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Uniform Commercial Code (UCC) › Termination

Eversheds Sutherland (US) LLP

Delaware Supreme Court Finds UCC Termination Filings Valid Despite Lack of Lender’s Intent

Eversheds Sutherland (US) LLP on

On October 17, the Delaware Supreme Court held that JP Morgan (JPM) terminated its security interest in all of the collateral provided by General Motors (GM) in support of a $1.5 billion loan, despite neither party intending...more

Foley & Lardner LLP

Delaware Supreme Court Rules Mistakenly Filed UCC Termination Statement Is Effective in $1.5 Billion Secured Loan Transaction

Foley & Lardner LLP on

Lenders need to exercise great caution when filing a UCC-3 termination statement. They must make sure that the list of security interests terminated is accurate and that the statement does not mistakenly include other,...more

Sherman & Howard L.L.C.

UCC Termination Statement

Sherman & Howard L.L.C. on

Section 4-9-513 of the Colorado Uniform Commercial Code (UCC) provides that "a secured party shall cause the secured party of record for a financing statement to file a termination statement . . . within one month after there...more

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