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General Motors Commercial Bankruptcy Commercial Loans

Foley & Lardner LLP

Mistakenly Filed UCC Termination Statement Results in Lender’s $1.5 Billion GM Bankruptcy Unsecured Loan

Foley & Lardner LLP on

On October 20, 2014, we issued a Legal News Alert commenting on a decision of the Delaware Supreme Court, on certification from the Second Circuit, regarding the effect of a mistaken UCC-3 termination statement. The Delaware...more

Eversheds Sutherland (US) LLP

Delaware Supreme Court Finds UCC Termination Filings Valid Despite Lack of Lender’s Intent

On October 17, the Delaware Supreme Court held that JP Morgan (JPM) terminated its security interest in all of the collateral provided by General Motors (GM) in support of a $1.5 billion loan, despite neither party intending...more

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