News & Analysis as of

Secured Lender Protection Limited When Bitcoin is Collateral

On June 17, 2014, the U.S. Bankruptcy Court in Dallas granted recognition under chapter 15 of the Bankruptcy Code of the bankruptcy proceeding in Japan of failed bitcoin exchange, Mt Gox. Mt. Gox shut down after claiming to...more

A Primer On UCC Article 9 Sales

Article 9 of the Uniform Commercial Code sets forth a statutory scheme for both creating and enforcing security interests in personal property. Pursuant to Article 9, a lender seeking to collateralize an advance on the...more

UPDATE: UCC Amendments Signed by Governor Brewer

The 2010 Amendments to Article 9 of the Arizona Uniform Commercial Code are now effective. UCC Amendments Pass Both Houses of the Arizona Legislature - This alert was previously published on April 17,...more

What's "Commercially Reasonable" for Article 9 Foreclosure Sales?

Since the financial crisis, sales under Section 363 of the Bankruptcy Code have provided an increasingly popular way for secured creditors of distressed businesses to recover their loans. However, despite the advantages of...more

New Amendments to UCC Article 9 Now Effective in Most Jurisdictions

On July 1, 2013, amendments to Article 9 of the Uniform Commercial Code, which governs using personal property as collateral, became effective in most jurisdictions. The changes to Article 9 a ect both existing and future...more

Attention Secured Lenders: The 2010 Amendments to Article 9 are Beginning to Take Effect

Article 9 of the Uniform Commercial Code, which governs security interests in transactions secured by personal property, is currently undergoing its first revision since 1998. The 2010 Amendments to Article 9 (the “2010...more

Amendments to Article 9 of the Uniform Commerical Code Go Into Effect

A number of amendments to Article 9 of the Uniform Commercial Code (“UCC”) went into effect in many states on July 1, 2013. Similar amendments are pending in a number of other states....more

Number One Priority – Understanding Changes that Impact Securing and Maintaining Priority as a Secured Creditor (Recent Amendments...

Florida joined with a majority of states in adopting the 2010 changes to Article 9 of the Uniform Commercial Code (Ch. 679, Fla. Stat.), which governs security interests in personal property. Consistent with the targeted...more

Brief Summary of Key UCC Article 9 Amendments Effective July 1, 2013

Typically, from deal to deal, I don’t (and can’t imagine many of my colleagues do) get too worked up about Article 9 of the UCC…I know what it says, I know what to do, especially when it comes to creating and perfecting...more

Article 9 of UCC revisions effective July 1, 2013

Article 9 of the Uniform Commercial Code (the “UCC”) governs secured transactions between lenders and borrowers covering personal property which is pledged as collateral. The provisions of Article 9 apply to borrowers who...more

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

New Amendments To UCC Article 9

Most states recently adopted the 2010 amendments to the 2001 Uniform Commercial Code ("UCC") Article 9, with an effective date of July 1, 2013. Unfortunately, Arizona and a few other states have not yet adopted the 2010...more

Commercial Financial Services Brief: Minnesota Adopts Several Changes to Article 9 of The UCC

Minnesota has adopted several changes to Article 9 of the UCC, effective July 1, 2013. Many of these changes relate to the preparation and filing of financing statements which perfect security interests granted by individual...more

Amendments to UCC Article 9 Take Effect July 1, 2013 in Many Jurisdictions

On July 1, 2013, amendments to Article 9 of the Uniform Commercial Code (UCC), which governs using personal property as collateral, will become effective in many jurisdictions. The changes to Article 9 will affect both...more

Recent Changes to Article 9 of the North Carolina Uniform Commercial Code

In 2010 the National Conference of Commissioners on Uniform State Laws and the American Law Institute proposed amendments to Article 9 of the Uniform Commercial Code, commonly referred to as the 2010 Amendments. During the...more

Transformation of Tort Claim into Different Type of Collateral Did Not Give Secured Creditor a Lien

An October 2011 decision from the United States District Court for the Northern District of New York highlights the importance of correctly taking all of the steps necessary to obtain a security interest in commercial tort...more

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