Two Recent Decisions Demonstrate Continued Disagreement Over Whether Economic Value or Face Amount of Liens Is Appropriate Metric in Authorizing Free and Clear Bankruptcy Sale

Jones Day
Contact

Jones Day

The ability of a trustee or chapter 11 debtor in possession ("DIP") to sell bankruptcy estate assets "free and clear" of liens on the property under section 363(f) of the Bankruptcy Code has long been recognized as one of the most powerful tools for restructuring a debtor’s balance sheet and generating value in bankruptcy. Section 363(f)(3) permits a sale free and clear if "such interest is a lien and the price at which such property is to be sold is greater than the aggregate value of all liens on such property." However, courts disagree as to the meaning of the phrase "the aggregate value of all liens."

Two recent rulings add to the ongoing rift among bankruptcy and appellate courts regarding this issue. In In re Bay Circle Properties, LLC, 2017 BL 44637 (Bankr. N.D. Ga. Feb. 14, 2017), the United States Bankruptcy Court for the Northern District of Georgia determined that a sale of real property free and clear under section 363(f)(3) was permitted because the sale price met or exceeded the economic value of the liens encumbering the property, even though the price did not exceed the face amount of the liens. The United States Bankruptcy Court for the District of New Jersey reached the opposite conclusion in In re Lutz, 2017 BL 147967 (Bankr. D.N.J. May 3, 2017), ruling that "value" in section 363(f)(3) "means the face value of the lien."

Sales Free and Clear Under Section 363(f)

Section 363(f) authorizes a trustee or DIP to sell property "free and clear of any interest in such property of an entity other than the estate" under any one of five specified conditions (only one of which involves consent). A bankruptcy court’s power to order sales free and clear of such interests without the consent of the party asserting the interest has been recognized for more than a century. See Ray v. Norseworthy, 90 U.S. 128, 131–32 (1875); Van Huffel v. Harkelrode, 284 U.S. 225, 227 (1931). Free and clear sales promote the expeditious liquidation of estate assets by avoiding the delay attendant to resolving disputes concerning the validity and extent of liens and other interests, which can later be adjudicated in a centralized forum. They also promote the maximization of the value of estate assets. After all, a prospective buyer would discount its offer for an asset significantly if it were faced with the prospect of protracted litigation to obtain clear title or if it had to accept title subject to liens or other interests. To obtain the benefit of a free and clear sale, section 363(e) of the Bankruptcy Code provides that the nondebtor is entitled to "adequate protection" of its interest, which most commonly takes the form of a replacement lien on the proceeds of the sale.

One of the five alternative conditions—set forth in section 363(f)(3)—to permit a sale free and clear of an interest is that "such interest is a lien and the price at which such property is to be sold is greater than the aggregate value of all liens on such property." 11 U.S.C. § 363(f)(3). The Bankruptcy Code does not elaborate on the meaning of the phrase "aggregate value of all liens" in section 363(f)(3), and two approaches have emerged among courts as to its interpretation in the context of this provision.

Some courts have held that section 363(f)(3) refers to the economic value of a lien, which is determined by the value of the collateral. See, e.g., In re WPRV-TV Inc., 143 B.R. 315 (D.P.R. 1991); In re Boston Generating LLC, 440 B.R. 302 (Bankr. S.D.N.Y. 2010). Under this "Economic Value Approach," courts reason that the term "value" should be given the same meaning in section 363(f) which it has in sections 506(a) and 361 of the Bankruptcy Code.

Section 506(a) provides that the claim of a creditor secured by a lien on the debtor’s property "is a secured claim to the extent of the value of such creditor’s interest in the estate’s interest in such property" and an unsecured claim to the extent that the claim exceeds the value of the collateral. 11 U.S.C. § 506(a). Similarly, section 361 requires "adequate protection" payments to a secured creditor to protect against any "decrease in the value of such entity’s interest" in property under certain circumstances. 11 U.S.C. § 361(1). Thus, both provisions refer to the economic value of the underlying collateral, rather than the face amount of the claim secured by a lien on such collateral.

Courts adopting the Economic Value Approach reason that their interpretation of section 363(f)(3) supports the maximization of value for creditors—one of the central purposes of the Bankruptcy Code—by precluding out-of-the-money lienholders from blocking sales which otherwise would be beneficial to the estate and its stakeholders.

