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Bricker Graydon LLP

New 6th Circuit opinion puts the brakes on expedited tax foreclosures by county land banks

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​​​​​​​You knew the wheels were falling off the (medieval) cart when the federal 6th Circuit Court of Appeals rattled off English legal theory from the year 1470, right?   Advocates for county land banking activities in...more

Stikeman Elliott LLP

The Manitok Energy Decision: Builders’ Lien Priority Rights Could Be Lost When Lands Are Subject to AER Abandonment Liability

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A recent appellate decision from Alberta, Manitok Energy Inc. (Re), marks another chapter in the developing caselaw surrounding environmental obligations in insolvency proceedings. In the decision, the Alberta Court of Appeal...more

BCLP

Indonesia in Focus - February 2020

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Constitutional Court Accepts Judicial Review of Fiducia Security Law - Following the judicial review of Article 15(2) and Article 15(3) of Law No. 42 of 1999 on Fiducia Security (the “Fiducia Law”), the Constitutional...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

Burr & Forman

Fifth Circuit Holds that Statute of Limitations Extended by Cross-Collateralization Clause

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Under the Mississippi law a deficiency suit must be brought “within one-year from the date of the foreclosure or sale” of the collateral. See Miss. Code Ann. § 15-1-23. The United States Court for the Fifth Circuit has...more

Hogan Lovells

Court of Appeal overturns Hamersley Iron v. Forge Group Power – set off rights in liquidation restored

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In July 2017, we wrote about the case of Hamersley Iron Pty Ltd v Forge Group Power Pty Ltd (in liquidation) (receivers and managers appointed), in which the Western Australian Supreme Court held that rights of set off...more

Pullman & Comley, LLC

A Critical Law Firm Risk Management Story: Confirming The Client's Plan To Perform Tasks On Its Own

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A recent decision by the New York State Appellate Court highlights why a law firm should precisely identify in its written engagement agreement what tasks the client should and should not expect the firm will perform. Genesis...more

Snell & Wilmer

What Happens When a Secured Creditor Files a Late Claim in an Equity Receivership?

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Pitting a receivership court’s inherent equitable powers against pre-existing property rights can lead to some pretty interesting questions. In SEC v. Wells Fargo Bank, N.A., 848 F.3d 1339, 1343-44 (11th Cir. 2017), the...more

Sheppard Mullin Richter & Hampton LLP

The Ninth Circuit Holds That Enforcing A Security Interest Is Not Necessarily Debt Collection

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On Oct. 19, 2016, the Ninth Circuit held that merely enforcing a security interest is not “debt collection” under the federal Fair Debt Collection Practices Act (“FDCPA”). In so holding, the Ninth Circuit disagreed with...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

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

King & Spalding

Second Circuit: A Mistakenly Authorized UCC Termination Statement Is Effective to Terminate Original UCC Filing

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On January 21, 2015, the United States Court of Appeals for the Second Circuit entered an opinion holding that an authorized UCC-3 termination statement is effective, for purposes of Delaware’s Uniform Commercial Code (the...more

Snell & Wilmer

It just got a little bit harder to enforce judgment liens

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Introduction - As everyone knows, the enactment of the Statute of Westminster II in 1285 ushered the concept of a “judgment lien” into English law. The statute – for the first time in English legal history –...more

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