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Lenders › UCC Financing Statements

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

Goodwin

Subscription-Secured Credit Facilities: Recent Developments in the US Market and Considerations for Real Estate Funds

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Fund-level subscription-secured revolving lines of credit are a well-established instrument in the toolkits of a variety of private equity fund sponsors and managers, including for venture capital funds, hedge funds, debt...more

Holland & Knight LLP

Lenders and Borrowers Beware: EIDL Fraud Alert

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Holland & Knight has learned through customary deal due diligence that some borrowers – especially those who received a Paycheck Protection Program (PPP) loan through the U.S. Small Business Administration (SBA) – may have...more

Husch Blackwell LLP

Advancing Agriculture: Security Interests and Article 9 Challenges (Part 1)

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Welcome to Episode 2 of Advancing Agriculture with your hosts from Husch Blackwell, Stephanie E. Kaiser and Elizabeth Benefield, where they discuss practical tips and advice on various topics related to ag lending. In this...more

Miller Canfield

Practice Pointer: Review Your Loan File Now to Avoid Problems Later

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When a loan becomes distressed, it is essential for the secured lender to conduct a file review to determine if there are any deficiencies that need to be addressed. If deficiencies are not addressed, the lender’s collateral...more

Troutman Pepper Locke

Lender Beware: Two Recent Bankruptcy Cases Highlight Importance of Diligence in UCC-1 Filings

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Lenders should view as cautionary tales two recently handed down decisions regarding UCC-1 financing statements and the perfection of security interests. On December 20, 2019, the U.S. Bankruptcy Court for the District of...more

Faegre Drinker Biddle & Reath LLP

It’s Perfect! Or, Perfecting Security Interests in Intellectual Property

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In our recent post, we discussed the Seven Secrets of Security Interests relevant for owners or buyers of intellectual property. But after an IP owner grants a security interest in intellectual property, how do you make it...more

Herbert Smith Freehills Kramer

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

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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

Miles & Stockbridge P.C.

Check it Twice! A Helpful Reminder to Drafters of UCC-1s

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For a creditor, the difference between a perfected and unperfected security interest can mean the difference between full repayment and receiving mere pennies on the dollar (or nothing) in a bankruptcy. On August 30, 2017, a...more

Troutman Pepper

Manufactured Home Lien: Forget Perfection, You Need To Have A Lien In The First Place

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Morris v. Ark Valley Credit Union (In re Gracy), 522 B.R. 686 (Bankr. D. Kan. 2015) – A chapter 7 trustee sought to avoid a credit union’s security interest in a manufactured home by asserting his strong arm powers as a...more

Ervin Cohen & Jessup LLP

OMG! – A Simple Error in Preparing a UCC-3 Termination Statement May Result in the Loss of a $1.5 Billion Lien

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The Second U.S. Circuit Court of Appeals recently held that a secured creditor’s $1.5 billion security interest was invalidated due to an error in the preparation of its UCC-3 termination statement. A disastrous result which...more

Morrison & Foerster LLP

Second Circuit to Lenders: Get Your UCC Filings Right

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On January 21, 2015, the U.S. Court of Appeals for the Second Circuit issued an opinion regarding a mistaken UCC-3 termination statement that all loan market participants should consider carefully. The Second Circuit held...more

Dorsey & Whitney LLP

Second Circuit Rules Unintended UCC Termination Statement Was Authorized

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When terminating a financing statement, it is necessary to be certain that other financing statements are not unintentionally released, according to an opinion last week of the Second Circuit Court of Appeals. The effect of...more

Winthrop & Weinstine, P.A.

Erroneous UCC-3 Termination Leads to Disastrous Consequences

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In a recent decision, a U.S. Court of Appeals held that the filing of a UCC-3 termination statement in a relatively simple payoff transaction between General Motors and a lender was still considered "authorized," despite the...more

Blank Rome LLP

Mistakes and Regrets: UCC Filing Error Terminates Security Interest

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Action Item: When a secured loan is being paid off, lenders routinely authorize the borrower’s counsel to prepare and file UCC termination statements releasing the lender’s security interest in the borrower’s property. ...more

Foley & Lardner LLP

Mistakenly Filed UCC Termination Statement Results in Lender’s $1.5 Billion GM Bankruptcy Unsecured Loan

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On October 20, 2014, we issued a Legal News Alert commenting on a decision of the Delaware Supreme Court, on certification from the Second Circuit, regarding the effect of a mistaken UCC-3 termination statement. The Delaware...more

Troutman Pepper

UCC Collateral Description: More May Not Be Better

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Ring v. First Niagara Bank, N.A. (In re Sterling United, Inc.), 519 B.R. 586 (Bankr. W.D.N.Y. 2014) – A chapter 7 trustee sought to recover as preferences payments made by the debtor to a lender and proceeds of...more

Buchalter

California Amends Uniform Commercial Code Article 9 Regarding Name of Individual Debtor on Financing Statements

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The California Legislature passed, and Governor Brown signed, Assembly Bill No. 1858, which changes the way individual debtors are identified in Uniform Commercial Code financing statements. The bill brings California into...more

Bond Schoeneck & King PLLC

UCC-3 Termination Statements: Can They be Trusted?

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The holdings of two recent decisions from the Bankruptcy Courts of the Western District of Pennsylvania and the Southern District of New York, handed down within three days of each other in March, both affect the amount of...more

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