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Banking Law Blog Entries

Kentucky Court of Appeals Corrects Misinterpretation of Regulation Governing Fees for Cancelled Foreclosure Sales
 February 24, 2010   Link
For years disagreement (often informal or unspoken) has existed in Kentucky between counsel and Master Commissioners’ offices regarding the correct method for calculating fees payable to the Master Commissioner for foreclosure sales that are cancelled either at the request of a lienholder or as required by law (e.g. a bankruptcy filing by the property owner).   Submitted by Martin B. Tucker.
Indiana Court of Appeals Rules that Six-Year Statute of Limitations for Unwritten Contracts Applies to Credit Card Debt Collection Actions
 February 11, 2010   Link
The Indiana Court of Appeals recently concluded that a consumer credit card debt arose from an unwritten contract or an “account” for the purposes of determining the applicable statute of limitations. See, Smither v. Asset Acceptance, LLC, 919 N.E.2d 1153 (Ind.Ct.App. 2010). Jason Smither (“Smither”) owed over $1,700 on a credit card issued by Provident Bank. On September 18, 2000, Provident Bank “charged off” Smither’s account and subsequently sold the account to Asset Acceptance, LLC (“Asset”). On May 30, 2006, Asset filed suit against Smither, seeking damages of $2,152.67, plus interest.  Submitted by Daniel P. King.






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