Midland Funding v. Madden: Supreme Court Denies Certiorari in Debt-Purchase Usury Case | Practical Law
The US Supreme Court denied a debt purchaser’s petition for certiorari in Midland Funding, LLC v. Madden, preserving the Second Circuit's holding that the National Bank Act (NBA) does not provide protection from state law usury claims when a non-national bank entity purchases debt from a national bank. The ruling has implications for the secondary loan market and for securitization in the Second Circuit.