Banking Alert May 2023

In this issue:

• Using Cost-Shifting in Responding to Overbroad and Burdensome Subpoenas
• New Jersey Appellate Division Strikes Down “Unconscionable” Arbitration Provision

Banking Alert April 2023

In this issue:

• New Jersey Appellate Division Denies Appeal Seeking to Contest Foreclosure Action as Moot
• New Jersey Trial Court Rejects Borrower’s Unclean Hands Defense to Foreclosure Action

Banking Alert March 2023

In this issue:

• New Jersey Appellate Division Reverses Trial Court and Dismisses Foreclosure Action With Prejudice as Untimely
• New Jersey Appellate Division Reverses Trial Court’s Denial of Motion to Vacate Final Judgment of Foreclosure

Corporate Alert March 2023

In this issue:

• Private Company Ownership Disclosure is Coming
• On Our Watchlist:  Non-Compete Clauses Under Scrutiny

Banking Alert February 2023

In this issue:

• New Jersey Appellate Division Finds Parties Required to Arbitrate Despite Lack of Explicit Waiver
• New Jersey Appellate Division Affirms Trial Court’s Order Vacating Final Judgment of Foreclosure

Banking Alert January 2023

In this issue:

• Appellate Division Refuses to Bar Claims on Letter of Credit Under Entire Controversy Doctrine
• Appellate Division Affirms Final Judgment of Foreclosure and Dismissal of CFA Counterclaim

Banking Alert December 2022

In this issue:

• Appellate Division Refuses to Bar Claims on Letter of Credit Under Entire Controversy Doctrine
• Appellate Division Affirms Final Judgment of Foreclosure and Dismissal of CFA Counterclaim

Tax and Trust & Estates Newsletter December 2022

In this issue:

• Gifts to Charities
• 2023 Inflation Adjustments for Tax Items

Banking Alert November 2022

In this issue:

• Federal Court Dismisses Breach of Contract Claim Against Credit Union
• Federal Court Dismisses Complaint Against Bank Relating to Embezzlement by Customer’s Employee

Banking Alert October 2022

In this issue:

• Fifth Circuit Invalidates CFPB’s Regulations Governing Payday Lenders and Calls Into Question Constitutionality of CFPB’s Authority
  
• New Jersey Appellate Division Affirms Summary Judgment in Favor of Plaintiff in Residential Foreclosure Action
  

Banking Alert September 2022

In this issue:

• Debtor in Default May Assert Breach of Contract Claim Against Loan Servicer for Failure to Honor Loan Modification Agreement
• New York Federal Court Dismisses Complaint Against Bank That Processed Wire Transfers

Banking Alert August 2022

In this issue:

• Third Circuit Applies “Reasonable Reader” Standard in Dismissing Fair Credit Reporting Act Claims
• New Jersey Federal Court Grants Application for Turnover Order of Funds From Joint Account

Banking Alert July 2022

In this issue:

• New Jersey Appellate Division Reinstates Borrowers’ Claim to a Fair Market Value Credit
• New Jersey Appellate Division Rules That Debtor’s Chapter Seven Bankruptcy Discharge Does Not Prevent Creditor From Seeking to Foreclose on Real Property

Banking Alert June 2022

In this issue:

• New Jersey Appellate Division Upholds Terms of Settlement Agreement in Foreclosure Action
• New Jersey Federal Court Dismisses Discrimination Claim Against Bank Based on Closure of Plaintiff’s Checking Account

Banking Alert May 2022

In this issue:

• New Jersey Supreme Court Approves Increases to Jurisdiction Limits for Special Civil and Small Claims Matters
  
• New York Supreme Court Denies Motion Requesting Stay of UCC Foreclosure Sale
  
• New Jersey Appellate Division Reverses Dismissal of Claims Against Guarantor

Banking Alert April 2022

In this issue:

• New Jersey Appellate Division Affirms Trial Court Order Denying Appellant’s Motion to Set Aside Sheriff’s Sale
• New Jersey Appellate Division Reinstates Final Judgment of Foreclosure Despite Defendant’s Claim It Was Not Served With Foreclosure Complaint

Banking Alert March 2022

In this issue:

