| Indiana’s Court of Appeals Addresses Right to Refuse Cashier’s Check |
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July 30, 2009 Link
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A fairly recent Indiana Court of Appeals decision addresses an issue of first impression, namely, under what circumstances, if any, an issuing bank may properly refuse to pay a cashier’s check. A cashier’s check is “[a] check drawn by a bank on itself, payable to another person, and evidencing the payee’s authorization to receive from the bank the amount of money represented by the check; a draft for which the drawer and drawee are the same bank, or different branches of the same bank.” Submitted by Daniel P. King.
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| Statute of Limitation for Trustee’s Begins when Beneficiary Knew or Should have Known of Alleged Conduct |
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July 21, 2009 Link
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The Ohio Supreme Court now holds that the time to assert a claim against a trustee begins to run or accrue when the claimant knows or with reasonable diligence should have known of the alleged misconduct. In Cundall v. U.S. Bank, the Ohio Supreme Court, on June 4, 2009, modified its prior general rule that the statute of limitations for claims against the trustee did not begin to run until the fiduciary relationship ended – i.e when the trustee was removed or resigned. Submitted by Denise H. McClelland.
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| Certain Technical Deficiencies Under Truth In Lending Act No Longer Fatal |
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July 21, 2009 Link
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The U.S. Court of Appeals for the First Circuit recently held that technical deficiencies contained within a notice of rescission sent to borrowers are not fatal under the Truth In Lending Act, 15 U.S.C. §1635 ("TILA"). Melfi v. WMC Mortgage Corp., 568 F.3d 309, 312 (1st Cir. June 11, 2009). Submitted by Lucy R. Dollens.
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| New Restrictions on Fees and Expiration Dates on Gift Cards and Gift Certificates |
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July 13, 2009 Link
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The Credit CARD Act prohibits an issuer from charging any fee as a result of inactivity unless the issuer clearly and conspicuously discloses to the purchaser, before the purchase, that the issuer may assess a fee if there is no activity on the card for a certain period, the amount of the fee, and how often the fee will be charged. An issuer may not assess any inactivity fee until there has been a period of inactivity for at least 12 months and may not assess more than one fee in any month. Submitted by Darren A. Craig.
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| National Banks Subject to State Laws |
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July 8, 2009 Link
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The Supreme Court has issued its decision in Cuomo v. Clearing House Association1 and in doing so has upheld the right of states to apply certain of their laws to national banks. Submitted by Gerald L. Baldwin.
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| “The Best of Disinfectants”: Sunshine and Other Developments Relevant to Agreed Protective Orders in Today’s Economy |
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July 2, 2009 Link
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In many practical respects, the Agreed Protective Order that governs whether and to what extent information exchanged during discovery is kept confidential is the most important Order entered by a Judge presiding over a complex piece of litigation. Submitted by Peter M. Cummins.
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| Who Owns That Real Property? |
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July 2, 2009 Link
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We often care about who owns property. Lienors and judgment creditors search for assets owned by particular individuals. Lenders transfer cash in reliance on the belief that they know who owns particular assets. Submitted by Vincent E. Mauer.
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