Financial Institutions and Markets (J)

Financial Institutions and Markets (J)

Contact: Heather Morris; Spencer Fane Britt & Browne LLP (Missouri, USA)

One of the most persistent rumors regarding individual retirement accounts (“IRAs”) is that they are exempt from all creditors. While it is true that the laws of most states exempt IRAs from general creditors, including in the event of a bankruptcy, IRAs are generally not exempt from tax levies.


Read more: IRAs Are Not Exempt From Tax Levy

Contact: Heather Morris; Spencer Fane Britt & Browne LLP (Missouri, USA)

We frequently receive questions from banks regarding garnishments, particularly in response to recent changes in applicable regulations. To assist banks with such questions, the Office of the Comptroller of the Currency recently issued the "Garnishment of Accounts Containing Federal Benefit Payments" booklet.

Read more: OCC Issues Garnishment Booklet

Contact: Matt Couper, Mark Kenney and Laura Bergan; Carter Newell (Queensland, Australia)

If you have previously been relying on the transitional provisions of the Personal Properties Securities Act 2009 (Cth) (PPSA) and you have not yet perfected your security interest by registration, a recent Victorian Supreme Court decision confirms that the impact of failing to take adequate steps to protect security interests can be severe.

Read more: Out of Time – Transitional PPSA Provisions No Longer Provide Protection

Contact: Tuna F. ÇolgarErdem & Erdem (Turkey)


The notion regarding the quick and easy fulfillment of the need for capital, which was adopted by the Turkish Commercial Code No. 6102 (“TCC” or “Law”), resulted in the formation of new capital types and the regulation of provisions on various capital increase procedures.

Read more: Conditional Capital Increase

Contact: Heather Morris; Spencer Fane Britt & Browne LLP (Missouri, USA)

Lenders beware! A federal district court recently held that despite a lender’s use of a model form, the disclosure provided by the lender did not adequately notify the borrower of his rescission rights under the Truth in Lending Act (“TILA”) and Regulation Z. In the case of Simmons v. CitiMortgage Inc. the United States District Court for the District of Utah the borrowers successfully sued the lender to enforce their rescission rights.

Read more: Reliance on Reg. Z Model Forms May Be Misplaced