Security Agreements

News & Analysis as of

Lender Beware: The Pitfalls of Narrowly Defined Secured Obligations

A recent decision by the United States Court of Appeals for the Seventh Circuit underscores the substantial risks secured lenders take when they narrowly define the obligations intended to be secured by their borrowers’...more

Pennsylvania Statute May Jeopardize Powers of Attorney and Confessions of Judgment in Loan Documents – Deja Vu All Over Again

Pennsylvania’s power of attorney law has recently undergone significant changes by virtue of legislation that went into effect January 1, 2015. Among other instruments and transactions affected, the new law will impact all...more

Typo Disastrous for Lender

The United States Court of Appeals for the Seventh Circuit recently issued a harsh opinion for lenders in In re: David L. Duckworth. The case provides a startling example of the drastic consequences of failing to carefully...more

California Case Requires Arbitration Despite Lack of Actual Controversy

For parties to litigate a contract dispute in a court of law, the parties’ disagreement must have ripened into an actual controversy presenting more than a mere academic difference of opinion. But under a recent California...more

Death By Typo: Seventh Circuit Confirms That Security Agreements Must Be Error-Free

The most common, or at least the most preventable, way for a security interest to perish involuntarily is a drafting error made by the author of the security instrument. The Seventh Circuit recently confirmed a security...more

Banks Beware! Parol Evidence May Not Correct Drafting Errors When Enforcing Security Agreements

Secured transactions typically include two key documents, which are often executed simultaneously: a promissory note memorializing loan and repayment terms executed by the borrower in favor of the lender and a security...more

Sixth Circuit rules cows can be leased

Can you really lease a cow? - According to the Sixth Circuit, the answer is “yes.” Dairy cattle leasing is an increasingly popular method for producers to add to their herds while conserving capital for other purposes....more

Fees for Recording IP Security Agreements with the USPTO and USCO

In financing transactions, such as loans or securitizations, lenders will typically take a security interest in the borrower's assets pledged as collateral, including any United States intellectual property ("US IP") assets,...more

Is More Always Better? Are Multiple Forms of General Security Agreement Necessary in Every Cross-Border Financing?

U.S. and Canadian Forms of General Security Agreement. It is not uncommon in cross-border financing transactions to have multiple U.S. and Canadian entities as borrowers or guarantors. In these transactions, there are often...more

Commercial Division Denies Oral Modification and Grants Summary Judgment in Lieu of Complaint

In HCG Mezzanine Dev. Fund, L.P. v. Jreck Holdings, LLC, Index No. 652797/2011 (N.Y. Sup., N.Y. Cnty. Oct. 26, 2012), the New York Supreme Court (Kornreich, J.) granted Plaintiff HCG Mezzanine Development Fund, L.P.’s (HCG)...more

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