Other courts have held that the language of section 363(f)(3) refers to the aggregate face amount of all liens secured by the property, rather than their economic value. See, e.g., Clear Channel Outdoor, Inc. v. Knupfer (In re PW, LLC), 391 B.R. 25 (B.A.P. 9th Cir. 2008); Criimi Mae Servs. Ltd. P’ship v. WDH Howell LLC (In re WDH Howell LLC), 298 B.R. 527 (D.N.J. 2003). Courts’ principal argument under this "Face Amount Approach" is that the Economic Value Approach can never be satisfied because the sale price determines the value of the property and so must equal (and thus cannot be greater than) the aggregate economic value of the liens (unless the price also exceeds their face value). These courts resist interpreting section 363(f)(3) of the Bankruptcy Code consistently with sections 506(a) and 361 on the basis that those provisions expressly denote economic value by referring to the extent of the lienholder’s or estate’s interest in the property. If Congress intended to refer to the economic value of the lien in section 363(f)(3), these courts suggest, it would have worded the provision similarly.

The bankruptcy courts weighed in on this debate in Bay Circle and Lutz.

Bay Circle

Bay Circle Properties, LLC ("Bay Circle" or the "Debtor") and certain affiliates filed for chapter 11 protection in the Northern District of Georgia on May 4, 2015. Among Bay Circle’s assets were two warehouse buildings (the "Property") in Gwinnett County, Georgia.

In October 2014, Good Gateway, LLC, and SEG Gateway, LLC (together, the "Lienholders") obtained $14.5 million in judgments in Florida state court against Bay Circle’s principal and certain affiliates, none of which later filed for bankruptcy. In December 2014, the Lienholders recorded judgment liens with respect to the Property. Shortly thereafter, Bay Circle’s principal transferred his interest in the Property to Bay Circle, subject to the Lienholders’ liens. The Property also was encumbered by a first-priority lien securing a $22 million loan to Bay Circle (the "Loan"). The Property was not the only collateral for the Loan; obligations under the Loan were further secured by liens on various other assets of Bay Circle and its nondebtor affiliates. Ultimately, Bay Circle commenced a chapter 11 bankruptcy case.

Bay Circle and the first-priority secured lender, which later assigned its Loan to Bay Point Capital Partners, LP (the "Lender"), entered into a settlement agreement that was approved by the bankruptcy court. Among other things, the agreement: (a) required the Debtor to make "milestone payments" to the Lender; and (b) specified minimum sale prices—or "release prices"—for the collateral, including a $5 million release price for the Property. The agreement also provided that, upon default, the Lender could foreclose on the Property by means of a nonjudicial foreclosure under Florida law.

The bankruptcy court denied the Debtor’s motion to refinance the debt on the Property so that it could make a $3.5 million milestone payment. The Debtor responded by filing an emergency motion to sell the property at auction, free and clear of liens (including the Lienholders’ junior liens) under section 363(f) of the Bankruptcy Code.

The Lender objected, asserting that it had the right to credit bid its secured claim (which at this point had been reduced to $15 million) in any sale of the Property. The Lienholders also objected to the sale, arguing, among other things, that a sale of the property free and clear of their junior liens violated section 363(f)(3) because the face amount of all liens encumbering the property—totaling approximately $30 million—exceeded the anticipated $5 million proceeds from the auction sale. The court ultimately overruled the Lienholders’ objections and approved the sale of the Property at auction to the Lender for a $5.35 million credit bid, effectively stripping the Lienholders’ junior liens from the property.

The bankruptcy court evaluated the ability of the Debtor to sell the Property free and clear of liens under section 363(f). In doing so, it adopted the Economic Value Approach, ruling that section 363(f)(3) requires only that the sale price be greater than or equal to the value of the liens encumbering it, as distinguished from the face value of the secured claims asserted against it. The court concluded that the plain language of the statute supports using economic value as a metric. Section 363(f)(3), the court wrote, plainly refers to the "value" of the liens, "not the amount of the liens." In addition, the court reasoned that section 363(f)(3) would be superfluous if it were construed to require payment in full of the face amount of all liens, noting that "a sale which results in the payment in full of the liens, of course, is free and clear of them."

