Branch Banking & Trust Co. v. D.M.S.I., LLC

Defendants, debtors who have failed to repay loans held by BB&T, appealed the respective judgments of the district court against them. The Ninth Circuit affirmed the judgment, holding that BB&T had standing to bring the action; issue preclusion did not bar BB&T's arguments; Subsection (1)(c) of Nev. Rev. Stat. 40.459(1)(c), which limited the ability of a third party to profit by purchasing real estate debt at a discount and foreclosing at full price, was preempted by federal law as applied to transferees of the FDIC; the district court did not err in granting summary judgment to BB&T in spite of defendants' affirmative defenses of breach of covenant of good faith and fair dealing, estoppel, modifications, laches, and failure to mitigate damages; the district court did not abuse its discretion by denying defendants' late-filed motion to amend pleadings because defendants' did not demonstrate good cause nor excusable neglect; defendants were not entitled to a jury trial on the fair market value of the property; and BB&T did not violate Nev. Rev. Stat. 163.120(2) concerning notice to trust beneficiaries. View "Branch Banking & Trust Co. v. D.M.S.I., LLC" on Justia Law