• New Jersey Appellate Division Overturns Final Judgment of Foreclosure Because of Question Over Possession of Note and Mortgage
• New Jersey Appellate Division Affirms Final Judgment of Foreclosure After Debtor Fails to Substantiate Objections to Proof of Amount Due

Banking Alert February 2022

In This Issue:

• New Jersey Appellate Division Rejects Borrower’s Challenge to Foreclosure on Basis of Purported TILA Violation
• Owner of A Certificate of Deposit Seeking Payment Three Years After Maturity Must Rebut Presumption of Abandonment Under New Jersey Uniform Unclaimed Property Act

Banking Alert January 2022

In This Issue:

• Governor Murphy Signs Law Requiring Notification to Municipalities of Foreclosures on Commercial Properties
• New Jersey Appellate Division Affirms Commercial Foreclosures That Were Based on Cross-Default Provision in Loan Agreements

Tax and Trust & Estates Newsletter January 2022

In This Issue:

• Reflections on 2021
• 2022 Inflation Adjustments for Tax Items
• Trustees Beware: Trust-Owned Life Insurance Needs A Regular Review to Avoid Trustee Liability
• IRS Issues Instructions on S-Corporation’s Tax Reporting Related to PPP Loan Forgiveness

Banking Alert December 2021

In This Issue:

• New York Foreclosure Moratorium Set to Expire on January 15, 2022
• New Jersey Appellate Division Affirms Final Judgment in Residential Foreclosure Action
• Discharge of Mortgage Foreclosure Action Did Not Have Preclusive Effect on Related Claims in Law Division Action

Banking Alert November 2021

In This Issue:

• New Jersey to Resume Evictions for Residential Foreclosures
• Federal Trade Commission Issues Updates to Standards for Safeguarding Customer Information
• Credit Report’s Description of Accounts as “Written Off” Did Not Violate Fair Credit Reporting Act

Banking Alert October 2021

In This Issue:

• Kings County Supreme Court Cancels “Hardship” Conferences in Foreclosure Actions After Legal Challenge
• Plaintiffs’ Claims Against Bank Based on Fraudulent Transfer From Their Account are Dismissed for Failure to Follow Procedural Requirements
• New Jersey Appellate Division Reverses Grant of Summary Judgment to Lender on Guaranties

Banking Alert September 2021

In This Issue:

• New York Extends Foreclosure Moratorium and Alters Hardship Declaration Process
• Third Circuit Determines That Court-Appointed Receivers Are Entitled to Quasi-Judicial  Immunity
• United States District Court Denies Cross-Motions for Summary Judgment on UCC Conversion Claim

Banking Alert August 2021

In This Issue:

• United States Supreme Court Strikes Down COVID-19 Protections in New York
• New Jersey Federal Court Dismisses Borrower’s Fraud Claims After Exercising Supplemental Jurisdiction
• New Jersey Appellate Division Finds Defaulting Purchaser at Sheriff’s Sale Does Not Forfeit Entire Deposit but was Required to Pay Mortgagee’s Out-of-Pocket Costs Attributable to Purchaser’s Default

Banking Alert July 2021

In This Issue:

• United States Supreme Court Further Limits Standing in Consumer Class Actions
• New Jersey Appellate Division Applies Statute of Limitations to Bar Collection Action on Promissory Note
• New Jersey Appellate Division Affirms Decision to Vacate Judgment of Foreclosure When Complaint Was Not Properly Served on Real Title Holder

Banking Alert June 2021

In This Issue:

• New York Extends Limitation on Residential and Commercial Foreclosures Until August 31, 2021
• New Jersey Appellate Division Affirms Grant of Partial Summary Judgment in Deficiency Action and Dismissal of Borrowers’ Lender-Liability Based Counterclaims
• Recent Changes to the New York Statutory Short Form Power of Attorney

Banking Alert May 2021

In This Issue:

• New Jersey Appellate Division Affirms Trial Court’s Grant of Summary Judgment in Residential Foreclosure Action
• New York Amends its Rules for Attorney Trust, Special and Escrow Accounts in Connection with Overdraft Notices
• New Jersey Appellate Division Rejects Borrower’s Standing Arguments in Foreclosure Action

Banking Alert April 2021

In This Issue:

