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NY Court of Appeals’ Ruling Results in Account Debtor Owing Its Counterparty’s Debts Under UCC Article 9
2023-02-02

In Worthy Lending LLC v. New Style Contractors. Inc., the New York Court of Appeals held that a security interest includes a lender’s right to force the borrower’s account debtors to remit payments directly to the lender, regardless of whether an event of default exists. Further, the court clarified that the Uniform Commercial Code (UCC) does not provide a distinction between a security interest and an assignment.

Filed under:
USA, New York, Banking, Insolvency & Restructuring, Litigation, Troutman Pepper, Uniform Commercial Code (USA)
Authors:
Deborah J. Enea
Location:
USA
Firm:
Troutman Pepper
View Original Article
Ninth Circuit Bankruptcy Appellate Panel Disallows Claim Finding Supporting Documentation Insufficient Under State Law
2023-01-27

On July 19, 2022, the Ninth Circuit Bankruptcy Appellate Panel ruled that a creditor’s proof of claim — while meeting the standard of the Bankruptcy Code — was insufficient to enforce the debt under state law and was therefore subject to disallowance.

Filed under:
USA, Insolvency & Restructuring, Litigation, Troutman Pepper
Authors:
Deborah Kovsky-Apap
Location:
USA
Firm:
Troutman Pepper
View Original Article
DOJ Releases Guidance for Discharging Federal Student Loan Debt in Bankruptcy
2023-01-23

The U.S. Department of Justice (DOJ) has released guidance to its attorneys regarding requests to discharge student loans in bankruptcy cases.

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, Troutman Pepper, Bankruptcy, US Department of Justice, Supreme Court of the United States
Authors:
Deborah Kovsky-Apap
Location:
USA
Firm:
Troutman Pepper
View Original Article
Lack of Notice of Bankruptcy Filing Proves Fatal to FDCPA Claim
2023-01-20

Creditors and debt collectors may rest assured that they are not violating the Fair Debt Collection Practices Act (FDCPA) when sending debt-collection communications prior to any knowledge of a debtor’s bankruptcy filing. In Carrasquillo v.

Filed under:
USA, Company & Commercial, Insolvency & Restructuring, Litigation, Troutman Pepper, Fair Debt Collection Practices Act 1977 (USA)
Location:
USA
Firm:
Troutman Pepper
View Original Article
Ninth Circuit Affirms Bankruptcy Court’s Decision that Applicable Homestead Exemption is the One in Effect at the Time of the Bankruptcy Filing
2023-01-19

When deciding the amount of homestead exemption to which a debtor is entitled, should a bankruptcy court apply the state exemption in effect on the creation date of the lien or on the bankruptcy filing date? According to the Ninth Circuit in a recent decision, the court should apply the state exemption law in effect on the filing date of the bankruptcy petition.

Filed under:
USA, Insolvency & Restructuring, Litigation, Troutman Pepper
Authors:
Deborah Kovsky-Apap
Location:
USA
Firm:
Troutman Pepper
View Original Article
Under the Fed’s Tiered System, Requests for Master Account Access by Cryptocurrency Companies Will Be Subject to the Strictest Scrutiny
2022-08-19

On August 15, the Federal Reserve Board (Fed) issued final guidelines, outlining the tiered approach it will use when evaluating the growing requests from fintech firms and cryptocurrency companies for access to master accounts.

Filed under:
USA, Banking, Insolvency & Restructuring, Troutman Pepper, Fintech, Cryptocurrency, Federal Deposit Insurance Corporation (USA)
Authors:
Keith J. Barnett , Carlin A. McCrory , Ethan G. Ostroff
Location:
USA
Firm:
Troutman Pepper
View Original Article
Third Circuit Rules that Parties Cannot Contract Around the Mutuality Requirement for Setoff in Bankruptcy
2021-05-12

On March 19, in a matter of first impression, the Third Circuit Court of Appeals (Court) held that triangular setoff is not permissible in bankruptcy due to Bankruptcy Code Section 553(a)’s mutuality requirement, and that parties cannot evade that requirement by contracting around it. See In re Orexigen Therapeutics, Inc., 990 F.3d 748 (3d Cir. 2021).

Filed under:
USA, Insolvency & Restructuring, Litigation, Troutman Pepper, Bankruptcy, Third Circuit
Location:
USA
Firm:
Troutman Pepper
View Original Article
District Court Holds CRAs Not Obligated To Determine Legal Status of Debt
2020-04-22

Earlier this month, in Davis v. Carrington Mortgage Services, LLC, et al., the United States District Court for the District of Nevada held that consumer reporting agencies are not obligated to determine the legal status of debts. The Court also reinforced the plausible pleading standard for Fair Credit Reporting Act cases, while providing an overview of CRAs’ obligations under the act.

Filed under:
USA, Banking, Company & Commercial, Insolvency & Restructuring, Litigation, Troutman Pepper
Authors:
Ethan G. Ostroff
Location:
USA
Firm:
Troutman Pepper
View Original Article
Fifth Circuit Ruling is Double-Edged Sword for Education-Related Loans
2019-11-06

On October 22, the Court of Appeals for the Fifth Circuit issued a ruling in Crocker v. Navient Solutions that could have mixed consequences for student loan borrowers and creditors alike. The Court determined that a bankruptcy court lacks the authority to enforce discharge injunctions issued by bankruptcy courts in other districts.

Filed under:
USA, Texas, Insolvency & Restructuring, Litigation, Public, Troutman Pepper, U.S. Court of Appeals
Authors:
Jared D. Bissell , David M. Gettings
Location:
USA
Firm:
Troutman Pepper
View Original Article
U.S. District Court Judge Denies Motions to Withdraw PG&E Adversary Proceeding from Bankruptcy Court
2019-03-21

On March 11, 2019, a U.S. district court judge in California denied FERC’s motion to withdraw the reference of Pacific Gas and Electric’s (“PG&E”) adversary proceeding from the U.S. Bankruptcy Court in the ongoing jurisdictional dispute between FERC and the bankruptcy court. In his ruling, Judge Haywood Gilliam Jr. of the U.S.

Filed under:
USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Troutman Pepper, United States bankruptcy court, US District Court for Northern District of California
Authors:
Tom Marshall , Russell Kooistra
Location:
USA
Firm:
Troutman Pepper
View Original Article

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