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General Motors Uniform Commercial Code (UCC) UCC Termination Statement

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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