| Proposed Changes to Kentucky's Subpoena Rules May Save Financial Institutions Money and Time |
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July 29, 2008 Link
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So long as lawsuits are filed in Kentucky, our financial institutions will be burdened with complying with subpoenas directed against their customers by litigants in those lawsuits. Submitted by William T. Repasky.
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| A “Free and Clear” Sale Order Does Not Necessarily Extinquish Defenses |
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July 22, 2008 Link
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On February 20, 2008, the Court of Appeals of Ohio, rendered a decision in the case of EMC MTGE. Corporation v. Atkinson, 175 Ohio App. 3d 571, 2008, that is of particular interest to mortgage companies, as well as bankruptcy professionals. Submitted by Bridget H. Papalia.
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| Sixth Circuit Upholds Means Test for Bankruptcy Filers |
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July 22, 2008 Link
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The Federal Sixth Circuit Court of Appeals has upheld the “means test” included in the recently passed Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (“BAPCPA”), finding that the provisions of BAPCA which base bankruptcy eligibility upon the debtor state’s median income levels did not violate the uniformity requirements of the Bankruptcy Clause of the United States Constitution. Submitted by John R. Wingo.
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| New York Senate Bill S08143-A |
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July 18, 2008 Link
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On May 2, 2008, a bill was introduced by about a dozen New York State Senators that would amend the real property and banking laws of New York by creating new crimes relating to mortgage fraud and foreclosure consulting contracts. submitted by Eliot G. Bastian.
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| Collecting on Judgments – Misconception Regarding Garnishment of Joint Bank Accounts in Kentucky |
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July 11, 2008 Link
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More often than not, monies deposited into a joint account are not separate property of the joint owners because each owner is generally authorized by the terms of the deposit account agreement to withdraw all the money in the joint account. Submitted by Martin B. Tucker.
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| The United States Supreme Court Enters Ruling in Favor of State Tax Officials Regarding Transfer Taxes in Bankruptcy Case of Piccadilly Cafeterias, Inc. |
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July 1, 2008 Link
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On Monday, June 16, 2008, the United States Supreme Court (the “Supreme Court”), in the case captioned Florida Department of Revenue v. Piccadilly Cafeterias Inc., entered a 7-2 ruling allowing Florida tax officials to tax a court-ordered asset transfer from the chapter 11 bankruptcy estate of Piccadilly Cafeterias, Inc. to a third party purchaser of the assets. Submitted by Joseph B. Wells.
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| Bank Allowed To Pursue Claims Against Bank's Accounting/Audit Firm for Borrowers' Default and Losses |
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July 1, 2008 Link
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On June 6, 2008, the Kentucky Court of Appeals reversed summary judgment granted in favor of Crowe Chizek & Co., LLC, an accounting firm. Submitted by Denise H. McClelland.
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| The Automatic Stay Applies to Property You Own |
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July 1, 2008 Link
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Most clients have heard the term “automatic stay” and they know that a bankruptcy filing puts a hold on pending litigation and other certain other actions. Submitted by Vincent E. Mauer.
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| Resolving Priority Disputes Between Holders of Mechanics’ Liens and Mortgages |
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July 1, 2008 Link
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When does a mechanic's lien holder defeat a prior recorded mortgage? Submitted by Jeffrey S. Rosenstiel.
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