Justia Banking Opinion SummariesArticles Posted in Colorado Supreme Court
Shaw v. 17 West Mill St.
Plaintiff Dennis Shaw and First Horizon Home Loan Corporation challenged an appellate court's ruling that "constructive fraud" was sufficient to void a request for release of a deed of trust, arguing that actual fraud is required under CRS 38-39-102(8). The Supreme Court reversed, concluding that the statute creates a narrow exception that voids the public trustee’s release of a deed of trust only when proof of actual fraud is demonstrated by a preponderance of the evidence. View "Shaw v. 17 West Mill St." on Justia Law
In Re Thomas v. Fed. Deposit Ins. Corp
Plaintiffs Steven Thomas and Thomas Properties, Inc. brought a contract-related claim against New Frontier Bank. The Bank had been placed in receivership. Defendant Federal Deposit Insurance Corporation (FDIC), in its capacity as receiver of the bank, moved to dismiss Plaintiffs' claims for lack of subject matter jurisdiction, citing Plaintiffs' failure to exhaust administrative remedies under the Financial Institution Reform, Recovery and Enforcement Act of 1989 (FIRREA). Upon review, the Supreme Court found that Plaintiffs received proper notice of the administrative procedures under FIRREA, but failed to comply with them. Accordingly, the Court affirmed the lower court's dismissal of Plaintiffs' claim.