News & Analysis as of

Uniform Commercial Code (UCC) Perfected Security Interest

Tucker Arensberg, P.C.

Pennsylvania Joins the Digital Age and Enacts Article 12 of the Uniform Commercial Code

Tucker Arensberg, P.C. on

On July 1, 2024, the Commonwealth of Pennsylvania joined twenty-three other states in adopting Uniform Commercial Code Article 12 and the accompanying amendments to the Pennsylvania Uniform Commercial Code....more

Paul Hastings LLP

Looking for Liquidity in Foreign Places: A Lender’s Guide to Financing Goods Located Outside the US Part I

Paul Hastings LLP on

Part I: Whose Law is it Anyway? With elevated interest rates and rising labor and supply costs, many U.S. companies are looking for additional sources of capital to continue growing their businesses. Companies with...more

Cadwalader, Wickersham & Taft LLP

A New Age of PerFFFection June 2024 - Potential Impact of UCC Article 12 on Fund Finance Transactions

At the bottom of the stack in investment fund structures, there are generally “real” assets—things like equity interests in portfolio companies, mortgage loans, commercial receivables, maybe even bricks and mortar. Fund...more

Cadwalader, Wickersham & Taft LLP

TriBar Releases Report on Digital Asset Opinions under UCC Article 12

The official drafting committees of the Uniform Commercial Code have promulgated proposed amendments (the “2022 Amendments”) to address transactions with certain digital assets, notably adding a new Article 12 on Controllable...more

Troutman Pepper

Can I Enhance My Prospects for Payment Through a Purchase Money Security Interest? - Creditor’s Rights Toolkit

Troutman Pepper on

A seller of goods may gain priority over other creditors, and enhanced prospects for payment, by taking and perfecting a purchase money security interest (PMSI) in the goods sold to a customer. This article will explain what...more

Seyfarth Shaw LLP

Possessing the Unpossessable – Holding Digital Assets in Your UCC Hands

Seyfarth Shaw LLP on

Non-fungible tokens, crypto tokens, cryptocurrencies, and other digital assets generally cannot be held in your physical hands, but they may now be legally possessed, under the Uniform Commercial Code in Delaware and other...more

Shumaker, Loop & Kendrick, LLP

Did You Lose Your Security Interest in That Collateral? The New Way to Perfect Security Interests Using Updated UCC Forms

Beginning July 1, 2023, many states began accepting revised Uniform Commercial Code (UCC) forms to perfect security interests. These revised forms were adopted earlier this year by the International Association of Commercial...more

Troutman Pepper

Decision by New York's Highest Court Results in Account Debtor Owing Its Counterparty's Debts

Troutman Pepper on

In Worthy Lending LLC v. New Style Contractors. Inc., New York’s highest court, the New York Court of Appeals, has ruled that a security interest includes a lender’s right to force the borrower’s account debtors to remit...more

Cadwalader, Wickersham & Taft LLP

Code Update: Get Ready March 2023 | Issue No. 214 - New UCC Article 12 Matters to More than Just Cryptocurrency

After being approved by its drafting committees last summer, a new article to the Uniform Commercial Code is now making its way through state legislatures for enactment. Because the new Article 12 and its related code...more

Holland & Knight LLP

Mortgage Recording Tax on Mezzanine Debt, Preferred Equity Again Proposed in N.Y. Senate

Holland & Knight LLP on

Legislation to impose a tax on the creation of mezzanine debt and preferred equity was reintroduced on Jan. 4, 2023, in the last two sessions of the New York state legislature, by the same state senators who proposed it...more

Latham & Watkins LLP

The UCC Gets a Digital Asset Refresh

Latham & Watkins LLP on

A new Article 12 and amendments to Article 9 regarding “controllable electronic records” would govern transactions and security interests in digital assets. On July 13, 2022, the Uniform Law Commission (in partnership...more

Goodwin

Taking Security Interests in Human Reproductive Tissue: Clarifying Lender Options under Federal and State Law

