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Home / Firm Blog / Banking/Credit Unions

Banking/Credit Unions

14
November
2015

Common Forms of Ownership of Real Estate

tenants in common, joint tenants with full rights of survivorship and tenancy by the entireties

Categories: Real Estate Law, Banking/Credit Unions

05
October
2015

What is the highest interest rate I can charge?

What is the highest interest rate I can charge?

What is the highest interest rate I can charge?

Categories: Banking/Credit Unions

19
April
2013

Steps Required for an Assignment of Rents

Michigan law permits borrowers to assign rents from their commercial and industrial properties (other apartments with less than six units and family residences) to their lenders as security for their loan. The lender, however, may only collect the rents completing several steps.  For assistance with assignment of rents, please contact us.

 

Written by: David J. Williams Categories: Real Estate Law, Business Law, Banking/Credit Unions

15
October
2012

Authority of Agent and type of bank account hurdles to summary disposition for check fraud

In an unpublished opinion dated October 9, 2012 in Michalik v JP Morgan Chase Bank, the Michigan Court of Appeals reversed the Wayne Circuit Court’s order granting summary disposition in favor of Chase because there was a question of material fact regarding whether the account in question was a joint account or a representative-payee account.

Categories: Banking/Credit Unions

10
October
2012

Dispute foreclosures within the redemption period

In an unpublished opinion dated October 9, 2012 in Tipton v Flagstar Bank, the Michigan Court of Appeals affirmed the Washtenaw Circuit Court’s grant of summary disposition in favor of Flagstar.  If you are involved in a foreclosure, make sure all promises from the mortgagee are in writing and that you take timely action to preserve your rights.

Categories: Case Summaries, Real Estate Law, Banking/Credit Unions

24
September
2012

Bill Schuette against the Frank Dodd Act

Michigan Attorney General Bill Schuette has joined the Attorneys General of South Carolina and Oklahoma, along with private party plaintiff’s Competitive Enterprise Institute, State National Bank of Big Spring, and the 60-Plus Association in challenging the constitutionality of certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”), which was signed into law on July 21, 2010.

Written by: David J. Williams Categories: Banking/Credit Unions

21
September
2012

Thank you Community Bankers of Michigan!

Hundreds of Michigan’s leading community bankers converged on Traverse City, Michigan this September for the 2012 Community Bankers of Michigan Convention and Trade Show. The bankers, bank service providers, and exhibitors were able to enjoy scenic Traverse City, Michigan and the beautiful Grand Traverse Resort and all of its amenities.

Written by: David J. Williams Categories: Banking/Credit Unions

03
February
2012

Successor Interests: Record ALL of your Assignments

In Kim v JP Morgan Chase Bank, the Michigan Court of Appeals reversed the lower court's decision and found a sheriff's sale to be void for lack of record chain of title linking the mortgage interest to JP Morgan Chase.

Written by: Pat Gallagher Categories: Real Estate Law, Insurance, Banking/Credit Unions

13
January
2012

Successor Interests: Record your Assignments

In Kim v JP Morgan Chase Bank, the Michigan Supreme Court reversed the lower court's decision and found a sheriff's sale to be void for lack of record chain of title linking the mortgage interest to JP Morgan Chase.

Written by: Pat Gallagher Categories: Real Estate Law, Litigation, Insurance, Banking/Credit Unions

05
January
2012

Equitable Subrogation: It’s not volunteering when you’re helping yourself

Peter Brown and Adam Holland, attorneys at the Gallagher Law Firm, have prepared the following article relating to the recent case about equitable subrogration in Michigan. The article was published on the

In December 2011, the Michigan Court of Appeals issued an opinion in CitiMortgage, Inc. v MERS, Inc. that addressed and expanded the doctrine of equitable subrogation in Michigan. The Court held that if the refinancing lender is the holder of the original mortgage that is being refinanced, the new mortgage can be subrogated to take the position of the original mortgage and it may retain the original mortgage's priority over intervening mortgages.

Written by: Pat Gallagher Categories: Real Estate Law, Insurance, Banking/Credit Unions

30
December
2010

Forbearance Agreements

A forbearance agreement is a contract between a borrower and a lender where the lender agrees to not exercise certain rights that it has under an existing agreement in exchange for actions on the part of the borrower. An example would be a bank's promise not to foreclose for a certain amount of time although they have the right to in exchange for the borrower's promise not to claim certain defenses if the account continues its delinquency and requires a lawsuit.

Written by: Pat Gallagher Categories: Business Law, Banking/Credit Unions

10
August
2010

Introduction to MERS

What is MERS?

MERS is a name frequently heard in court in connection with mortgage issues. Much litigation revolves around mortgages and often it is unclear to litigants how MERS operates. Often the issue is whether MERS should be a party to the litigation or if it has standing to be a party. Of course, each is case is different.

Written by: Pat Gallagher Categories: Real Estate Law, Litigation, Banking/Credit Unions

15
July
2010

Recent lawsuits filed regarding ATM fee notices

Plaintiffs' attorneys in Michigan are having potential plaintiffs troll ATMs searching for an absence of required notices. Generally, the Electronic Fund Transfer Act requires posting of fee notices on both the ATM itself and on the ATM screen or paper notice printed before the transaction is completed. Plaintiffs who make withdrawals from ATMs lacking all of the required notices then become the principal plaintiffs in a class action suit on behalf of all who have used the ATMs. These suits are attractive to Plaintiffs' attorneys because the lack of the required notices allows them to tag the banks for statutory damages and actual attorney fees.

Written by: Pat Gallagher Categories: Banking/Credit Unions

12
July
2010

The Creditor’s Right to Foreclose a Mortgage after Bankruptcy

Discharge of a debtor's personal liability by way of bankruptcy does not automatically extinguish or satisfy a lien against real property. As recognized by the United State Supreme Court, ordinarily liens on real property and other secured interests survive a Chapter 7 Bankruptcy.

Written by: Pat Gallagher Categories: Real Estate Law, Bankruptcy , Banking/Credit Unions

12
July
2010

New Trust Account Overdraft Notice Rule (TAON) Takes Effect September 15

Banks and credit unions should be aware that the Michigan Bar Association is implementing new rules applying to law firm trust accounts which go into effect in September 2010. Banks and credit unions that want to continue holding law firm trust accounts and benefiting from the ancillary business that results must comply with these new trust account rules. Law firms are responsible for confirming their bank or credit union complies with these rules.

Written by: Pat Gallagher Categories: Law Practice Management, Banking/Credit Unions