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General Motors Lenders Perfected Security Interest

Ervin Cohen & Jessup LLP

OMG! – A Simple Error in Preparing a UCC-3 Termination Statement May Result in the Loss of a $1.5 Billion Lien

The Second U.S. Circuit Court of Appeals recently held that a secured creditor’s $1.5 billion security interest was invalidated due to an error in the preparation of its UCC-3 termination statement. A disastrous result which...more

Morrison & Foerster LLP

Second Circuit to Lenders: Get Your UCC Filings Right

On January 21, 2015, the U.S. Court of Appeals for the Second Circuit issued an opinion regarding a mistaken UCC-3 termination statement that all loan market participants should consider carefully. The Second Circuit held...more

Dorsey & Whitney LLP

Second Circuit Rules Unintended UCC Termination Statement Was Authorized

Dorsey & Whitney LLP on

When terminating a financing statement, it is necessary to be certain that other financing statements are not unintentionally released, according to an opinion last week of the Second Circuit Court of Appeals. The effect of...more

Winthrop & Weinstine, P.A.

Erroneous UCC-3 Termination Leads to Disastrous Consequences

In a recent decision, a U.S. Court of Appeals held that the filing of a UCC-3 termination statement in a relatively simple payoff transaction between General Motors and a lender was still considered "authorized," despite the...more

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