Fifth Circuit Holds the Transfer of a Tax Lien is not Subject to the Truth in Lending Act

Tuesday, June 21, 2016   (0 Comments)
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JD Supra (press release)
All of the plaintiffs were individuals who obtained property tax loans from defendant property tax lenders in exchange for the transfer of their tax liens ...

The Fifth Circuit agreed with the defendants, holding that the tax lien transfer did not extinguish the original tax obligation, but rather, merely transferred the preexisting tax obligation to a new entity, which is not a “debt” under Texas law.  The Court’s reasoning hinged on the conclusion that ...

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