Case law update
Since our last meeting, we report the following matters relating to banking law.
Check 21 in 2005
The Check Clearing for the 21st Century Act ("Check 21"), which went into effect October 28, 2004, is designed to facilitate the broader use of electronic check processing without mandating that any bank change its current check collection practices, and reduce the cost of physically handling and transporting original paper checks.
Federal and state banking law cases
Sklodowski brought this class action against the defendant mortgage company for alleged breach of mortgage note, breach of fiduciary duty and violation of the Illinois Consumer Fraud and Deceptive Practices Act.
Section 105 bankruptcy sanctions
Section 105 of the Bankruptcy Code, although used sparingly, is an alternative source of authority permitting the Bankruptcy Court to impose sanctions against those attorneys who abuse the courts or judicial process.
Update by banking committee
In this meeting's report, I picked up two cases that I missed from December 2004. Fortunately, not many cases have been reported since our February meeting, so the report is very short.