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Article

Kramer Levin Naftalis & Frankel LLP | USA | 19 Jul 2016

Conditions and Covenants in Debt Documents: Strict vs. Substantial Performance

In the recently decided case of The Bank of New York Mellon Trust Company, N.A. v. Morgan Stanley Mortgage Capital, Inc. (2d Cir. April 27, 2016), a

Article

Chadbourne & Parke LLP | USA | 20 Sep 2010

Originators and intended beneficiaries have no attachable interest in midstream electronic fund transfers

The United States Court of Appeals for the Second Circuit recently ruled that a midstream electronic fund transfer (“EFT”) temporarily in the possession of an intermediary bank in New York may not be garnished under the Federal Debt Collection Procedures Act (“FDCPA”), 28 U.S.C. 3206, et seq., to satisfy judgment debts owed by either the originator or the intended beneficiary of the EFT.

Article

Katten Muchin Rosenman LLP | USA | 25 Aug 2009

Love Funding: appeals court could resolve champerty uncertainty

The recent decision of the US Court of Appeals for the Second Circuit in Trust for the Certificate Holders of the Merrill Lynch Mortgage Investors, Inc Mortgage Pass-Through Certificates v Love Funding Corp(1) presented unanswered questions with respect to the application of champerty to an assignment of claims in connection with transfers of debt instruments.

Article

White & Case LLP | USA | 24 Feb 2009

Second Circuit ruling could hurt ability to manage credit crisis litigation and could undermine distressed debt markets

A recent Second Circuit decision could have significant ramifications for banks and other financial institutions attempting to manage litigation flowing from the credit crisis and manage exposure via the distressed debt market.

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