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October 19 & 20, 2017

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ACIC Private Notes                             August 2017
Welcome to the August 2017 edition of the ACIC Private Notes!

It may be hard to believe in these sweltering summer temperatures, but fall is just around the corner - as is the 2017 Annual Meeting! In this edition, co-chairs, Daniel Favero and Deborah Hayes, give you a sneak-peak behind the curtains look at this year's dazzling Broadway-themed program, taking place in New York on October 19 and 20.

This edition also includes recent case law summaries from the Mid-Atlantic Region (courtesy of My Chi To of Debevoise & Plimpton LLP) and the Midwest Region (courtesy of Michael Robson of Greenberg Traurig, LLP).

Last, we continue to extend a warm welcome to our newest ACIC members. Don't miss Melody Cross' brief spotlight on some of our new members' profiles.
2017 Annual Meeting & Education Conference
The 2017 Annual Meeting and Education Conference takes place at the Grand Hyatt New York on October 19 and 20. Click here to learn more about the event and how to register. We look forward to seeing you there!
Recent Case Law Developments
Mid-Atlantic Updates
In  Stonehill Capital Management, LLC v. Bank of the West , the New York Court of Appeals reaffirmed the binding nature of oral agreements to trade loans. This outcome is also a victory for the Loan Syndications and Trading Association, which had submitted an amicus brief in support of the plaintiff, who was seeking to enforce the trade. For more details, click here .
In Justinian Capital SPC v. WestLB AG, the New York Court of Appeals affirmed the lower courts' prior rulings that a transfer of certain notes days before the commencement of the relevant action was champertous and did not fall within the safe harbor under New York's Judiciary Law § 489(2). For more details, click here

Midwest Updates
In In re Town Ctr. Flats, LLC, the Sixth Circuit Court of Appeals overruled the lower bankruptcy court and held that Mich. Comp. Laws § 554.231 allows for transfers of ownership when (i) an agreement to assign rents (x) indicates an intention to transfer ownership and (y) has been recorded, and (ii) default has occurred. For more details, click here.
In Old Second Nat'l Bank v. Jafry, the Appellate Court of Illinois (Second District) held that when a mortgagee (i) obtains a deficiency judgment against the mortgagor in a foreclosure action, (ii) purchases the property at a judicial sale, and (iii) then resells it to a third party for an amount that exceeds the price paid for at the judicial sale, the mortgagor is not entitled to a setoff in the mortgagee's enforcement proceedings to recover the deficiency judgment because the foreclosure terminates the mortgagor - mortgagee relationship. For more details, click here.

At issue in FDIC v. Chi. Title Ins. Co. is an escrow agent's alleged participation in a series of fraudulent "flip" real estate transactions by failing to disburse escrowed funds in accordance with instructions. For more details, click here
New Member Spotlight
Last month's edition first introduced you to our newest ACIC members. Now you can learn more about some of these new members by clicking here