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
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
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