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In Maddox v. Bank of N.Y. Mellon Trust Co., N.A., 997 F.3d 436, the Second Circuit recently held that individuals have Article III standing to seek statutory damages for a bank’s violation of Real Property Law (RPL) §275 and New Real Property Actions and Proceedings Law (RPAPL) §1921 (together, New York’s Mortgage-Satisfaction-Recording Statutes). The Second Circuit held that, despite no “actual injury,” violations of New York statutory law constitute a concrete and particularized harm giving rise to Article III standing. This is important because under New York rules, a plaintiff could not bring a class action in state court under New York’s Mortgage-Satisfaction-Recording Statutes. Because the Second Circuit held that a bare violation of New York’s Mortgage-Satisfaction-Recording Statutes without a demonstration of actual injury conferred federal jurisdiction, a mortgagor now has the ability to bring a class action in federal court. Thus, statutes designed to be merely remedial in nature can now be used punitively against lenders and servicers.
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Sui Generis: Collaborate Like You Mean It
By Lydia Pilch
Part Three of a Series
This article offers up some thoughts about how lawyers ought to access and manage resources in order to provide a multi-faceted, full-service approach to addressing their clients’ needs.
Court of Appeals Addresses Pretext By Municipalities As A Bar to Land Use Approvals?
By Steven M. Silverberg
Recently, there have been several instances in which municipalities have been challenged by property owners claiming that the municipal boards have utilized delaying tactics and other actions as a pretext to prevent development of their properties.
Court Caps Landlord's Bankruptcy Claim Against Lease Guarantor
By Andrew C. Kassner and Joseph N. Argentina Jr.
Given that landlord damage claims could overwhelm other creditor claims in a tenant’s bankruptcy case, the Bankruptcy Code includes a provision that limits a landlord’s claim, which presents challenges for landlords as creditors in bankruptcy cases.
Due Diligence Commercial Leasing Best Practices In New Jersey
By Zachary Rosenberg
Due diligence for CRE loans involves a comprehensive review and analysis of the various conditions and risks associated with the property being mortgaged, with the goal of mitigating such risks to the greatest possible extent before closing the loan.