The court explained that the Lienholders’ liens had no economic value because the Lender’s senior lien on the property exceeded $15 million on a property worth much less than that. Noting that the Debtor scheduled the value of the warehouse property at $5.5 million, and the Lender’s minimum release price for the property was $5.0 million, the court concluded that the $5.35 million auction price "meets or exceeds" the economic value of the Lender’s lien. Thus, the court ruled that section 363(f)(3) had been satisfied.

Lutz

After separately filing for chapter 11 protection in the District of New Jersey in 2016, Richard and Susan Lutz (the "Lutzes") filed a motion to sell their jointly owned Moorestown, New Jersey, real property for $1.3 million, free and clear of liens under section 363(f). The property was encumbered by a mortgage held by a lender (the "Mortgagee") that filed a secured claim in the amount of approximately $2.4 million.

The Mortgagee objected to the sale free and clear of its lien, arguing that the sale could not satisfy section 363(f)(3) because the anticipated sales price for the property was not greater than the face value of its lien. The Lutzes contended that "value" in section 363(f)(3) should mean "economic value," which they argued is the "actual value to be determined by the Court."

The bankruptcy court noted that the United States District Court for the District of New Jersey rejected the Lutzes’ interpretation of "value" in the Howell case. In Howell, the district court employed a common sense analysis of the plain language of section 363(f)(3) to determine congressional intent. It ruled that "value" cannot mean "economic value" when read in the context of the preceding phrase "greater than" because "the sale price for the overencumbered property can never be greater than the aggregate economic value of the liens on the property." Howell, 298 B.R. at 532 (citation omitted).

The Lutz court found Howell to be persuasive, ruling that the term "value" in section 363(f)(3) means the face value of the lien. The court accordingly held that the property could not be sold free and clear of the Mortgagee’s lien under section 363(f)(3) because the proposed sale price was less than the face value of the lien.

Outlook

Bay Circle and Lutz do little to end the debate on the meaning of section 363(f)(3) of the Bankruptcy Code. The cases’ dramatic differences in approach and outcome reflect the courts’ continuing struggle to interpret a provision that is commonly relied on in bankruptcy cases to facilitate quick asset sales which generate much-needed value for the estate.

This struggle is understandable. Although there is logic to the Economic Value Approach, it does not squarely comport with the language of section 363(f)(3), which allows sales free and clear of liens only where "the price at which such property is to be sold is greater than the aggregate value of all liens on such property." Arguably, this language can never be satisfied where there are underwater liens—a common situation in bankruptcy—because a market sale price will never "exceed" the value of liens. The Bay Circle court apparently reads the statute to include sales "equal to or greater than" the value of liensa practical approach that by necessity reframes the statutory language to allow lienholders to realize the value of their liens and no more, consistent with other provisions of the Bankruptcy Code.

Considering itself constrained by the plain language of section 363(f)(3), the Lutz court joined those courts that have adopted the alternative Face Amount Approach. The Bay Circle court makes a strong point, however, that the Face Amount Approach renders section 363(f)(3) a virtual nullity (i.e., a debtor may pay off liens at face value without the help of the Bankruptcy Code) and seems to assign value to valueless liens (i.e., a debtor may not sell free and clear of underwater liens under section 363(f)(3) if the sale price does not pay them in full). Absent congressional clarification to the statutory language, the resolution of this debate may require more rulings at the appellate level.

Written by:

Jones Day
Contact
more
less

Jones Day on:

Readers' Choice 2017
Reporters on Deadline

Related Case Law

"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.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at www.jdsupra.com) (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at privacy@jdsupra.com.

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to privacy@jdsupra.com. We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to privacy@jdsupra.com.

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at: privacy@jdsupra.com.

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at www.jdsupra.com) (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit legal.hubspot.com/privacy-policy.
  • New Relic - For more information on New Relic cookies, please visit www.newrelic.com/privacy.
  • Google Analytics - For more information on Google Analytics cookies, visit www.google.com/policies. To opt-out of being tracked by Google Analytics across all websites visit http://tools.google.com/dlpage/gaoptout. This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit http://www.aboutcookies.org which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.