This is a banking law class so you answer the below accordingly.
Read the following and answer the questions below attached is the guidelines and the questions that i have copied below:
ESSAY I
(50%)
Kirki Lightbourne obtained a mortgage from CIBC FirstCaribbean (Bahamas) Limited (“FCIB”)
on May 1, 2009, the principal amount of $690,000 at 7.25% interest for a thirty year term,
for the purchase of 3,500 square feet home in Northern Westridge. At the time, Kirki had been
running a successful liquor retail business for more than three years. Kirki had made his
mortgage payments faithfully and consistently until June 30, 2021, the month he started
having hard times in his business. It is now February 2022, and FCIB has not been able to
establish contact with Kirki in several months, and the last payment of record was June 30,
2021.
(1) What legal remedies (upon what bases) are available to FCIB; and how can these legal
remedies be exercised?
(2) Are there any provisions of the Homeowner Protection Bill that FCIB should be aware
of before exercising any remedies?
ESSAY II (30%)
Unal Altun (“Unal”) wanted to borrow $350,000 from Royal Bank of Canada (RBC) in order to
purchase a house in Orange Hill, which he intended to renovate and then sell for profit. Unal
was having a conversation with the Branch Manager at RBC’s Old Fort Bay/Lyford location,
Mike Johnson (“Mike”) that went as follows:
“Unal: What do you think Mike about this transaction? Does it make sense?
Mike (Branch Manager): I have done some research and seen the stats on numerous real
estate transactions, and from what you are paying for the home, the likely cost of renovations,
the transaction seems to be more than smart. I have even seen the home and the surrounding
area, and it seems more than viable”
Unal went ahead with the transaction and halfway into the renovations of the home learned
that the home had significant building issues which doubled the cost of renovations;
moreover, the Government was in consideration to zone property near the home which would
drastically reduce the value of the home, making Unal’s expected profit targets highly unlikely.
(1) Can Unal seek damages against RBC for negligent advice?
(2) Consider all legal arguments as to whether a duty of care on RBC’s part arises.
SHORT ANSWERS (20%)
(1) When discussing ethics in our last course, we discussed rationalization/avoidance
techniques people use to bypass the ethical decision making process, please state four
such techniques.
(2) Summarize the Banker’s right of Set-Off.
BONUS (10% EACH).
Must answer full question to get full points.
(1) What did Mrs Lesley Pearson of the Securities Commission of The Bahamas indicate
were the five (5) priorities for 2022 for the Commission?
(2) Why is the Role of the Financial Ombudsman (Mrs Ambrosine Huyler-Higgs, Central
Bank of The Bahamas) so important, and what Phase is the Financial Ombudsman
currently in and what Phases are to come, as indicated by Mrs Huyler-Higgs?
Last Completed Projects
| topic title | academic level | Writer | delivered |
|---|