Loan Defaults Aren't Subject To Pa. Venue Rules, Court Says

Law360, Philadelphia (August 26, 2013, 3:27 PM EDT) -- A Pennsylvania appeals court ruled Friday that confessions of judgment filed against debtors in a loan default are not automatically subject to state Rules of Civil Procedure regarding venue, upending a lower court's decision striking a judgment entered after a 2009 commercial loan default.

In a precedential ruling, a three-judge Superior Court panel found that a confession of judgment could not automatically be considered a traditional adversarial legal proceeding under the Rules of Civil Procedure because the action typically stems from provisions of the loan agreement...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.