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What is the "primary purpose" of a credit transaction under the Truth In Lending Act? The Third Circuit will look beyond the facade to find out

In St. Hill v. Tribeca Lending Corp., Case No. 09-2214, 2010 WL 2997724 (3rd Cir. Dec. 8, 2010), the Third Circuit showed that, in determining whether the Truth In Lending Act (TILA) applied to a credit transaction, it would look beyond obvious facts to ascertain a transaction's "primary purpose."

USA, Banking, Insolvency & Restructuring, Litigation, Foley & Lardner LLP, Bankruptcy, Credit (finance), Collateral (finance), Statute of limitations, Consideration, Testimony, Mortgage loan, Refinancing, Trustee, Third Circuit
Florida Supreme Court rules debtor may not use single-member LLC to shield assets from judgment creditor

In a much anticipated decision, the Florida Supreme Court closed a statutory loophole that permitted debtors to use a wholly owned limited liability company (LLC) to put their assets beyond the reach of their judgment creditors. In Olmstead v. FTC, Case No. SC08-1009 (Fla. June 24, 2010), the Florida Supreme Court ruled that a court may order a judgment debtor to surrender all right, title, and interest in the debtor's single-member Florida limited liability company to satisfy an outstanding judgment.

USA, Florida, Insolvency & Restructuring, Litigation, Foley & Lardner LLP, Debtor, Interest, Limited liability company, Debt, Commercial law, Exclusive jurisdiction, Federal Trade Commission (USA), Supreme Court of the United States, Florida Supreme Court