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UCC Financing Statements

Goodwin

Subscription-Secured Credit Facilities: Recent Developments in the US Market and Considerations for Real Estate Funds

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Fund-level subscription-secured revolving lines of credit are a well-established instrument in the toolkits of a variety of private equity fund sponsors and managers, including for venture capital funds, hedge funds, debt...more

Cadwalader, Wickersham & Taft LLP

In the UCC We Trust May 2024 - It Looks Like We Have Trust Issues

One of the most important aspects in arranging any fund finance transaction is structuring the security package. As anyone that has ever looked at a complete structure chart for a fund financing transaction knows, even a...more

Shumaker, Loop & Kendrick, LLP

Did You Lose Your Security Interest in That Collateral? The New Way to Perfect Security Interests Using Updated UCC Forms

Beginning July 1, 2023, many states began accepting revised Uniform Commercial Code (UCC) forms to perfect security interests. These revised forms were adopted earlier this year by the International Association of Commercial...more

Dinsmore & Shohl LLP

TPA Tricks of the Trade: A Lawyer’s Perspective

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Borrowers who go through the process of obtaining an FHA-insured multifamily loan generally come to the same conclusion: the juice is worth the squeeze.  At the end of the day, they get to enjoy a unique blend of benefits (35...more

Akerman LLP

New York State Legislators Reintroduce Bill Proposing Tax on Mezzanine Debt and Preferred Equity Investments

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In the January 2023 legislative session, New York State Senators Salazar, Brisport, Hoylman, Jackson, Myrie, and Rivera submitted a bill, S-318 which seeks to impose a mortgage tax on mezzanine debt on, and preferred equity...more

Patton Sullivan Brodehl LLP

LLC “Lien Priority” Battle: Charging Order vs. UCC Financing Statement

A charging order is a device used by a judgment creditor to collect on a judgment against an LLC member. The charging order imposes a lien on the judgment debtor’s economic (or “transferable”) interest in the LLC — the order...more

Holland & Knight LLP

Lenders and Borrowers Beware: EIDL Fraud Alert

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Holland & Knight has learned through customary deal due diligence that some borrowers – especially those who received a Paycheck Protection Program (PPP) loan through the U.S. Small Business Administration (SBA) – may have...more

Gray Reed

Texas Legislature to Consider Oil and Gas Lien Law Amendment

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Texas lien law in some cases does not require the filing of a financing statement for priority perfection. However, as you might have learned in In re First River Energy, the Delaware Uniform Commercial Code did not recognize...more

Husch Blackwell LLP

Advancing Agriculture: Security Interests and Article 9 Challenges (Part 1)

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Welcome to Episode 2 of Advancing Agriculture with your hosts from Husch Blackwell, Stephanie E. Kaiser and Elizabeth Benefield, where they discuss practical tips and advice on various topics related to ag lending. In this...more

Miller Canfield

Practice Pointer: Review Your Loan File Now to Avoid Problems Later

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When a loan becomes distressed, it is essential for the secured lender to conduct a file review to determine if there are any deficiencies that need to be addressed. If deficiencies are not addressed, the lender’s collateral...more

Troutman Pepper

Lender Beware: Two Recent Bankruptcy Cases Highlight Importance of Diligence in UCC-1 Filings

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Lenders should view as cautionary tales two recently handed down decisions regarding UCC-1 financing statements and the perfection of security interests. On December 20, 2019, the U.S. Bankruptcy Court for the District of...more

Mayer Brown

Bankruptcy trustee appeals Seventh Circuit’s ruling on sufficiency of UCC collateral description to US Supreme Court

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Last October we highlighted an important ruling issued in September 2019 by the Seventh Circuit in the bankruptcy proceeding of In re I80 Equipment, LLC. The Circuit Court in that case reversed a decision from the lower...more

Foley & Lardner LLP

Seventh Circuit Guidance on Collateral Description in Financing Statements

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In a previous blogpost, we explained the technical requirements for financing statements and the potential risks of failing to satisfy them, highlighting a case where the court ruled, under a prior version of the Puerto Rico...more

Faegre Drinker Biddle & Reath LLP

It’s Perfect! Or, Perfecting Security Interests in Intellectual Property

In our recent post, we discussed the Seven Secrets of Security Interests relevant for owners or buyers of intellectual property. But after an IP owner grants a security interest in intellectual property, how do you make it...more

Foley & Lardner LLP

Uniform Commercial Code Protections Affecting Vendor Claims: Purchase Money Security Interests and Reclamation

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Dealing with a financially distressed customer requires both vigilance and creativity. Vigilance is critical because closely monitoring a customer’s payment history and overall financial situation will signal whether a...more

Whitman Legal Solutions, LLC

Anatomy of a Real Estate Transaction—Financing

Financing arrangements are like the themes and tonality in a musical composition. Different aspects of the financing process occur at different points in the real estate transaction. Yet, most real estate buyers depend...more

Dorsey & Whitney LLP

Seventh Circuit Reaffirms Notice Principle of UCC Financing Statements

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Last year, the U.S. Bankruptcy Court for the Central District of Illinois determined in In re I80 Equipment, LLC that a financing statement which referenced a description of the collateral, but did not contain or attach the...more

Kramer Levin Naftalis & Frankel LLP

Financing Statement Collateral Descriptions that Indicate Collateral by Reference Are Permissible under Article 9 of the UCC

Recently in In Re: 180 Equipment, LLC, a case of first impression, the United States Court of Appeals for the Seventh Circuit determined that the Illinois version of Article 9 of the Uniform Commercial Code (Illinois UCC)...more

Troutman Pepper

A Win for Lenders: Seventh Circuit Finds UCC-1 Collateral Description Reference Sufficient

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In a win for lenders, on September 11, the U.S. Court of Appeals for the Seventh Circuit reversed the U.S. Bankruptcy Court for the Central District of Illinois, holding that the collateral description in the UCC-1 financing...more

Moritt Hock & Hamroff LLP

The Realities of Accession Priority

Lenders often finance items that are installed in and/or affixed to their customers’ other leased or financed assets. When these items, known as “accessions,” are part of the transaction, they are usually “perfected” by the...more

Moritt Hock & Hamroff LLP

Electronic Signatures: The Time is Now

What you don’t know can hurt you—at least if you have somehow managed to ignore or avoid the benefits of creating and embracing electronic signatures. That would be hard to do because, quite simply, electronic signatures...more

Shumaker, Loop & Kendrick, LLP

Client Alert: Consignment Agreements: Delaware Bankruptcy Court Denies Consignment Seller’s Secured Position Due To Insufficient...

An April 12, 2019 Delaware Bankruptcy Court decision in the Sports Authority Chapter 11 case (In re TSAWD Holdings, Inc.) is an important reminder for sellers of goods on properly obtaining security in the goods they sell, to...more

Dorsey & Whitney LLP

Revisiting Financing Statement Collateral Descriptions

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Recently, two federal courts issued decisions defining the detail needed in collateral descriptions in financing statements. This is significant because if the collateral description is not sufficient then the financing...more

Foley & Lardner LLP

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

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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

Patterson Belknap Webb & Tyler LLP

A Gigantic Filing Error Provides an Opportunity to Expound the Earmarking Doctrine

Can another vain attempt to mitigate a $1.5 billion mistake provide the occasion for a thorough review of the doctrine of earmarking? It did for Southern District Bankruptcy Judge Martin Glenn in the long tail on the General...more

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