Read more]

Published: 9/2/2015 | 0  Comments | 0  Links to this post