Real Estate/Development,
9th U.S. Circuit Court of Appeals
Sep. 23, 2020
State escrow account law is preempted, 9th Circuit rules
Two judges selected by Republican presidents — in an opinion authored by Judge Ryan D. Nelson, an appointee of President Donald Trump — concluded a California law requiring the payments in home sales is preempted.
A divided 9th U.S. Circuit Court of Appeals panel ruled Tuesday JP Morgan Chase Bank doesn't have to pay interest on escrow accounts because it is preempted by a 1933 federal law.
Two judges selected by Republican presidents -- in an opinion authored by Judge Ryan D. Nelson, an appointee of President Donald Trump -- concluded a California law requiring the payments in home sales is preempted.
The ...
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Related Content
Civil Procedure
McShannock v. JP Morgan Chase Bank
The Home Owners' Loan Act of 1933 and its implementing regulations preempted California's law requiring at least 2 percent interest payments on escrow accounts.
