8th Circuit affirms lower court on non-judicial foreclosures by out-of-state banks | Arkansas Blog

8th Circuit affirms lower court on non-judicial foreclosures by out-of-state banks

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For the legal/financial gnomes:

The U.S. 8th Circuit Court of Appeals today affirmed a lower court ruling that a national banking association (J.P. Morgan Chase) not registered to do business in Arkansas may still use non-judicial foreclosure procedures in Arkansas.

This issue balled up foreclosures for a time after a bankruptcy judge had said out-of-state lenders were out of compliance with state rules. District Judge Leon Holmes later rejected that interpretation and he was upheld today.

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