CBA Asks Supreme Court to Review Bank Case

General information

CBA asked the California Supreme Court to review a decision that addresses whether a bank owes any duties to a borrower other than as agreed in writing when the bank takes action with respect to secured property. The case also considers the extent that a bank may rely on the FDIC’s standard Purchase and Assumption Agreement when it acquires the assets of a failed bank, in particular whether the purchasing bank is responsible for the prior acts of the failed bank with regard to customers. CBA’s letter was prepared by the law firm of Reed Smith.The case is Jolley v. Chase Home Finance LLC.