• New Jersey Federal Court Denies Motion Seeking to Dismiss FDCPA Claims Arising From Filing of Foreclosure Action
• New Jersey Appellate Division Affirms Trial Court’s Grant of Summary Judgment in Residential Foreclosure Action
• New York Appellate Division Refuses to Enjoin Article 9 Foreclosure Sale of Equity Interests of Borrower

Banking Alert February 2021

In This Issue:

• New Jersey Federal Court Dismisses Mortgagor’s Claims Against Former Counsel and Mortgagee in Connection with State Foreclosure Action
• New Jersey Appellate Division Applies Equitable Subrogation Doctrine to Junior Mortgage Where Senior Mortgage Had Already Been Paid in Full
• New Jersey Supreme Court Reverses New Jersey Appellate Division’s Holding That Invalidated Mortgage Documents as Forgeries

Banking Alert January 2021

In This Issue:

• New Jersey Appellate Division Affirms Default Judgment in Equipment Financing Collection Action
• New Jersey Appellate Division Affirms Financial Judgment of Foreclosure Where Defaulting Defendant Failed to Establish Meritorious Defense
• New Jersey Federal Court Dismisses Complaint on Abstention Grounds

Banking Alert December 2020

In This Issue:

• Anthony J. Sylvester Named “Lawyer of the Year” in Banking and Financing Law
• New Jersey Federal Court Refuses to Dismiss Breach of Implied Covenant of Good Faith and Fair Dealing Claim Brought by Borrower Against Lender
• New Jersey Appellate Division Affirms Reinstatement of Foreclosure Action After Proof of Service of NOI Provided to Trial Court

Banking Alert November 2020

In This Issue:

• New Jersey Appellate Division Affirms Dismissal of Claim Over Dishonored Check
• New Jersey Appellate Division Rejects Untimely Challenges to Summary Judgment in Foreclosure Action
• New Jersey Appellate Division Affirms Denial of Motion to Vacate Judgment of Foreclosure

Banking Alert October 2020

In This Issue:

• New Jersey Appellate Division Affirms Final Judgment of Foreclosure and Striking of Borrower’s Counterclaims
• New Jersey Federal Court Dismisses Complaint Alleging Fraud Against Mortgage Servicer
• New Jersey Appellate Division Rejects Borrower’s Challenge to Bank’s Standing to Foreclose

Banking Alert September 2020

In This Issue:

• CFA Claim Brought By Borrower’s Spouse Precluded By Entire Controversy Doctrine
• New Jersey Appellate Division Affirms That Defendant in Foreclosure Action Lacks Standing to Challenge Assignment of Mortgage
• New Jersey Appellate Division Refuses to Vacate Sheriff Sale Based on Challenge to Notice of Sale

Banking Alert August 2020

In This Issue:

• New York Federal Court Affirms $232,500 Arbitration Award Against Bank For Violation of Telephone Consumer Protection Act
• New Jersey Appellate Division Affirms Summary Judgment Order in Favor of Lender in Foreclosure Action
• New Jersey District Court Remands Foreclosure Action to State Court for Lack of Subject Matter Jurisdiction

Banking Alert July 2020

In This Issue:

• New Jersey Supreme Court Rules That Entire Controversary Doctrine Does Not Bar Party Who Is Successful on A Motion to Dismiss from Later Asserting Claims
• Appellate Division Affirms Denial of Additional Attorneys’ Fees and Sanctions in Connection with Fair Debt Collection Practices Act
• New Jersey Supreme Court Rules Debtor Can’t Affirmatively Use Fair Market Value Credit to Obtain Money Judgment Against Creditor

Banking Alert June 2020

In This Issue:

• New Jersey Supreme Court Rules That The Uniform Fiduciaries Law Does Not Permit An Affirmative Claim Against A Bank
• New Jersey Appellate Division Refuses to Vacate Default in Promissory Note Action Seeking to Enjoin Sale of Property
• New Jersey Appellate Division Declines to Bar Foreclosure Action Based on Entire Controversy Doctrine

Banking Alert May 2020

In This Issue:

• New Jersey Chancery Court Refuses to Vacate Sheriff’s Sale Based on Borrower’s Incomplete Loss Mitigation Application
• Federal Court Dismisses Action Stemming From Foreclosure Judgment Pursuant to Rooker-Feldman Doctrine
• Appellate Division Declines to Vacate Final Judgment of Foreclosure Against Defaulted Defendant

