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Tag Archives: Court of Appeals

Supreme Court Will Determine Whether ECOA Applies to Guarantors

About eighteen months ago, we wrote in this space about the Equal Credit Opportunity Act (ECOA) and its application to requiring spousal guaranties as part of extending credit to customers. Recently, the U.S. Supreme Court agreed to hear a case to determine whether the ECOA applies at all to guarantors. Under the terms of the statute, the law applies only to “applicants” for credit. In administrative regulations, the agency responsible …Read More

Franchisors Entitled to Lost Profits from Terminated Franchisees

Earlier this year, the United States Court of Appeals for the Fourth Circuit considered a case where a franchisor sought to recover lost profits from a franchisee it terminated for a breach of the franchise agreement. In Meineke Car Care Centers, Inc. v. RLB Holdings, LLC, the Court ruled that even though the franchise agreement did not specifically provide for damages for lost profits, the franchisor could recover them since …Read More

Bankruptcy, Dismissal & Statutes of Limitation: A Landmine For The Unwary

The clock starts ticking the date the contract is breached.

−Bankruptcy, Dismissal & Statutes of Limitation: A Landmine For The Unwary

  A recent opinion issued by the North Carolina Court of Appeals should serve to remind all creditors of the necessity of vigilance when a debtor is in bankruptcy. In Person Earth Movers, Inc. v. Buckland,N.C. App. , 525 S.E.2d 230 (2000), the Court reviewed a matter in which a contractor performed work which was billed in a lump sum in August, 1989. The bill was not paid and in …Read More

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