Banking and Financial Services

Banking Alert


October 2017

In This Issue:

  • New Jersey Appellate Division Reverses Trial Court’s Dismissal of Bank’s Claim of Holder in Due Course Status
  • New Jersey Appellate Division Clarifies Scope of Home Ownership Security Act
  • U.S. District Court Dismisses Action Based on Alleged Violation of HAMP

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Banking Alert


September 2017

In This Issue:

  • New Jersey Supreme Court Upholds Enforcement of Settlement Reached in Residential Mortgage Foreclosure Program
  • Assignment by Nominee Upheld as Valid by Appellate Division in Foreclosure Action
  • Trial Court Dismisses Complaint Arising From Lender’s Refusal to Modify Loan

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Banking Alert


July 2017

In This Issue:

  • Chancery Division Denies Request for Custodial Receiver in Residential Foreclosure
  • Third Circuit Finds Single Phone Call Sufficient to Trigger Claim Under Telephone Consumer Protection Act
  • Mortgagee Who is Non-Signatory of a Note is not Required to Receive Notice of Intent to Foreclose

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Banking Alert


June 2017

In This Issue:

  • New Jersey Appellate Division Splits Deposit From Sheriff’s Sale Between Parties After Buyer Alleges Bank Failed to Disclose Prior Mortgage
  • New Jersey Trial Court Finds That Borrower Did Not Execute an Enforceable Loan Modification
  • New Jersey Appellate Division Finds FDCPA’s Venue Provision Irrelevant in Personal Jurisdiction Dispute

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Banking Alert


May 2017

In This Issue:

  • New Jersey Supreme Court Holds Notice of Rejection in Real Estate Contract Via Email and Fax is a Commonly-Used Form of Communication and Valid
  • United States Supreme Court Permits Municipalities to File Suit Against Lender Under FHA

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Banking Alert


April 2017

In This Issue:

  • Appellate Division Rejects Standing Argument in Foreclosure Action
  • Appellate Division Upholds Settlement Agreement Arising from Dishonored Check
  • Appeal on Denial of Rent Receiver Deemed Moot by Foreclosure Judgment

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Banking Alert


February 2017

In This Issue:

  • Appellate Division Affirms Denial of Contempt Motion
  • Federal Court Dismisses Challenge To Foreclosure Judgment
  • Appellate Division Upholds Sale Of Property By Receiver

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Banking Alert


January 2017

In This Issue:

  • Third Circuit Upholds Dismissal of CFA and RICO Action Against Loan Servicer
  • Appellate Division Rejects Challenge to Lender’s Standing in Foreclosure Action
  • District Court Affirms Ruling That Statute of Limitations in Foreclosure Action Was Not Shortened by Acceleration Notice

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Banking Alert


December 2016

In This Issue:

  • U.S. Supreme Court Holds Defendant Criminally Liable Under Bank Fraud Statute for Stealing Customer’s Funds
  • Appellate Division Affirms Discharge of Receiver After Settlement of Foreclosure Action
  • Omnibus New York Foreclosure Law Takes Effect December 20, 2016

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Banking Alert


November 2016

In This Issue:

  • Third Circuit Affirms Dismissal of Wrongful Foreclosure Complaint
  • Federal Court Dismisses Amended Complaint Filed by Pro Se Plaintiffs Against Mortgage Lenders and Servicers
  • Appellate Division Affirms Denial of Motion to Vacate Default in Foreclosure Action

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Banking Alert

October 2016
Banking Alert October 2016

In This Issue:

  • New Jersey Appellate Division Overturns Grant of Summary Judgment in Foreclosure Action
  • Federal Court Denies Motion to Dismiss Claims Based on TPP With Plaintiff
  • Third Circuit Finds That Twenty-Year Statute of Limitations Applies to Foreclosure Action

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Banking Alert

September 2016
Banking Alert September 2016

In This Issue:

  • Federal Court Strikes Bank’s Affirmative Defenses in Identity Theft Case
  • Federal Court Denies Plaintiff’s Motion to Remand in Action Alleging Contract and Fraud Claims Against Banks
  • Plaintiffs’ Amended Class Action Claims Regarding International Exchange Rates Are Dismissed With Prejudice

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Banking Alert

August 2016
Banking Alert August 2016

In This Issue:

  • New York Legislature Passes Significant Changes to Foreclosure Settlement Conference Law
  • U.S. Treasury Enacts New Reporting Requirements for Residential Real Estate Transactions in New York and Florida
  • Federal Court Rejects Borrower’s Attempt to Undo State Court Foreclosure Judgment
  • New Jersey Superior Court Denies Class Certification on TCCWNA and CFA Claims and Compels Arbitration

