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Appeals Uniform Commercial Code (UCC)

Troutman Pepper Locke

Wire Fraud Litigants Beware: Fourth Circuit Ruling Protects the Banks — The Consumer Finance Podcast

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In this episode of The Consumer Finance Podcast, Chris Willis is joined by veteran litigators and Troutman Pepper Locke Partners Mary Zinsner and Heryka Knoespel to dissect a groundbreaking Fourth Circuit decision on bank...more

Bradley Arant Boult Cummings LLP

The Predominant Factor Test: Determining Whether the UCC or Common Law Applies to Mixed Contracts for Goods and Services

Construction law in the United States consists of two main bodies of legal rules. The first, federal law, applies to contracts involving the U.S. government and its agencies. The second, state law, applies to pretty much...more

Troutman Pepper Locke

Navigating Jurisdictional Pitfalls: Lessons From Global One Media, Inc. v. Newtek Small Business Finance, LLC on Lien Filing...

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The Ninth Circuit Bankruptcy Appellate panel recently reaffirmed the longstanding principle that a UCC-1 financing statement securing personal property must be filed at the debtor’s location. In a recent case, the lender did...more

Woods Rogers

Depository Institution Not Liable in ACH Fraud Case

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On March 26, 2025, the U.S. Court of Appeals for the Fourth Circuit issued an important decision addressing a depository institution’s liability for wire transfer losses resulting from a business email compromise scam....more

Orrick, Herrington & Sutcliffe LLP

Fourth Circuit reverses decision in $550K ACH fraud transfer case

On March 26, the U.S. Court of Appeals for the Fourth Circuit reversed and remanded a lower court’s decision in a case involving a fraudulent email scam that caused a financial loss of over $550,000. The plaintiff, a metal...more

Holland & Knight LLP

Fourth Circuit Limits Beneficiary Bank Liability in BEC Schemes, Requires Actual Knowledge

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Business email compromise (BEC) fraud, driven by technology and increasing sophistication by criminal organizations, has become a major issue for both consumers and financial institutions. According to a September 2024...more

Troutman Pepper Locke

Fourth Circuit Holds UCC Article 4A Requires Beneficiary Bank’s Actual Knowledge for Wire Misdescription Liability in Business...

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On March 26, the U.S. Court of Appeals for the Fourth Circuit reversed a district court’s decision holding a credit union liable for a wire transfer in a business email compromise scam case where the credit union lacked...more

Kerr Russell

“Materially Altered”: Michigan Court of Appeals Rules That Forum Selection Clause Added to Invoice Can’t be Enforced

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You’re spending your day off on Luna Pier beach in Monroe County, Michigan. You’ll swim in the morning, get lunch at Gander’s Family Restaurant, and rent jet skis in the afternoon. That morning, however, you wake up and...more

A&O Shearman

Valid in Venezuela

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The New York Court of Appeals Requires an Examination of Venezuelan Law to Assess the Validity of a Note Exchange under Section 8-110 of the New York UCC. The continuing litigation and dispute over the 2016 exchange (the...more

White and Williams LLP

Drawing the Line: In Tennessee, the Economic Loss Doctrine Does Not Apply to Contracts for Services

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In Commercial Painting Co. v. Weitz Co. LLC, No. W2019-02089-SC-R11-CV, 2023 Tenn. LEXIS 39 (Weitz), the Supreme Court of Tennessee (Supreme Court) considered whether the economic loss doctrine barred the plaintiff’s claims...more

Harris Beach Murtha PLLC

Fitness Companies Flex with Dismissal in NY UCC Elastic Band Case

New York’s Appellate Division, First Department recently issued favorable dismissals to a sporting goods retailer and manufacturer in a case alleging issues with an elastic exercise band that injured a person’s right eye in a...more

Foley & Lardner LLP

Tips for Financial Health in the New Year: Avoid Having to Double Pay a Supplier

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What if your company was forced to pay twice for all of its purchases from a particular supplier during the last month? What if that double payment obligation instead covered the last three months, six months, or even longer?...more

