Showing 5 posts in Indiana.
In May, the Indiana legislature enacted HB 1081, which, among other things, alters the state’s Uniform Consumer Credit Code (UCCC). The bill includes a variety of changes that will affect financial institutions, such as changes to: (1) the territorial scope, (2) threshold loan amounts, (3) surety bond requirements, and (4) the Department of Financial Institution’s (DFI) administrative powers. Read More ›
The Indiana Court of Appeals recently interpreted an ambiguous subordination agreement, finding the subordinated creditor was entitled to the appointment of a receiver over the mortgaged property. PNC Bank, National Association v. LA Develop., Inc., --- N.E.2d ---, No. 41A01-107-MF-314, 2012 WL 3156539 (Ind. Ct. App. Aug. 6, 2012). In PNC Bank, the bank loaned funds to a developer in 2004 for the development of two properties. The loans were secured by mortgages on the properties. The mortgages contained a provision under which the developer agreed to the appointment of a receiver. Read More ›
The Indiana Lawyer Announced on March 31, 2011, that the Fair Finance Co.’s bankruptcy trustee had reached a $371,000 settlement with an Indianapolis attorney who was accused of defaulting on a 2003 loan from the business. The trustee had sued the Indiana attorney and his wife, saying that the couple failed to pay off a $250,000 loan that matured in 2006. Accrued interest had raised the amount owed to over $370,000. Read More ›
In a recent decision, the Court of Appeals ruled that a subsequent lender’s good faith reliance on a payoff statement was sufficient to release the prior mortgage under Indiana Code § 32-29-6-13, which provides in pertinent part that “a creditor or mortgage servicer may not withhold the release of a mortgage if the written mortgage payoff statement misstates the amount of the payoff and the written payoff is relied upon in good faith by an independent closing agent without knowledge of the misstatement … .” Read More ›
Seventh Circuit Clarifies Indiana Mortgage Recording Statute, Holding 2007 Amendment - Providing That Recorded Mortgages With Technical Defects Give Constructive Notice To Bona Fide Purchasers - Applied To All Mortgages, Regardless When Recorded
In Miller v. LaSalle Bank Nat’l Assoc., 595 F.3d 782, 784 (7th Cir. 2010), the Seventh Circuit Court of Appeals resolved a question of statutory interpretation that had been the subject of considerable litigation. Read More ›
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William T. Repasky practices with the Litigation Department at Frost Brown Todd. He focuses on lending and commercial services; banking litigation and financial institutions.