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by Erich Paetsch, Chair, Financial Services Industry Group A common requirement of financing and contractual agreements is a guaranty. The reasons to include one are numerous. For example, when multiple entities are involved or a lender would prefer a strong personal commitment to a project or business, a guaranty reduces liability or guarantees performance by …
by Erich Paetsch, Chair, Financial Services Industry Group A common theme expressed in the financial services industry is concern over the scope, extent and burden of regulatory action. The so called “administrative state” is a critical actor interpreting, implementing, and enforcing statutes against lending institutions and businesses generally. Congress has historically deferred to federal agencies …
by Erich Paetsch, Chair, Financial Services Industry Group Recently, the Ninth Circuit Court of Appeals in Gross v. CitiMortgage considered the extent to which financial institutions furnishing consumer credit information to reporting agencies must investigate consumer disputes. The Court reaffirmed an earlier decision that requires “furnishers” to conduct investigations that must be at least “reasonable” …
By Litigation Practice Group On March 22, 2020, and in response to the COVID-19 pandemic, Oregon Governor Kate Brown issued Executive Order No. 20-11 (the “Order”), which temporarily stops all residential evictions in the state based on the nonpayment of rent. Given the impacts that the novel infectious coronavirus has already had and will continue …
Saalfeld Griggs Litigation, Creditors’ Rights & Bankruptcy Practice Groups Oregon Business Lawyers Erich M. Paetsch moderated the general session “A View from Washington” at the Idaho, Nevada & Oregon Bankers Association 2016 Annual Convention in Coeur D’alene, Idaho. The session evaluated political and regulatory compliance risks; the most pressing issues and advocacy priorities currently facing …
A recent Supreme Court case considered whether, in a Chapter 7 bankruptcy proceeding, a junior mortgage may be voided when the senior mortgage amount exceeds the value of the property. For lenders, this means that if you hold a mortgage that is second in line to the primary mortgage, and that primary mortgage is larger …
Bankruptcy courts have a seemingly obvious purpose—to settle bankruptcy claims. However, bankruptcy courts may also hear and decide matters that would traditionally be argued in a federal district court if those matters are related to the bankruptcy proceeding and the parties consent to arguing the issues in the bankruptcy court. To clarify why this matters, …
During a Chapter 13 bankruptcy proceeding, a trustee collects a portion of a debtor’s wages for distribution to creditors according to a court-approved payment plan. At any time, a debtor may convert his Chapter 13 proceeding into a Chapter 7 proceeding, during which the debtor’s wages are not collected. What happens to wages collected, referred …
As an update to our blog post of November 25, 2014 (below), the United States District Court for the District of Oregon recently changed course with regard to property surrendered in bankruptcy, vacating and remanding In re Watt. Judge Ann Aiken recognized the lack of clarity to 11 USC 1322(b)(9), which at first blush may appear …
By Randall Sutton, Saalfeld Griggs PC As financial services employers are well aware, the legalization of marijuana for recreational use poses new challenges for banks wishing to maintain a drug free workplace. If the experiences of Colorado and Washington are any indication, Oregon is likely to see a significant increase in the number of employees …