Signs of an Upturn?
The Nashville Post has run a piece noting that small area lenders had a good second quarter and concluding that that is a sign of an upturn in the economy. http://bit.ly/drF9uM (subscription required).
I agree with the conclusion that there is more lending being done by the area’s smaller banks. Some of these institutions are about the only place in town for capital these days. Without them, it would be really tough to find money. Whether this is a sign of an upturn, I have my doubts.
By Fraudulent Joinder to Defeat Diversity Jurisdiction?
A Tennessee homeowner sued a Tennessee construction contractor and its Michigan insurer in Bradley County Chancery Court after a retaining wall fell and caused more than $80,000 in damage to the home and surrounding property. The Michigan insurance company removed the action to U.S. District Court and asserted that the court had diversity jurisdiction. Anticipating the argument that there was not complete diversity because the homeowner and contractor were both in Tennessee, the insurance company alleged that the contractor had been fraudulently joined as a defendant in order to defeat diversity jurisdiction. The district court disagreed and remanded the matter to state court.
Forum Selection Clause Fails: Insufficient Evidence
In 2006, Johnny Ray Franklin bought a Gulf Stream motor home from a dealership located in Tennessee, where he lives. Gulf Stream is an Indiana corporation, and its dealer is a Florida corporation doing business in Tennessee. Gulf Stream filed a motion to dismiss the lawsuit claiming that the Eastern District of Tennessee was an improper venue. Alternatively, Gulf Stream asked to have the lawsuit transferred to the U.S. District Court for the Northern District of Indiana.
New Tennessee Foreclosure Deficiency Law In Effect on September 1, 2010
In this era of decreasing real estate values, it is common for a lender still to be owed money after it forecloses on a piece of real estate. Often, when a lender sues the borrower to collect the deficiency balance, the borrower claims that the lender sold the property for too little at the foreclosure sale. The borrower’s logic is that, since the lender sold the property for too little, the borrower should not be held responsible for the full deficiency.
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