NY Debt Collection Ruling's Narrow Application For Lenders

By Christopher Gorman (September 24, 2021, 3:32 PM EDT) -- Those in the business of acquiring distressed real estate assets have more than enough concerns in making investments based solely upon market-driven and certain legal factors, including the time it takes to prosecute foreclosure actions through to completion.

The New York Supreme Court Appellate Division addressed one such legal concern in a recent decision, Citibank NA v. Yanling Wu.[1]

The court concluded that the plaintiff in that particular case, a lender who acquired a distressed real estate asset following an alleged default by the borrowers in making payment, was not required to be licensed as a debt collection agency pursuant to...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Related Sections

Law Firms

Companies

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!