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Legal Update

Fixing the “Funk” of Delinquent Loan Holders in Maryland

9 August 2018
Mayer Brown Legal Update
A decision last week by the highest court in Maryland may fuel a revival in dictionary sales by private holders of delinquent loans secured by residential properties located in the state. Relying in part on the definition of “doing business” contained in the Funk & Wagnalls dictionary, which hasn’t been revised in 25 years, the Maryland Court of Appeals held that Delaware statutory trusts are not required to be licensed under the Maryland Collection Agency Licensing Act in order to commence foreclosure on residential mortgage loans that were delinquent at the time of acquisition by the holder seeking foreclosure. This Legal Update, originally published by Law360, discusses the case and the questions the ruling put to rest.

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