UCC Financing Statements

News & Analysis as of

Delaware Supreme Court: A Mistakenly Authorized UCC Termination Statement is Effective to Terminate Original UCC Filing

On October 17, 2014, the Delaware Supreme Court entered an opinion holding that a UCC-3 termination statement that is authorized by the secured party is effective to terminate the original UCC filing even though the secured...more

Legend Removal Requires Proper “Request To Register Transfer”

Removal of legends from restricted securities (i.e., securities issued without registration under the Securities Act of 1933) can be a tricky business for transfer agents, issuers and their counsel. Improperly removing...more

California Amends Uniform Commercial Code Article 9 Regarding Name of Individual Debtor on Financing Statements

The California Legislature passed, and Governor Brown signed, Assembly Bill No. 1858, which changes the way individual debtors are identified in Uniform Commercial Code financing statements. The bill brings California into...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

UCC-3 Termination Statements: Can They be Trusted?

The holdings of two recent decisions from the Bankruptcy Courts of the Western District of Pennsylvania and the Southern District of New York, handed down within three days of each other in March, both affect the amount of...more

Lien Rights of Lenders and Landlords - Part I

Commercial real estate landlords and the lenders for their tenants have competing interests with respect to the tenant's personal property located at the demised premises. The landlord is looking to secure the tenant's rental...more

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