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    Bankruptcy Court Circumvents Midland Funding LLC v. Johnson by Awarding Debtor Attorney’s Fees
    2021-05-05

    On March 31, 2021, the United States Bankruptcy Court for the District of Nevada awarded attorney’s fees to a debtor under a Nevada fee-shifting statute for objecting to a time-barred proof of claim.1 The opinion serves as a warning that filing a proof of claim for time-barred debt may carry consequences other than claim disallowance despite the Supreme Court’s recent holding in Midland Fu

    Filed under:
    USA, Nevada, Company & Commercial, Insolvency & Restructuring, Litigation, Hunton Andrews Kurth LLP, Fair Debt Collection Practices Act 1977 (USA), Supreme Court of the United States
    Authors:
    Justin F. Paget , Eric Wilson
    Location:
    USA
    Firm:
    Hunton Andrews Kurth LLP
    Nevada Supreme Court Holds Federal Preemption Bars HOA Lien From Extinguishing Fannie Mae Mortgage
    2018-04-05

    The Nevada Supreme Court recently affirmed a lower court’s decision that a foreclosure under a Nevada statute giving “super priority” to homeowners’ association liens was preempted by the Housing and Economic Recovery Act of 2008 (“HERA”) in a foreclosure in which the Federal National Mortgage Association (“Fannie Mae”) held a mortgage. SeeSatico Bay LLC Series 9641 Christine View v. Fed. Nat’l Mortg. Assoc., 2018 WL 1448731 (Nev. Mar. 21, 2018). In 2004, the borrowers purchased a property with a home loan that was secured by a deed of trust on the property.

    Filed under:
    USA, Nevada, Banking, Insolvency & Restructuring, Litigation, Real Estate, Riker Danzig LLP, Mortgage loan, Foreclosure, Nevada Supreme Court
    Authors:
    Michael R. O’Donnell
    Location:
    USA
    Firm:
    Riker Danzig LLP
    Nevada District Court Holds that a Creditor Must Have a Fully Undisputed Claim to Petition for an Involuntary Bankruptcy
    2018-01-03

    The Bottom Line

    Filed under:
    USA, Nevada, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP
    Authors:
    Philip Michael Guffy
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Furnisher Does Not Violate FCRA by Reporting Discharged Debt
    2016-08-09

    A district court in Nevada recently granted a mortgage company’s motion to dismiss FCRA claims where the reported debt had been discharged in bankruptcy.The opinion serves as a reminder of the rules governing the reporting of discharged debt.In Riekki v. Bayview Fin. Loan Servicing, the consumer alleged that the subject debt was discharged pursuant to his Chapter 13 bankruptcy and that the creditor continued to report balances through the pendency of the bankruptcy as well as post-petition.Riekki v. Bayview Financial Loan Servicing, 2:15-cv-2427, 2016 U.S. Dist.

    Filed under:
    USA, Nevada, Insolvency & Restructuring, Litigation, Smith Debnam Narron Drake Saintsing & Myers LLP, Bankruptcy, Debt, Mortgage loan, Involuntary dismissal, Credit score, Bankruptcy discharge
    Authors:
    Caren Enloe
    Location:
    USA
    Firm:
    Smith Debnam Narron Drake Saintsing & Myers LLP
    Professional liability policy proceeds not property of bankruptcy estates
    2011-06-23

    The United States Bankruptcy Court for the District of Nevada has held that proceeds from a professional liability policy were not property of the insured-debtors' bankruptcy estate because the proceeds were payable only for the benefit of third party claimants and could not be accessed by the debtors directly.  In re Endoscopy Center of Southern Nevada, Nos. BK-S-09-22780-MKN, S-09-22776-MKN, S-09-22784-MKN, 2011 WL 2184387 (Bankr. D. Nev. May 23, 2011).

