News & Analysis as of

Article 9 Commercial Bankruptcy

Lowenstein Sandler LLP

Do Not Take Consignments Lightly

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While things worked out for vendors who did not file a UCC-1 in the Sports Authority Chapter 11, you may not be so lucky. Never assume that it is not necessary to properly perfect a consignment arrangement by filing a...more

Greenberg Glusker LLP

A Decline In Chapter 11 Filings Allows Attorneys to Utilize Their Skills Elsewhere

Greenberg Glusker LLP on

Due to its relation to the state of the economy, a bankruptcy lawyer’s practice can be highly cyclical – actually, counter-cyclical. In the last 30 years or so we have seen a number of economic downturns – the bankruptcy boom...more

Mayer Brown

Bankruptcy trustee appeals Seventh Circuit’s ruling on sufficiency of UCC collateral description to US Supreme Court

Mayer Brown on

Last October we highlighted an important ruling issued in September 2019 by the Seventh Circuit in the bankruptcy proceeding of In re I80 Equipment, LLC. The Circuit Court in that case reversed a decision from the lower...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

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

Sherman & Howard L.L.C.

Taking a Security Interest in Insurance

How many of your business and corporate customers carry business interruption insurance? For those that do, what steps, if any, have you taken when extending credit to obtain a security interest in the borrower’s business...more

Cadwalader, Wickersham & Taft LLP

Buyer (and its Creditors) Beware: SemCrude District Court Finds That Purchasers Took Oil and Gas Free and Clear of Producers'...

Although almost eight years have lapsed since the chapter 11 cases of Tulsa, Oklahoma-based SemCrude L.P. were confirmed, many of the issues at the forefront of those cases are re-emerging in light of the recent uptick in oil...more

Blank Rome LLP

A Look at the Friendly Foreclosure Option

Blank Rome LLP on

When a debtor defaults on a loan secured by personal property, the secured lender has several options for repayment. One option is to sell the collateral securing the debt pursuant to Article 9 of the Uniform Commercial Code...more

Polsinelli

Polsinelli Podcasts: Out-of-Court Alternatives to Bankruptcy

Polsinelli on

Given the economic downturn of recent years, professionals fees and cost have been a driving factor in conducting the acquisition of distressed assets. A majority of these transactions take place pursuant to section 363 of...more

Troutman Pepper

Loan to Own: A Potpourri of Bankruptcy Attacks

Troutman Pepper on

Colony Beach & Tennis Club Ass’n, Inc. v. Colony Lender, LLC (In re Colony Beach & Tennis Club, Inc.), 508 B.R. 468 (Bankr. M.D. Fla. 2014) – Three affiliated debtors (RMI, CBTC and CBI) proposed a plan of...more

Blank Rome LLP

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

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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

Blank Rome LLP

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

Blank Rome LLP on

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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