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Consumer Bankruptcy › Security Agreements

Consumer bankruptcy is a process to reduce or eliminate personal as opposed to business debts. Consumer bankruptcies can be filed under either Chapter 7 or Chapter 13 of the bankruptcy code.  Debtors are... more +
Consumer bankruptcy is a process to reduce or eliminate personal as opposed to business debts. Consumer bankruptcies can be filed under either Chapter 7 or Chapter 13 of the bankruptcy code.  Debtors are eligible for Chapter 7 or Chapter 13 depending on the nature of their debts and assets. less -
Troutman Pepper

Security Agreement: When Drafting You Better Say What You Mean

Troutman Pepper on

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

Troutman Pepper

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

Troutman Pepper on

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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