    Filed under:
    USA, Nevada, Healthcare & Life Sciences, Insolvency & Restructuring, Insurance, Litigation, Professional Negligence, Wiley Rein LLP, Bankruptcy, Debtor, Interest, United States bankruptcy court
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Nevada Supreme Court limits homestead exemption in In re Nilsson
    2014-01-10

    In In re Nilsson, 129 Nev. Adv. 101 (December 26, 2013), the United States Bankruptcy Court for the District of Nevada certified the following question to the Nevada Supreme Court:

    Filed under:
    USA, Nevada, Insolvency & Restructuring, Litigation, Real Estate, Snell & Wilmer LLP, United States bankruptcy court, Nevada Supreme Court
    Authors:
    Bob L. Olson
    Location:
    USA
    Firm:
    Snell & Wilmer LLP
    Bankruptcy Appellate Panel says out-of-state member's interest in Nevada LLC is located in Nevada for venue purposes
    2013-02-14

    It sounds like the beginning of a bad joke. An individual walks into a bar and says “Where’s my LLC?” But that was the question a Bankruptcy Appellate Panel recently had to answer. The court had to determine whether Nevada was the proper venue in an involuntary bankruptcy case. The debtor’s only connection with Nevada was that his principal assets consisted of interests in a Nevada LLC and a Nevada limited partnership.

    Filed under:
    USA, Nevada, Insolvency & Restructuring, Litigation, Stoel Rives LLP, Limited liability company, Limited partnership, Intangible property, Ninth Circuit, Bankruptcy Appellate Panel
    Location:
    USA
    Firm:
    Stoel Rives LLP
    Nevada lenders beware! Mechanic's liens not easily avoided
    2012-11-01

    Following the market crash in 2008-09, the $2.8 billion Fontainebleau development in Las Vegas was halted with 70 percent of the construction completed. Naturally, numerous mechanic’s liens were filed by contractors, subcontractors, professionals and suppliers (“claimants”). In the bankruptcy proceeding, the lenders asserted novel and potentially legally destabilizing theories against the claimants’ rights: a) the lenders were “equitably subrogated” to the priority of the original preconstruction lender, and b) the subordination agreements signed by the claimants waived their

    Filed under:
    USA, Nevada, Construction, Insolvency & Restructuring, Stoel Rives LLP
    Authors:
    Tamara Boeck
    Location:
    USA
    Firm:
    Stoel Rives LLP
    Debtor sues lenders for alleged violations of the Fair Credit Reporting Act
    2015-10-02

    On September 18, 2015, Margaret M. Okamoto (“Plaintiff”) filed a complaint (the “Complaint”) in The United States District Court for the District of Nevada alleging violations of the Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq. (the “FCRA”), against, inter alia, Bank of America, N.A. (“BOA”), Mutual of Omaha Bank (“MOB”), and Experian Information Solutions, Inc. (collectively, “Defendants”).  See Okamoto v. Bank of America et al., No. 2:15-cv-01800-GMN-GWF (Sept. 18, 2015).

    Filed under:
    USA, Nevada, Banking, Insolvency & Restructuring, Litigation, Faegre Drinker Biddle & Reath LLP, Credit history, Fair Credit Reporting Act 1970 (USA)
    Authors:
    Stephen C. Baker , Stephen A. Serfass , Nolan B. Tully , Steven H. Brogan , Alan M. Kidd , Christian Brito
    Location:
    USA
    Firm:
    Faegre Drinker Biddle & Reath LLP
    Appealing an involuntary: respect the Chapter 11 trustee’s authority
    2011-07-28

    When creditors succeed in obtaining an order for relief in an involuntary Chapter 11 case and the appointment of a Chapter 11 trustee, who controls the appeals for those orders? According to an April 28, 2011 order of the U.S. District Court for the District of Nevada, the correct answer is the Chapter 11 trustee.

    Filed under:
    USA, Nevada, Insolvency & Restructuring, Litigation, Morrison & Foerster LLP, Bankruptcy, Debtor, Fiduciary, Investment banking, Standing (law), Involuntary dismissal, Wells Fargo, JPMorgan Chase, Trustee, Supreme Court of the United States, United States bankruptcy court, Tenth Circuit
    Authors:
    Larry Engel , James E. Hough , Norman S. Rosenbaum , Jordan A. Wishnew
    Location:
    USA
    Firm:
    Morrison & Foerster LLP

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