Recent Articles

Capital Purchase Program - Non-Public Financial Institutions

Sheppard Mullin
December 04, 2008 18:32

The United States Treasury has released a term sheet for the injection of capital into non-public qualifying financial institutions under the Treasury's Capital Purchase Program, implemented as part of the Troubled Asset Relief Program (TARP). The deadline for submitting applications under the...

Capital Purchase Program - Publicly Traded Financial Institutions

Sheppard Mullin
November 21, 2008 21:41

As you are no doubt aware, the United States Treasury has decided to forgo its initial plan to buy troubled assets from financial institutions, and intends instead to use the funds made available under the Troubled Asset Relief Program (TARP) to inject capital directly into banks.  As of the...

FDIC Changes Deposit Insurance Rules For Mortgage Loan Securitizations

Sheppard Mullin
October 13, 2008 21:37

The Emergency Economic Stabilization Act of 2008 (the "Act") temporarily increased the standard maximum deposit insurance amount from $100,000 to $250,000, effective October 3, 2008, and ending December 31, 2009. After that date, barring further action by Congress and the President, the...

Bank's Claim For Unjust Enrichment Governed By Three-Year Statute of Limitations

Sheppard Mullin
October 07, 2008 20:09

Question: Is a bank's claim against its borrower for unjust enrichment arising out of the borrower's nonpayment of a promissory note governed by the four-year statue of limitations for breach of written contract? Answer: No, according to the Fourth District Court of Appeal, Division One, in...

Depository Bank Not Liable When Checks Were Deposited Into The Account Of A Related But Different Legal Entity

Sheppard Mullin
September 12, 2008 17:45

Question:  If checks payable to one entity are presented and negotiated by a related but different legal entity, is the depository bank liable under the California Commercial Code or common law? Answer: No, according to the Fourth District Court of Appeal in Mills v. U.S. Bank (D049805),...

Depository Bank Not Liable When Checks Were Deposited Into The Account Of A Related But Different Legal Entity

Sheppard Mullin
September 12, 2008 17:45

Question:  If checks payable to one entity are presented and negotiated by a related but different legal entity, is the depository bank liable under the California Commercial Code or common law? Answer: No, according to the Fourth District Court of Appeal in Mills v. U.S. Bank (D049805),...

Depository Bank Not Liable When Checks Were Deposited Into The Account Of A Related But Different Legal Entity

Sheppard Mullin
September 12, 2008 17:45

Question:  If checks payable to one entity are presented and negotiated by a related but different legal entity, is the depository bank liable under the California Commercial Code or common law? Answer: No, according to the Fourth District Court of Appeal in Mills v. U.S. Bank (D049805),...

Depository Bank Not Liable When Checks Were Deposited Into The Account Of A Related But Different Legal Entity

Sheppard Mullin
September 12, 2008 17:45

Question:  If checks payable to one entity are presented and negotiated by a related but different legal entity, is the depository bank liable under the California Commercial Code or common law? Answer: No, according to the Fourth District Court of Appeal in Mills v. U.S. Bank (D049805),...

Depository Bank Not Liable When Checks Were Deposited Into The Account Of A Related But Different Legal Entity

Sheppard Mullin
September 12, 2008 17:45

Question:  If checks payable to one entity are presented and negotiated by a related but different legal entity, is the depository bank liable under the California Commercial Code or common law? Answer: No, according to the Fourth District Court of Appeal in Mills v. U.S. Bank (D049805),...

Depository Bank Not Liable When Checks Were Deposited Into The Account Of A Related But Different Legal Entity

Sheppard Mullin
September 12, 2008 17:45

Question:  If checks payable to one entity are presented and negotiated by a related but different legal entity, is the depository bank liable under the California Commercial Code or common law? Answer: No, according to the Fourth District Court of Appeal in Mills v. U.S. Bank (D049805),...