In 2004, Ms. Willis signed a will, stating that if she conveyed her residence to her son, Eddie, before her death, that it was her wish that if he sold the property, he divide the proceeds with his brother, Anthony. Subsequently, Ms. Willis transferred a remainder interest in the the residence to Eddie, but did not include any reversionary interest. Eddie then died intestate and Ms. Willis sought to reform the Deed to prevent the property from passing to Eddie’s children, arguing that the Deed to Eddie was a unilateral mistake.
This paper looks at the extent that differences in foreclosure and bankruptcy laws can jointly explain variation in default rates across states. The author finds that more generous homestead exemptions raise the cost of unsecured borrowing. Households in states with high exemptions therefore hold less unsecured and more mortgage debt compared to low exemption states, which leads to lower bankruptcy rates but higher foreclosure rates.
Answer a Complaint filed by Wells Fargo in North Carolina Superior Court, Stonebridge asserted several counterclaims. When Stonebridge later filed Chapter 11, the state court action was removed to bankruptcy court. Following the heightened pleading standards of Iqbal/Twombley, Wells Fargo sought dismissal of the counterclaims under Rule 12(b)(6) for failing to state claims for relief that were facially plausible. Stonebridge argued that the more permissive North Carolina pleading standards should apply, as the case originated in sta