In Deere Credit, Inc. v. Cervantes Nurseries, LLC, the Court of Appeals recognized that a parallel bankruptcy proceeding involving multiple creditors is not the same “action” for purposes of RCW 61.12.120’s bar against a plaintiff foreclosing on a mortgage “while he is prosecuting any other action for the same debt or matter which is secured by the mortgage.
BACKGROUND
Michael and Theresa Annechino had a long-standing banking relationship with the Bank of Clark County. Before the events at issue, the Annechino had an approximately $1,150,000 balance at the Bank. Additionally, Mr. Annechino was an investor with the Bank. Shortly after the Federal Deposit Insurance Corporation (“FDIC”) increased its coverage for deposit accounts, the Annechinos’ contacted the Bank about depositing an additional $1,850,000, so long as it would be protected by the FDIC’s coverage.
Key Notes:
On Friday, the Washington Department of Financial Institutions closed American Marine Bank, headquartered in Bainbridge Island, Washington, and the FDIC was named receiver.
In April, we discussed how Colorado’s state supreme court issued its highly anticipated decision confirming a borrower’s bankruptcy discharge does not accelerate secured installment debt or trigger the final statute of limitations period to recover the debt.
Thanksgiving is the quintessential American holiday. Many go to great lengths to ensure that their Thanksgiving dinner table is replete with all of the traditional Thanksgiving fare: turkey, stuffing, yams covered in marshmallow, and cranberry sauce. While some folks are perfectly happy to buy a pre-made Thanksgiving meal, others must make all of their Thanksgiving fare themselves.
We previously covered the Meridian Sunrise Village case on the Bankruptcy Blog here.
A decision recently handed down by the U.S. District Court for the Western District of Washington should be of interest to lenders and distressed debt purchasers. In Meridian Sunrise Village, LLC v. NB Distressed Debt Investment Fund Ltd. (In re Meridian Sunrise Village, LLC), 2014 BL 62646 (W.D. Wash. Mar. 6, 2014), a lender group had provided $75 million in financing to a company for the purpose of constructing a shopping center.
The Bankruptcy Court for the Western District of Washington has now joined other states in invalidating transfers to a self-settled trust on a variety of grounds in the latest asset protection self settled trust case, In re Huber, 2012 Bankr. LEXIS 2038 (May 17, 2013).