Solicitor General Disagrees With Madden Verdict

An Update on Madden vs. Midland Funding
– Lend Academy

Lend Academy interviewed Manatt’s Brian Korn, chair of the firm’s Digital Finance and Marketplace Lending practice, for an article about the Solicitor General’s statement that the Second Circuit made the wrong decision in Madden vs. Midland Funding.

“This is a great brief for the marketplace lending industry. Although many would have liked to see the Supreme Court hear the case to give closure, the absolute dressing down of the process is confirmation for many involved in the industry that the Second Circuit’s opinion was erroneous. The Solicitor General unequivocally backs the ‘valid when made’ doctrine and declares that selling loans that are originated by a national bank are fundamental to the powers of a national bank under the National Bank Act,” Korn said.

Read the article here

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