Short-Pay Statements Under North Carolina Law

Short-Pay Statements Under North Carolina Law North Carolina General Statute Sec. 45-36.7 outlines the steps necessary for a borrower to request a short-pay statement when all or a portion of the collateral is to be released without paying the full ...[Read more]

Published: 7/30/2015 | 0  Comments | 0  Links to this post

COA Concludes Successive Defaults are Distinct for Purposes of Two Dismissal Rule in Foreclosures

In an opinion filed on June 2, 2015, the Court of Appeals considered application of the so-called “two dismissal rule” under Rule 41(a) of the Rules of Civil Procedure to power of sale foreclosure proceedings.  Specifically, the Court considered whe ...[Read more]

Published: 6/15/2015 | 0  Comments | 0  Links to this post

Waiver of Defenses: Protecting Lenders from ECOA Claims

After the real estate market crash, creative plaintiff’s attorneys in eastern North Carolina were quick to turn to the Equal Credit Opportunity Act (ECOA),  15 U.S.C. § 1691 et seq., and its implementing regulations, 12 C.F.R. §202.1 et seq. (common ...[Read more]

Published: 3/23/2015 | 0  Comments | 0  Links to this post

Lessons from Recent NC Court of Appeals Opinions

​The release of opinions by the NC Court of Appeals on February 3 included several cases involving lender foreclosure or collection efforts.   The holdings are not monumental, but there is a common thread of useful illustrations of relevant rules or ...[Read more]

Published: 2/11/2015 | 0  Comments | 0  Links to this post

Reciprocal Attorneys’ Fees Provisions Enforceable in N.C. Business Contracts

​Under the so-called "American rule", the general rule in the United States is that each side pays its own way in civil cases. This is in contrast to other countries where the losing party is required to pay the prevailing party’s attorney ...[Read more]

Published: 2/11/2015 | 0  Comments | 0  Links to this post

North Carolina's Two Dismissal Rule Applies to Power of Sale Foreclosures

​A recent North Carolina Court of Appeals decision in Lifestore Bank v. Mingo confirmed that Rule 41 of the North Carolina Rules of Civil Procedure (referred to as the Two Dismissal Rule) applies to power of sale foreclosure proceedings in North Car ...[Read more]

Published: 1/20/2015 | 0  Comments | 0  Links to this post

Safe Harbor Protects Assignees from Liability under the ECOA

​In a prior post, we considered the application of the Equal Credit Opportunity Act (ECOA) as a defense to guarantor liability. A related issue is whether claims under the ECOA exist against a successor or “assignee” creditor uninvolved in the origi ...[Read more]

Published: 10/21/2014 | 0  Comments | 0  Links to this post

Eighth Circuit Finds Guarantors Not Afforded Protections under the ECOA

​The application of the Equal Credit Opportunity Act (ECOA) to spousal guaranties is a developing area of law, resulting in a number of recent appellate opinions. One opinion from the Eighth Circuit Court of Appeals, Hawkins v. Community Bank of Ray ...[Read more]

Published: 10/7/2014 | 0  Comments | 0  Links to this post