News & Analysis as of

Security Agreements

In Bankruptcy, a Lease Isn't Always a Lease

by Ward and Smith, P.A. on

In In re Price, the United States Bankruptcy Court for the Eastern District of North Carolina recently explored the difference between a “true” lease of personal property and “disguised” financing. Creditors should take heed...more

Debtor May Be Entitled to Credit for “Reasonable Value” of Property Purchased by Lender at Mortgage Foreclosure Sale

by Stoel Rives LLP on

In Idaho, it has long been understood that a secured creditor that has foreclosed a mortgage may be able to also get a judgment against the debtor for the remainder of the debt, if the proceeds of the foreclosure sale are not...more

Why Affixing A Secretary’s Certificate Might Protect The Innocent

by Allen Matkins on

Transactional lawyers are used to obtaining officers’ certificates to back up their opinions or to deliver to the other party pursuant to a purchase or sale agreement. I wonder, however, how many buyers or secured lenders...more

U.S. Sixth Circuit Holds that Customary Language in Amendment and Restatement Agreements May Extinguish Existing Security...

On August 23, 2016, the U.S. Court of Appeals for the Sixth Circuit held in the Chapter 7 bankruptcy case In re Fair Finance Company that an amendment and restatement of a loan and security agreement may have been a novation...more

Security Interest v. License Agreement: Low Tech Precautions for the High Tech Investment

by Dorsey & Whitney LLP on

In this exciting age of startups, the market is brimming with opportunities for individuals and entities alike to invest in emerging companies. Today’s rapid rate of technology development justifies investors’ eagerness to...more

How Reporting a Crime May Subject You to Sanctions

by Bryan Cave on

You are a creditor and your loan is secured by personal property, let’s say equipment. The borrower recently filed for bankruptcy protection. You receive a phone call from a friend advising you that someone has a moving...more

Federal Court Strikes Down Kentucky County Right to Work Ordinance

by Franczek Radelet P.C. on

A federal district court has ruled that the National Labor Relations Act (NLRA) preempts a county government from enacting a right-to-work ordinance applicable only to that county. The decision from the U.S. District Court...more

Cross Border Financing Report 2015, UK

by Latham & Watkins LLP on

Section 1 – Bank licences - 1.1 What licences or approvals do lenders need to have if lending to a borrower in this jurisdiction if a) the lender is a bank or b) the lender is a not a bank? No licences or approvals...more

Security Agreement: When Drafting You Better Say What You Mean

by Pepper Hamilton LLP 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

Lender Beware: The Pitfalls of Narrowly Defined Secured Obligations

by Blank Rome LLP on

A recent decision by the United States Court of Appeals for the Seventh Circuit underscores the substantial risks secured lenders take when they narrowly define the obligations intended to be secured by their borrowers’...more

Pennsylvania Statute May Jeopardize Powers of Attorney and Confessions of Judgment in Loan Documents – Deja Vu All Over Again

Pennsylvania’s power of attorney law has recently undergone significant changes by virtue of legislation that went into effect January 1, 2015. Among other instruments and transactions affected, the new law will impact all...more

California Case Requires Arbitration Despite Lack of Actual Controversy

by Snell & Wilmer on

For parties to litigate a contract dispute in a court of law, the parties’ disagreement must have ripened into an actual controversy presenting more than a mere academic difference of opinion. But under a recent California...more

Death By Typo: Seventh Circuit Confirms That Security Agreements Must Be Error-Free

by Foley & Lardner LLP on

The most common, or at least the most preventable, way for a security interest to perish involuntarily is a drafting error made by the author of the security instrument. The Seventh Circuit recently confirmed a security...more

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

by Pepper Hamilton LLP 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

Sixth Circuit rules cows can be leased

by Thompson Coburn LLP on

Can you really lease a cow? - According to the Sixth Circuit, the answer is “yes.” Dairy cattle leasing is an increasingly popular method for producers to add to their herds while conserving capital for other purposes....more

Fees for Recording IP Security Agreements with the USPTO and USCO

by White & Case LLP on

In financing transactions, such as loans or securitizations, lenders will typically take a security interest in the borrower's assets pledged as collateral, including any United States intellectual property ("US IP") assets,...more

Is More Always Better? Are Multiple Forms of General Security Agreement Necessary in Every Cross-Border Financing?

by Hodgson Russ LLP on

U.S. and Canadian Forms of General Security Agreement. It is not uncommon in cross-border financing transactions to have multiple U.S. and Canadian entities as borrowers or guarantors. In these transactions, there are often...more

Commercial Division Denies Oral Modification and Grants Summary Judgment in Lieu of Complaint

In HCG Mezzanine Dev. Fund, L.P. v. Jreck Holdings, LLC, Index No. 652797/2011 (N.Y. Sup., N.Y. Cnty. Oct. 26, 2012), the New York Supreme Court (Kornreich, J.) granted Plaintiff HCG Mezzanine Development Fund, L.P.’s (HCG)...more

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