First Circuit - Coughlin v. Lac Du Flambeau Band of Lake Superior Chippewa Indians -
The issue was whether tribal sovereign immunity protected the tribal lender from the automatic stay. On May 6, 2022, the First Circuit...more
Since the first round of Paycheck Protection Program (PPP) loans, there has been confusion regarding eligibility for businesses or owners associated with bankruptcy. This resulted in substantial litigation between debtors in...more
Due to economic uncertainty caused by COVID-19, Congress created the Paycheck Protection Program (the “PPP”) under sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The PPP...more
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
On July 26, 2019, the U.S. House of Representatives passed H.R. 2336, the Family Farmer Relief Act of 2019. The primary purpose of the bill, sponsored by Rep. Anthony Delgado (D-NY), is to increase the debt limit for filing...more
Recently, two federal courts issued decisions defining the detail needed in collateral descriptions in financing statements. This is significant because if the collateral description is not sufficient then the financing...more
In June, the US Supreme Court decided the case of debtors in bankruptcy desirous of stripping off a lender’s real estate lien that was fully in excess of the fair market value of the real estate. The Supreme Court unanimously...more
7/23/2015
/ Bank of America v. Caulkett ,
Bankruptcy Code ,
Chapter 7 ,
Consumer Lenders ,
Dewsnup ,
Fair Market Value ,
Lien Stripping ,
Mortgage Lenders ,
SCOTUS ,
Secured Debt ,
Underwater Homeowners ,
Unsecured Debt
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