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Chapter 7 Security Agreements

Troutman Pepper

A Win for Lenders: Seventh Circuit Finds UCC-1 Collateral Description Reference Sufficient

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In a win for lenders, on September 11, the U.S. Court of Appeals for the Seventh Circuit reversed the U.S. Bankruptcy Court for the Central District of Illinois, holding that the collateral description in the UCC-1 financing...more

Troutman Pepper

Ambiguous UCC Collateral Descriptions Part II: Another Snare for Private Equity Companies

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On August 20, the U.S. Bankruptcy Court for the Central District of Illinois in In re I80 Equipment, LLC, No.17-81749, 2018 WL 4006294 (Bankr. C.D. Ill. Aug. 20, 2018) held that a secured party failed to perfect its security...more

Orrick, Herrington & Sutcliffe LLP

U.S. Sixth Circuit Holds that Customary Language in Amendment and Restatement Agreements May Extinguish Existing Security...

On August 23, 2016, the U.S. Court of Appeals for the Sixth Circuit held in the Chapter 7 bankruptcy case In re Fair Finance Company that an amendment and restatement of a loan and security agreement may have been a novation...more

Dorsey & Whitney LLP

Security Interest v. License Agreement: Low Tech Precautions for the High Tech Investment

Dorsey & Whitney LLP on

In this exciting age of startups, the market is brimming with opportunities for individuals and entities alike to invest in emerging companies. Today’s rapid rate of technology development justifies investors’ eagerness to...more

Troutman Pepper

Security Agreement: When Drafting You Better Say What You Mean

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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

Blank Rome LLP

Lender Beware: The Pitfalls of Narrowly Defined Secured Obligations

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A recent decision by the United States Court of Appeals for the Seventh Circuit underscores the substantial risks secured lenders take when they narrowly define the obligations intended to be secured by their borrowers’...more

Troutman Pepper

Banks Beware! Parol Evidence May Not Correct Drafting Errors When Enforcing Security Agreements

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Secured transactions typically include two key documents, which are often executed simultaneously: a promissory note memorializing loan and repayment terms executed by the borrower in favor of the lender and a security...more

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