A New Jersey appeals court has held that a company that buys consumer debt from a lender cannot enforce an arbitration agreement between the original creditor and the debtor.
The appeals court reversed a trial judge’s decision granting a motion by Midland Funding LLC to enforce the arbitration clause and dismiss the case. Midland offered no evidence to show that the debtor agreed to be bound by the terms of the arbitration agreement, the panel said in Midland Funding LLC v. Bordeaux.
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