Secured Debt

News & Analysis as of

You Get a Car! You Get a Car! Bankruptcy Court Gives Debtor a Car. Unsecured Creditors Get Nothing.

So, a ruling came out in June that we in The Bankruptcy Cave have been dying to blog about (and not just so we can use the blog title above). Forgive the delay – heavy workloads and summer vacations often preclude timely...more

Unauthorized Transfers of Receivership Property: Void, Voidable or Ok?

Question: Unauthorized Transfers of Receivership Property: Void, Voidable or Ok? Answer: In a recent unpublished bankruptcy appellate panel decision (In Re Domum Locis, LLC, 2015 WL 4697747 (9th Cir. BAP 2015)), the BAP...more

The Uniform Commercial Real Estate Receivership Act (Part 1) — Pathway to “Receiver Sales” of Real Estate Security?

“Uniform” laws seem to be all the rage these days. A group called the Uniform Law Commission (aka National Conference of Commissioners on Uniform State Laws) does the drafting, and the goal is to come up with a...more

Debt Secured by Inventory Real Property is Not QRPBI

In the recently released Revenue Ruling 2016-15, the IRS determined that discharge of debt income generated by the forgiveness of debt secured by real property constituted excludable qualified real property business...more

First Impressions and Prohibited Mortgage Modifications in Bankruptcy

Section 1322(b)(2) of the Bankruptcy Code enables a debtor to “modify the rights of holders of secured claims, other than a claim secured only by a security interest in real property that is the debtor’s principal...more

New Security for Real Estate Financings

Law Decree No. 59 dated 3 May 2016 introduced a new security instrument for real estate financings which entails secured creditors to satisfy their claims against the mortgaged assets without the need of going through a...more

Failure to Timely Pay Texas Ad Valorem Taxes: Reminders for Taxpayers and Secured Lenders

The extended downturn in the oilfield economy is showing up in some taxpayers’ inability to pay their Texas real property and personal property ad valorem taxes when those taxes become due. This note reminds taxpayers what...more

The Ultimate Arizona Bankruptcy Guide – Pt. 5 – The Automatic Stay

People don’t want to file for bankruptcy. Often the decision to file for bankruptcy only occurs after a point is reached where something financially painful is about to happen. Wage garnishment. Foreclosure. Debt collection...more

Ontario Court Addresses Debt Re-Characterization Argument in CCAA Proceeding

On February 29, 2016, the Ontario Superior Court of Justice released a decision in the ongoing insolvency proceeding of U. S. Steel Canada Inc. (USSC). Two principal issues were addressed by the Court. First, whether amounts...more

UK Regulator Publishes Proposed Guidance on Enforcing Security and Default Notices under the Consumer Credit Act

The Financial Conduct Authority published proposed guidance on the FCA's updated view on enforcing security under the Consumer Credit Act and when a default notice is required to be issued. The guidance is aimed at firms that...more

New measures to incentivize NPL market in Italy

On February 10, the Italian Government announced the approval of new measures to address the recent market volatility caused by the banking sector. The newly approved measures introduce, amongst other things, (i) a State...more

Blog: Illinois Bankruptcy Court Articulates Low Threshold for Equitable Subordination of Insider Secured Loan

For a distressed company running low on capital, an investment from insiders may represent a last best hope for survival. Insiders may be willing to risk throwing good money after bad for a chance to save the company even...more

The Anti-Cookson Clause Revisited: A Useful Tool for Lien Restrictions

In any secured financing, lenders are concerned about their liens being primed. This is of particular concern where the financing permits, as many financings often do, the incurrence of additional secured debt by the borrower...more

Amendments to Ontario’s Conflict of Laws Rules Will Require Changes to Documentation and Registration/Search Practices

Secured parties that make loans on the security of receivables and motor vehicles, that purchase receivables under securitization or factoring arrangements or that provide financing pursuant to motor vehicle leases or...more

Important changes to the Ontario Personal Property Security Act

The Ontario Personal Property Security Act (“PPSA”) regulates the creation and registration of security interests in personal property in Ontario. Amendments to the PPSA, having important practice implications, are underway....more

Security assignments – not always what they say they are?

The nature of security created under a security document does not always match its description in the document. Charlotte Drake explains how this recharacterisation risk can apply to security assignments. ...more

Co-debtors’ Obligations May be Treated Differently in Bankruptcy

Imagine the following common scenario: A lender makes a commercial loan and the note is signed by two borrower entities, each of whom provides separate real property collateral as security for the loan. The borrowers...more

Buyer (and its Creditors) Beware: SemCrude District Court Finds That Purchasers Took Oil and Gas Free and Clear of Producers'...

Although almost eight years have lapsed since the chapter 11 cases of Tulsa, Oklahoma-based SemCrude L.P. were confirmed, many of the issues at the forefront of those cases are re-emerging in light of the recent uptick in oil...more

Equitable Liens: No Mortgage Does Not Necessarily Mean No Lien

Marcum v. Marcum (In re Marcum), 508 B.R. 499 (Bankr. M.D. Fla. 2014) – A creditor made two prepetition loans to a chapter 13 debtor for payment of delinquent real estate taxes. The loans were supposed to be secured by...more

JPMorgan Scores Major Victory in Ongoing Lehman Bankruptcy

On Sept. 30, a district court resolved a significant portion of outstanding litigation in the bankruptcy proceeding of Lehman Brothers Holdings Inc. and its subsidiaries. See Lehman Bros. Holdings Inc. v. JPMorgan Chase Bank,...more

Recent Case Offers Insight Into the Protection of Security Interests

The failure to perfect a security interest could result in losing property rights altogether despite being the unqualified owner of the property. A very recent example of this is the case of Wells Fargo Foothill Canada ULC v...more

Bankruptcy Basics – “Will I Lose My House in a Chapter 7 Bankruptcy?”

Almost daily I meet with families that have avoided filing for bankruptcy because they fear they will lose their home as part of the process. In this article I will discuss how you can know if your house will be put at risk...more

Is a “Receiver’s Sale” a Foreclosure Sale?

Earlier this year, the Nevada Supreme Court held in U.S. Bank Nat’l Assn. v. Palmilla Dev. Co. that under Nevada law, a “receiver’s sale” of real property securing a loan qualifies as a judicial foreclosure sale, and...more

Appellate Court Provides Guidance for Determining Whether a Credit Transaction is Subject to TILA

The Truth-In-Lending Act (“TILA” or the “Act”) governs consumer credit transactions, which are defined as transactions in which (1) credit is offered or extended to a natural person, and (2) the money, property, or services...more

High Net Worth Family Tax Report, Vol. 10, No. 2

Borrowing Against Art Collections - Your art collection may not be as illiquid as you think. It is possible to raise cash by borrowing against works of art. Although some banks do not offer art-secured loans because of...more

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