Mortgagors Tell U.S. High Court N.Y. Escrow Law Is Not Preempted By Federal Law

(December 11, 2023, 1:20 PM EST) -- WASHINGTON, D.C. — New York’s escrow-interest law was wrongly found by the Second Circuit U.S. Court of Appeals to be preempted by the National Bank Act (NBA) because the appellate panel’s test is “squarely reject[ed]” by 12 U.S. Code Section 25b, mortgagors argue in their petitioner brief filed Dec. 8 in the U.S. Supreme Court....