Archive for February, 2012
February 11th, 2012 | 
Author: 
Posted in 
Enter your password to view comments.
Who has the right to sue? Servicer, lender, co-guarantor or 51%–Also Where? (Craig Orrock)
Serious questions arise concerning rights under the USA loans concerning the individual rights of note holders to sue. The attached motions, and judgment obtained by Terry Coffing, an attorney in Nevada — in this ruling — regarding the Godines guarantee, gives individual lenders the rights to sue in Nevada notwithstanding the fact that many issues were raised objecting to the judgment. These included, that only the servicer could sue, 51% were required to vote for the suit; Texas is the proper jurisdiction; and in fact counterclaims existed against the servicer which needed to be examined in discovery. The court dismissed all these arguments and ruled for Coffing. Very interesting decision which we understand has been contradicted in some other rulings out of state.
Add the ARC bankruptcy trustee’s rights, issues pertaining to the constitutionality of the 51% ruling, principal and agent liability issues, etc, and all hell could break lo0se. Who ever said the “no one was smart enough fo the law”? or is is just luck of the Judge draw?