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Uniform Commercial Code (UCC) Creditors Foreclosure

Jones Day

New York Bankruptcy Court Adopts "Realistic Possibility" Standard for Free and Clear Sales Under 11 U.S.C § 363(f)(5)

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Section 363(f)(5) of the Bankruptcy Code allows a bankruptcy trustee to sell estate property free and clear of any competing interest in the property (such as a lien or other security interest) if the interest holder "could...more

Proskauer Rose LLP

Private Credit Restructuring: Strict Foreclosure Spotlight

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Chapter 11 is expensive and not always the right tool, particularly for a restructuring of a company with a broken balance sheet, as compared to a business with a broken business model. We have seen a significant uptick in...more

Husch Blackwell LLP

Alternatives to Bankruptcy for Cannabis Companies (Part 1)

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The problems facing the cannabis industry arising from its ongoing status as a federally illegal enterprise are numerous and well documented: 280E tax burdens, limited access to banking, exclusion from capital markets, uneven...more

Moritt Hock & Hamroff LLP

The Courts’ View of UCC Article 9 Sales In The COVID-19 Environment Is Clearly Changing

While the world may be in a state of semi-paralysis waiting for a COVID-19 vaccine, the legal environment involving creditors’ rights has changed significantly during the past several months. In the beginning of the...more

King & Spalding

Eighth Circuit Rules No Successor Liability for Buyer from Asset Foreclosure Sale

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On September 19, 2019, the U.S. Court of Appeals for the Eighth Circuit affirmed a lower court’s conclusion that a purchaser at a private foreclosure sale has no successor liability to a debtor’s unpaid creditors. ...more

Blank Rome LLP

A Look at the Friendly Foreclosure Option

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When a debtor defaults on a loan secured by personal property, the secured lender has several options for repayment. One option is to sell the collateral securing the debt pursuant to Article 9 of the Uniform Commercial Code...more

Blank Rome LLP

What's "Commercially Reasonable" for Article 9 Foreclosure Sales?

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Since the financial crisis, sales under Section 363 of the Bankruptcy Code have provided an increasingly popular way for secured creditors of distressed businesses to recover their loans. However, despite the advantages of...more

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