A recent New York Supreme Court decision illustrates the limitations of FAPA and the Court’s strong desire to uphold the six-year statute of limitations with regard to affirmative acts of revocation of acceleration of a mortgage.
In a recent case, E. Fork Funding LLC v. U.S. Bank, Nat’l Ass’n, the United States Court of Appeals for the Second Circuit has certified a novel question for the New York Court of Appeals ("NYCOA"): Whether Sections 4 and/or 8 of the Foreclosure Abuse Prevention Act (“FAPA”) apply to a unilateral voluntary discontinuance of a mortgage action taken prior to the Act’s enactment. In other words, will FAPA apply retroactively to dismiss cases where lenders voluntarily dismissed foreclosure actions in reliance on a resetting of the statute of limitations?
On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction in Texas Top Cop Shop, Inc., et al. v. Garland, enjoining the federal government from enforcing the Corporate Transparency Act (“CTA”), its implementing regulations, and its reporting deadlines, and finding that Congress exceeded its authority in enacting the law.
We're thrilled to announced that our colleague, Sulie Arias, has been promoted to Special Counsel in Cadwalader's Real Estate practice, effective January 1, 2025.
Cadwalader advised clients on matters involving a range of property types this past month.
