| The Scope of FDIC Coverage |
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August 26, 2008 Link
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The Federal Deposit Insurance Corporation (“FDIC”) insures deposit accounts up to a standard maximum deposit insurance amount. In order to qualify for FDIC coverage, however, an account must meet three main criteria...submitted by F. Gerald Greenwell.
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| The Facta Fix: Amendment to Federal Law Renders Most Class Actions Moot, but Businesses Must Still Be Careful About Information Appearing On Printed Receipts |
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August 26, 2008 Link
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For the last eighteen months, lawyers around the country have been defending hundreds of retailers, restaurants and other merchants who accept credit or debit cards in the course of their business in putative class action lawsuits filed on behalf of their customers. Submitted by Peter M. Cummins.
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| Sixth Circuit Allows a Vendor’s Priority on Its Reclamation Claim to Survive The Sale of Secured Goods Subject to Reclamation |
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August 25, 2008 Link
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The United States Court of Appeals for the Sixth Circuit recently held in the case of Phar-Mor, Inc. v. McKesson Corp., that a vendor’s administrative-expense priority on its reclamation claim is not extinguished when the goods subject to reclamation are sold and the proceeds are used to satisfy a secured creditor’s superior claim. Submitted by Ali Razzaghi.
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| FHLB Letters of Credit |
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August 25, 2008 Link
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The Federal Home Loan Bank is promoting the use of its letters of credit to back community banks letters of credit for tax exempt bond issues. Submitted by William (Bill) L. Skees, Jr.
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| Default Judgment and Collateral Estoppel, Check Your State |
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August 19, 2008 Link
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You are a victim of an alleged evildoer (such as a fraudster or a thief) and you muster the effort to sue, typically in state court. Submitted by Vincent E. Mauer.
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| Attorney in Fact - or Fiction? |
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August 12, 2008 Link
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Huntington National Bank made a $55,000 line of credit available to Paul and Elizabeth Kazmaier, which loan was secured by a mortgage on their residence. So far, this is a pretty routine transaction. Submitted by Kimberly K. Mauer.
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| Sixth Circuit Rules against Late-Perfecting Secured Creditor in Bankruptcy Proceeding |
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August 5, 2008 Link
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The Federal Sixth Circuit Court of Appeals has joined a growing number of courts in ruling against creditors that fail to timely perfect security interests under 11 U.S.C. § 547. In In re Lee, the Sixth Circuit affirmed an Eastern District of Michigan bankruptcy court ruling that avoided a late-perfected mortgage as a preferential transfer. Submitted by Aaron M. Bernay and Matthew J. Horwitz.
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