Goodwin on

Can human reproductive tissue (“HRT”) held by a fertility clinic serve as collateral for a loan to (or investment in) the fertility clinic? In short, the scope and extent of governmental regulation addressing the sale of or...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

Cadwalader, Wickersham & Taft LLP

Ten Things Every Fund Finance Banker Should Know About the UCC

The initiative to draft a code that would unify commercial transactions across U.S. states came about in 1942. The drafters went to work in a remarkable setting that, aside from a global war, was marked by clashes of...more

Gray Reed

Red River Statutory Rivalry: Texas Lien Statute is Fatal to Texas Producers’ Security Interests

Gray Reed on

The lesson from In re First River Energy LLC:  Even though Texas lien law does not require the filing of a financing statement for perfection, file one anyway. It will be helpful in the event a dispute is decided under the...more

Williams Mullen

Commercial Lease Enforcement in Virginia during the COVID-19 Pandemic

Williams Mullen on

While it is clear that the current COVID-19 crisis has touched every part of society and the economy, the governmental response and protections have not been uniform. The federal, state and local guidance has largely focused...more

Troutman Pepper

Lender Beware: Two Recent Bankruptcy Cases Highlight Importance of Diligence in UCC-1 Filings

Troutman Pepper on

Lenders should view as cautionary tales two recently handed down decisions regarding UCC-1 financing statements and the perfection of security interests. On December 20, 2019, the U.S. Bankruptcy Court for the District of...more

Foley & Lardner LLP

Seventh Circuit Guidance on Collateral Description in Financing Statements

Foley & Lardner LLP on

In a previous blogpost, we explained the technical requirements for financing statements and the potential risks of failing to satisfy them, highlighting a case where the court ruled, under a prior version of the Puerto Rico...more

Faegre Drinker Biddle & Reath LLP

It’s Perfect! Or, Perfecting Security Interests in Intellectual Property

In our recent post, we discussed the Seven Secrets of Security Interests relevant for owners or buyers of intellectual property. But after an IP owner grants a security interest in intellectual property, how do you make it...more

Dorsey & Whitney LLP

Seventh Circuit Reaffirms Notice Principle of UCC Financing Statements

Dorsey & Whitney LLP on

Last year, the U.S. Bankruptcy Court for the Central District of Illinois determined in In re I80 Equipment, LLC that a financing statement which referenced a description of the collateral, but did not contain or attach the...more

Moritt Hock & Hamroff LLP

The Realities of Accession Priority

Lenders often finance items that are installed in and/or affixed to their customers’ other leased or financed assets. When these items, known as “accessions,” are part of the transaction, they are usually “perfected” by the...more

Shumaker, Loop & Kendrick, LLP

Client Alert: Consignment Agreements: Delaware Bankruptcy Court Denies Consignment Seller’s Secured Position Due To Insufficient...

An April 12, 2019 Delaware Bankruptcy Court decision in the Sports Authority Chapter 11 case (In re TSAWD Holdings, Inc.) is an important reminder for sellers of goods on properly obtaining security in the goods they sell, to...more

Dorsey & Whitney LLP

Revisiting Financing Statement Collateral Descriptions

Dorsey & Whitney LLP on

Recently, two federal courts issued decisions defining the detail needed in collateral descriptions in financing statements. This is significant because if the collateral description is not sufficient then the financing...more

Buchalter

Consignment, the UCC, and You – Protecting Your Goods and Their Proceeds

Buchalter on

In a consignment distribution model, a third party Warehouse (the consignee) takes possession of goods on behalf of a Vendor (the consignor) for sale to Customers. Title passes directly from the Vendor to the Customer, and...more

Foley & Lardner LLP

Puerto Rico Case Highlights Need for Secured Parties to Adhere to Good Practices in Documenting Secured Transactions

Foley & Lardner LLP on

Manufacturers encounter financing statements in many contexts – as a borrower, as a supplier of goods sold on credit, as a seller in a leveraged acquisition, as a seller of equipment where financing is provided to the buyer...more

36 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide