Uniform Commercial Code Policy

News & Analysis as of

Six Steps Banks Should Implement to Ensure Their Security Procedures are Commercially Reasonable

Banks are tasked by the Uniform Commercial Code (the UCC) with using “commercially reasonable” security procedures when processing funds transfers. This responsibility is constantly evolving as bank fraud becomes more...more

District Court Confirms Netting/Setoff Practices

In a recent decision related to the SemCrude bankruptcy, the federal district court upheld the Bankruptcy Court’s rulings on the efficacy of certain common risk-mitigation tools used in the energy trading and marketing...more

Settlement Proceeds: When Does Cash Become Quasi Real Estate?

Farmer v. Citizens Nat’l Bank of Athens (In re Davis), 528 B.R. 757 (Bankr. E.D. Tenn. 2015) – A chapter 7 trustee sought a court determination that the trustee had a superior claim to settlement proceeds arising from...more

Monitor Financial Distress in Your Supply Chain

While American manufacturing has experienced a resurgence in recent years, some manufacturers continue to face challenges. Witness for example the recent chapter 11 filings of Colt, Boomerang Tube, and Everyware Global....more

Navigating Patent Damages Part III: Statutory Indemnification – Implied Warranty Against Infringement

In this third article relating to patent damages, we explore the effects of implied indemnification provisions when evaluating who is responsible for litigation costs when faced with an infringement suit....more

Recent Developments Affecting UCC Filings in New Jersey

New laws and regulations affect the information that must be listed on a financing statement and require electronic filing of all financing statements. There have been two recent developments affecting Uniform Commercial...more

Manufacturing Contracts in Distress

The automotive industry has recently enjoyed a strong period of sales growth and productivity. But even during this period, some manufacturers and raw materials suppliers continue to face pressures presented by financially...more

Security Agreement: When Drafting You Better Say What You Mean

State Bank of Toulon v. Covey (In re Duckworth), 776 F.3d 453 (7th Cir. 2014) – A chapter 7 trustee sought to treat a secured lender as unsecured based on an error in the security agreement. The lender argued that the...more

General Motors Bankruptcy Court Applies the Brakes to Unauthorized Termination Statements

Last week, the United States Bankruptcy Court for the Southern District of New York held that a UCC-3 termination statement is effective to terminate a financing statement under the Uniform Commercial Code only if the filing...more

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