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Banking Alert

July 2016
Banking Alert July 2016

In This Issue:

  • In Stinging Rebuke to Financial Institutions and Title Companies, NJ Supreme Court Favors Law Firm’s Effort to Collect Unpaid Legal Bills
  • New Jersey Trial Court Finds Foreclosure Action Barred by Six-Year Statute of Limitations
  • New Jersey District Court Denies Motion to Dismiss Complaint Against Bank Alleging Violations of RESPA and State Law Tort Claims

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Banking Alert

June 2016
Banking Alert June 2016

In This Issue:

  • Appellate Division Dismissed NJLAD Class Action Complaint Against Bank
  • District Court Finds Thirty-Day Reporting Requirement in Customer Account Agreement to be Reasonable
  • Appellate Division Affirms Trial Court’s Order Denying Third-Party’s Motion to Intervene in Foreclosure Action

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Banking Alert

May 2016
Banking Alert May 2016

In This Issue:

  • District Court Vacates Entry of Default Against Lender in Action Seeking Rescission of Note
  • District Court Dismisses Pro Se Complaint Against Bank Asserting Claims Under RESPA
  • New Jersey Chancery Division Finds Party Need Only Use A Reasonable Means Of Communication To Inform Parties Of Sheriff’s Sale Adjournment

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Banking Alert

April 2016
Banking Alert April 2016

In This Issue:

  • District Court Dismisses All Claims Against Bank Arising Out of Dispute Over Joint Account
  • District Court Declines To Dismiss Claim Under FDCPA Based On Foreclosure Proceeding
  • New York Court Finds Bank Did Not Act In Bad Faith At Mandatory Residential Foreclosure Settlement Conference

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Banking Alert

March 2016
Banking Alert March 2016

In This Issue:

  • Divided United States Supreme Court Affirms Eighth Circuit Decision on Definition of “Applicant” Under ECOA
  • New York Supreme Court Finds Party Did Not Perfect Its Security Interest in Creditor’s Bank Account
  • Bankruptcy Appellate Panel Finds Release In Forbearance Agreement Provide Bank With Complete Defense

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Banking Alert

February 2016
Banking Alert February 2016

In This Issue:

  • New York Court Dismisses Claims Arising From Unauthorized Electronic Transfers
  • District Court Dismisses Pro Se Complaint Based on Colorado River Abstention Doctrine
  • Appellate Division Finds Mandatory Arbitration Provision in Employee Handbook Unenforceable

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Banking Alert

January 2016
Banking Alert January 2016

In This Issue:

  • District Court Dismisses Borrower’s Consumer Fraud and Fair Debt Collection Practices Act Claims
  • Court Finds Conclusory Allegations of Fraud Relating to Loan Modification Insufficient to Defeat Summary Judgment in Foreclosure Action
  • State Securities Regulators Propose Mandatory Reporting Requirement of Elder Fraud for Financial Advisers’

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Banking Alert

December 2015
Banking Alert December 2015

In This Issue:

  • Appellate Division Upholds Dismissal of Claim of Unauthorized Transactions Based on Deposit Agreement
  • Appellate Division Dismisses Consumer Fraud Claim in Contested Foreclosure Action
  • District Court Declines to Hear Foreclosure Dispute

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Banking Alert

November 2015
Banking Alert November 2015

In This Issue:

  • District Court Dismisses Action For Conversion And Quiet Title Brought In Response To Lender’s Notice Of Intent To Foreclose
  • New Jersey Appellate Division Denies Homeowners’ Application To Set Aside Foreclosure Sale Based On Defective Service

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Banking Alert

October 2015
Banking Alert October 2015

In This Issue:

  • District Court Finds Foreclosing Bank And Its Attorneys Are Not “Debt Collectors” Under FDCPA
  • New Jersey Appellate Division Affirms Denial Of Motion To Vacate Final Judgment Of Foreclosure And Stay Of Sheriff’s Sale
  • Appellate Division Finds Bank May Foreclose Even If Allonge To Note Is Not Affixed

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Banking Alert

September 2015
Banking Alert September 2015

In This Issue:

  • District Court Denies Debt Collector’s Motion To Dismiss Fair Debt Collection Practices Act Class Action
  • New Jersey Appellate Division Holds That Valid Lien Exists On Property Despite Forgeries On Mortgage Documents
  • Reminder To Financial Institutions Of Guidelines For Garnishment Of Accounts Receiving Federal Benefit Payments

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Banking Alert

August 2015
Banking Alert August 2015

In This Issue:

  • Anthony Sylvester Again Named Banking and Finance Litigation “Lawyer Of The Year”
  • New Jersey Appellate Division Holds That Pennsylvania Bank Did Not Violate New Jersey Banking Act When Closing Loan Transaction In New Jersey
  • New York Comptroller Reports That Number Of Foreclosure Cases Remains High
  • New Jersey Federal Court Dismisses Complaint Seeking To Block Foreclosure Action

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Banking Alert

July 2015
Banking Alert July 2015

In This Issue:

  • Sherman Wells Featured In Article In NJBiz Magainze
  • New Jersey State Court Holds That Bank Is Not Required To Report Suspected Elder Abuse
  • District Court Dismisses Wrongful Foreclosure Action As Premature And Confirms That Mortgagor May Not Challenge Assignment Of Mortgage
  • Appellate Division Finds That Inordinate Delay In Arranging Sheriff’s Sale Could Subject Foreclosing Bank To Liability For Unpaid Condominium Fees

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Banking Alert

June 2015
Banking Alert June 2015

In This Issue:

  • United States Supreme Court Upholds Validity of Undersecured Second Mortgages in Chapter 7 Bankruptcy Filings
  • Change in New Jersey Uniform Commercial Code Financing Statement Requirements
  • Appellate Division Affirms That Implied Covenant Of Good Faith And Fair Dealing Cannot Alter Terms Of Commercial Loan Agreement

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Banking Alert

May 2015
Banking Alert May 2015

In This Issue:

  • Mortgagors Cannot Collaterally Challenge Validity Of An Assignment Of Mortgage Outside Of Foreclosure Proceeding
  • New Jersey Appellate Division Finds Foreclosing Bank Not Liable In Premises Liability Action For Personal Injury
  • Plaxico Burress Indicted Under Recently Amended Bad Check Criminal Statute For Failed Electronic Funds Transfer

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Banking Alert

April 2015
Banking Alert April 2015

In This Issue:

  • Payees On Check May Not Assert Presentment Warranties Against Depository Bank That Negotiates Check With Forged Endorsement
  • Lending Industry Prepares As Biggest Regulatory Change To Home Mortgage Disclosures In Twenty Years Set To Go Into Effect
  • Appellate Division Vacates Foreclosure Judgment Due To Bank’s Failure To Comply With Fair Foreclosure Act

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Banking Alert

March 2015
Banking Alert March 2015

In This Issue:

  • District Court Upholds Enforceability of Limited Recourse Guaranty
  • Court Dismisses Attempt By Mortgagor To Attack Assignment Of Mortgage Based On Allegations of “Robo-Signing”
  • District Court Dismisses Claims Alleging Violation of Fair Credit Reporting Act

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Banking Alert

February 2015
Banking Alert February 2015

In This Issue:

  • Banks Not Precluded From Asserting Individual Arbitration Clauses Against Unnamed Class Members
  • Trial Period Plan Agreement Pursuant to Home Affordable Mortgage Program Is Not Binding Contract To Modify Loan
  • District Court Finds That Bank Has Duty To Prospective Buyers To Prevent Injury In Foreclosed Home

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Banking Alert

January 2015
Banking Alert January 2015

In This Issue:

  • Borrower Can Maintain Breach Of Contract Claim Against Mortgage Servicer Based on Alleged Oral Representations Made During Loan Workout Negotiations
  • United States Supreme Court Holds Right of Rescission Under TILA Properly Exercised by Written Notice to Lender
  • New Jersey Supreme Court Prohibits Trial Court From Having Ex Parte Post-Trial Conversations With Jury

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Banking Alert

December 2014
Banking Alert December 2014

In This Issue:

  • Foreclosure Debtors Lack Standing To Challenge Violation of Pooling and Servicing Agreements
  • New Jersey Appellate Division Dismisses Consumer Fraud Act Claim As Outside the Scope of the Consumer Fraud Act Statute

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Banking Alert

November 2014
Banking Alert November 2014

In This Issue:

  • New Jersey Will Introduce An Expanded Complex Business Litigation Program Statewide Beginning January 1, 2015
  • New Jersey District Court Abstains From Hearing Foreclosure Dispute Under Colorado River Abstention Doctrine

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Banking Alert

October 2014
Banking Alert October 2014

In This Issue:

  • New Jersey Supreme Court Bars Non-Customer From Bringing Negligence Claim Against Bank
  • Arbitration Provisions In Consumer Contracts Must Contain Clear And Unambiguous Language That Consumer Is Waiving Right To Seek Relief In Court
  • New Law Affects A Bank’s Obligations in New Jersey To Maintain Vacant Properties In Residential Foreclosures

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Banking Alert

September 2014
Banking Alert September 2014

In This Issue:

  • Bank and Customer May Agree to Shorten UCC Section 4-406(4) One-Year Statutory Period By Agreement
  • Condemning Authority Has No Duty to Negotiate With Mortgage Holders

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