The Supreme Court of Virginia holds that Virginia law does not permit a court to modify a confessed judgment over the objection of the creditor, absent a trial.
Maryland, Foreclosure, Financial Litigation, Title
Maryland intermediate appellate court reaffirms that there is no statute of limitations applicable to the foreclosures of mortgages. 2014 Amendments to statute of limitations confirmed that foreclosure proceedings were not subject to the 12-year limitations period, and was part of a statutory scheme to reduce the limitations period for post-foreclosure deficiency proceedings to three years.
Title, Financial Litigation, Real Estate
Buyer in a real estate transaction who is duped by fraudulent wiring instructions is not owed a duty by the transferee/recipient bank of the wire transfer: No duty to the sender/buyer to properly verify the identity of the person who opened the recipient bank account, nor a duty to take “preventable steps” before permitting the withdrawal of a large amount of funds from the newly opened bank account.
U.S. Supreme Court, Debt Collection
The U.S. Supreme Court held that “those who engage in only nonjudicial foreclosure proceedings are not debt collectors within the meaning of the [FDCPA],” save for § 1692f(6), which prohibits certain conduct in “effect[ing] dispossession or disablement of property.” On the other hand, the bulk of the FDPCA’s prohibitions, including § 1692g(b)’s verification requirement, did not apply to such foreclosure firm.
Maryland, Real Estate
The Court of Appeals of Maryland determined that, after a foreclosure sale, commercial real estate brokers could not enforce a covenant to pay renewal leasing commissions against the new owner, because the right to renewal commissions were personal obligations of the Original Owner/Landlord, which did not run with the land.
Virginia, Title, Real Estate
The Supreme Court of Virginia held that a deed’s legal description referring to a boundary road, includes title to the center line of the road, unless a contrary intent is shown. A description of the square footage of the property that excluded the area of the road did not show a contrary intent, because square footage is the least certain mode of describing land, which must yield to a description by boundaries and distances.