Banking Alert April 2020

In This Issue:

• New Jersey and New York COVID-19 Court Updates
• New Jersey Appellate Division Rejects Plaintiff’s Attempt to Relitigate Priority of Bank’s Mortgage
• New Jersey Appellate Division Affirms Ruling That Right to the Reinstatement of Mortgage Ends with the Entry of Final Judgment of Foreclosure

Corporate Alert March 2020

In This Issue:

• Cash Flow Assistance for Small Businesses: Potentially Forgivable Paycheck Protection Loans
• Tax Credits for Employers Who Provide Coronavirus-Related Leave
• Force Majeure Clauses and COVID-19
   

2020 Estate Planning Essentials Guide - NJ Edition

A broad overview of wills, trusts, estate and gift taxes, and important planning techniques and documents.

If you have questions, please contact any of the attorneys in our Tax and Trusts & Estates Practice Group. Nothing in this booklet should be relied upon as legal advice in any particular matter.

Tax and Trust & Estates Update February 2020

In This Issue:

• The New SECURE Act’s Effect on Estate Planning for Retirement Plans
• Relief from Federal Limitation on Deduction for State and Local Income Taxes for Some New Jersey Business Owners
• Private Foundation Excise Tax Rate Simplification – Law Change Effective 2020
• Misleading Notices from Third Parties of Annual Report Delinquencies for New Jersey Entities

Banking Alert January 2020

In This Issue:

• New Jersey Appellate Division Affirms Summary Judgment Order Dismissing Dishonored Check Action and Order Awarding Attorneys’ Fees 
• District Court Dismisses Claims Relating to Alleged Fraud in Wells Fargo Foreclosure Methods
• New Jersey Appellate Division Affirms Decision Vacating Final Judgment in Tax Foreclosure Action Against Mortgagee Based on Notice of Lis Pendens

Banking Alert December 2019

In This Issue:

• New Jersey Appellate Division Affirms Denial of Motion Seeking to Vacate Final Judgment of Foreclosure 
• New Jersey Appellate Division Rejects Borrower’s Attempt to Avoid Foreclosure Based on Bankruptcy Order of Discharge
• New Jersey Appellate Division Affirms Foreclosure Judgment Entered Seven Years After Rejecting Borrower’s Loan Modification Argument

Banking Alert November 2019

In This Issue:

• New Jersey Appellate Division Reverses Dismissal of Complaint Seeking Repayment of Loans as Time-Barred
• Federal Court Dismisses Borrower’s Complaint and Sanctions Borrower’s Counsel
• Appellate Division Rejects Upholds Denial of Motion to Vacate Final Judgment of Foreclosure After Sheriff’s Sale

Tax and Trust & Estates Update November 2019

In This Issue:

• 2020 Inflation Adjustments for Tax Items
• If You Want to Make Gifts to Charities or Others in 2019, Be Sure Those Gifts Are “Completed” this Year for Tax Purposes
• Thinking of Converting your S Corporation to a C Corporation? Avoid this Trap for the Unwary.
• The Nonprofit Forum - Is it Time to Convert Your Private Foundation to a Donor-Advised Fund?

Banking Alert October 2019

In This Issue:

• New Jersey Appellate Division Affirms Priority of Bank’s Mortgage Lien Over Marital Possessory Interest
• New Jersey Appellate Division Rejects Challenge to Foreclosure Action Based on Unclean Hands Doctrine
• New Jersey Appellate Division Reverses Grant of Summary Judgment and Final Judgment of Foreclosure Due to Competing Notes Submitted to Court

Banking Alert September 2019

In This Issue:

• New Jersey Federal Court Dismisses FDCPA and CFA claims Under Rooker-Feldman Doctrine
• New Jersey Appellate Division Affirms Dismissal of Claim for Failure to Pay on a Dishonored Check
• New Jersey Appellate Division Refuses to Vacate Final Judgment of Foreclosure Despite Mistakenly Filed Satisfaction of Mortgage

Banking Alert August 2019

In This Issue:

• New Jersey Appellate Division Finds Service of NOI Deficient in Foreclosure Action
• New Jersey Appellate Division Affirms Final Judgment of Foreclosure
• New Jersey Appellate Division Finds that Borrower Lacks Standing to Challenge Transfer of Mortgage in Foreclosure Action