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Dechert LLP

No Triangular Setoff in the Third Circuit

Dechert LLP on

In a recent decision, the Court of Appeals for the Third Circuit closed the door on triangular setoffs, ruling that the mutuality requirement under Section 553 of the Bankruptcy Code must be strictly construed and requires...more

Foley & Lardner LLP

Puerto Rico Case Highlights Need for Secured Parties to Adhere to Good Practices in Documenting Secured Transactions

Foley & Lardner LLP on

Manufacturers encounter financing statements in many contexts – as a borrower, as a supplier of goods sold on credit, as a seller in a leveraged acquisition, as a seller of equipment where financing is provided to the buyer...more

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