News & Analysis as of

Debtors Uniform Commercial Code (UCC) Financial Statements

Holland & Hart LLP

The Vendor's Lender: Secured Creditor's Rights in Receivables Are Paramount

Holland & Hart LLP on

Accounts receivable serve as an important source of collateral – indeed, receivables and other rights to payment represent the lifeblood of asset-based lending, securitizations and factoring arrangements. Article 9 of the...more

Faegre Drinker Biddle & Reath LLP

Do You Know Your Debtor’s Name? Minor Mistakes in UCC-1 Financing Statements Might Be Seriously Misleading

Zero tolerance continues to be the name of the game in drafting Uniform Commercial Code (UCC) financing statements. While in some states, minor mistakes in UCC financing statements may be forgiven, in at least Florida, no...more

Cadwalader, Wickersham & Taft LLP

In Depth: A Perfection Problem with a Hidden Solution

Most U.S. lenders are familiar with the need to file a Uniform Commercial Code financing statement to perfect a security interest in collateral. Most lenders are also aware that financing statements must be updated if the...more

Adler Pollock & Sheehan P.C.

That’s Bogus! Protecting Your Business Against Fraudulent UCC Financing Statements

In Rhode Island, a “bogus” lien on your business’s assets is always just a few clicks away. Indeed, without consent, warning, or any factual basis, any individual with internet access can allege a secured interest in any...more

Amundsen Davis LLC

Monitor Your Business Liens

Amundsen Davis LLC on

Corporate housekeeping should include a line item for monitoring your business liens. As a debtor, the health of your business is reliant on a good credit score. As a creditor, losing your security interest on a lien could...more

Mintz - Bankruptcy & Restructuring Viewpoints

First Circuit Rules That “Incorporation by Reference” of Collateral Description in UCC Financing Statements May Not Perfect Lien

Tolstoy warned that “if you look for perfection, you’ll never be content”, but Tolstoy wasn’t a bankruptcy lawyer. In the world of secured lending, perfection is paramount. A secured lender that has not properly perfected its...more

Troutman Pepper

Ambiguous UCC Collateral Descriptions: A Snare for Private Equity Companies

Troutman Pepper on

On May 8, the U.S. Bankruptcy Court for the Western District of Missouri in In re 8760 Service Group held that a creditor had a first-priority interest in certain collateral of a debtor, before a subsequent creditor, despite...more

Ervin Cohen & Jessup LLP

What’s in a Name? Changes to Article 9 of the California Uniform Commercial Code

As you are probably aware, the latest revisions to Article 9 of the California Commercial Code became effective on July 1, 2014. Rather than providing an exhaustive list of all of the revisions to Article 9 of the California...more

Partridge Snow & Hahn LLP

Are Your Procedures in Compliance with the Updated UCC Article 9?

Despite the lack of fireworks and fanfare, July 1, 2013, ushered in new changes to the Uniform Commercial Code that are important to bankers, lenders and legal practitioners. The revisions to UCC Article 9 (“Article 9”)...more

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