ArentFox Schiff

Maximizing the Value of Distressed CCRC Bonds

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Whether CCRC residency agreements are treated as leases or contracts under state law could impact the recovery of CCRC bonds in the event of the insolvency of the CCRC owner. Some states treat CCRC residency agreements as...more

Butler Snow LLP

Will It Travel Downstream? Remote Purchasers and Manufacturers’ Disclaimers of Implied Warranties

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From the perspective of both buyer and seller, warranties are an important part of any commercial transaction. It is well established that the Uniform Commercial Code (the “UCC”) will imply certain warranties into some...more

Shutts & Bowen LLP

The Courts Really Will Enforce That Operating Agreement As Written

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More than one business owner this week has wondered aloud: “Why is my lawyer spending so much time (and, therefore, money) on the minutiae of the Operating Agreement? Does any of that matter, anyway?” In response to that...more

Harris Beach Murtha PLLC

Amazon Wins E-Bike Appeal: A Big Victory for E-Commerce

New York’s Appellate Division, First Department recently affirmed a Manhattan trial court’s dismissal of a lawsuit against e-commerce giant Amazon, where the plaintiff alleged personal injuries from an electronic bicycle his...more

Butler Snow LLP

Hey, did you notice that? Pre-suit notice under U.C.C. § 2-607(3)

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Before a buyer of “goods” can bring a breach of warranty claim, Section 2-607(3) of the Uniform Commercial Code requires that it, “within a reasonable time after he discovers or should have discovered any breach[,] notify the...more

ArentFox Schiff

Class Actions Quarterly Update: Supreme Court

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The Supreme Court ruled on several cases involving class actions in the last few months. A case awaiting certiorari could dramatically change the jurisdictional requirements for plaintiffs in class actions across the country....more

Snell & Wilmer

Nevada Court of Appeals Clarifies What Constitutes a Breach of the Peace When Repossessing Vehicles

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Most jurisdictions, including Nevada, have long-held that a secured creditor may exercise the self-help remedy of involuntary repossession of collateral provided that the repossession does not result in a breach of the peace....more

McGlinchey Stafford

Another “unfathomable” decision: Colorado loans not valid when made

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On June 9, 2020, the Colorado District Court issued an order stating that federal interest rate exportation authority under Section 27 of the Federal Depository Insurance Act does not extend to non-bank entities that purchase...more

Foley & Lardner LLP

Seventh Circuit Guidance on Collateral Description in Financing Statements

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In a previous blogpost, we explained the technical requirements for financing statements and the potential risks of failing to satisfy them, highlighting a case where the court ruled, under a prior version of the Puerto Rico...more

Dorsey & Whitney LLP

Seventh Circuit Reaffirms Notice Principle of UCC Financing Statements

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Last year, the U.S. Bankruptcy Court for the Central District of Illinois determined in In re I80 Equipment, LLC that a financing statement which referenced a description of the collateral, but did not contain or attach the...more

Herbert Smith Freehills Kramer

Financing Statement Collateral Descriptions that Indicate Collateral by Reference Are Permissible under Article 9 of the UCC

Recently in In Re: 180 Equipment, LLC, a case of first impression, the United States Court of Appeals for the Seventh Circuit determined that the Illinois version of Article 9 of the Uniform Commercial Code (Illinois UCC)...more

Troutman Pepper Locke

A Win for Lenders: Seventh Circuit Finds UCC-1 Collateral Description Reference Sufficient

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In a win for lenders, on September 11, the U.S. Court of Appeals for the Seventh Circuit reversed the U.S. Bankruptcy Court for the Central District of Illinois, holding that the collateral description in the UCC-1 financing...more

Hudson Cook, LLP

Don't Assume What a Court Will Assume About Your Contract

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It's often difficult to predict how a court will interpret text, whether the text is part of a statute, a regulation, or a contract. Sure, courts have tools to aid their interpretations, but how a court will apply those tools...more

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