News & Analysis as of

Uniform Commercial Code (UCC) Coronavirus/COVID-19

MoFo Life Sciences

Non-Lab Diagnostics: Consumer And User Agreements

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The advent of the COVID-19 rapid antigen test launched at-home diagnostics to the forefront of conversation in the life sciences industry. Many believe this is only the beginning. As the share of telehealth services...more

Foley & Lardner LLP

Three Key Defenses to Contractual Performance: Force Majeure, Commercial Impracticability, and Frustration of Purpose

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With disruptions affecting every aspect of the supply chain, companies are increasingly encountering legal arguments offered to justify a failure to meet supply obligations. This article in the Supply Chain Disruption Series...more

Fox Rothschild LLP

COVID-19 Impacts On Construction Contracts: Legal Arguments For And Against Performance

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As members of the construction industry are well aware, COVID-19 has created, and continues to create, production delays that have caused uncertainty in the availability and pricing of materials. Questions continue to be...more

King & Spalding

FedNow Service Pilot Program Gaining Traction and Support

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In January, the Federal Reserve Banks announced that over 110 organizations were participating in the FedNow Service’s pilot program. After announcing the launch would move up to 2023, and then setting forth FedNow’s message...more

Lowenstein Sandler LLP

How To Modify Contracts With Struggling Vendors

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With Covid-19 wreaking havoc on global supply chains, vendors continue to face some difficult choices. Modifying the credit terms of contracts with struggling customers and even withholding credit is probably prudent. It’s...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

Seyfarth Shaw LLP

Commercial Litigation Outlook - 2021

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As the nation emerges from the pandemic, clients face the double-whammy of delayed resolution of existing disputes (thanks to court shutdowns) and increased litigation activity across the board. The third quarter of 2020 saw...more

Moritt Hock & Hamroff LLP

New York Appellate Court Puts Huge Road Block In Way Of Borrowers Seeking To Enjoin UCC Article 9 Sales

Over the last year, since the onslaught of the COVID-19 pandemic, we have continued to report on how the courts have handled efforts by lenders to address pandemic-related defaults, including by means of Uniform Commercial...more

Morrison & Foerster LLP

Courts: A Foreclosure Pandemic Pause? (Part 3)

Since the start of the COVID-19 pandemic, borrowers and lenders alike have sought clarity regarding the permissibility of UCC foreclosure sales in the midst of the ongoing pandemic and the resulting economic fallout, as...more

Foley & Lardner LLP

Impacts of COVID-19 on Automotive Suppliers

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...Given that the original epicenter of the coronavirus was the important worldwide manufacturing hub of Wuhan, China, the automotive industry was swiftly and seriously impacted in ways that continue one year later. The...more

Moritt Hock & Hamroff LLP

MH&H Finance & Law Newsletter, Vol. IV - February 2021

The Courts’ View of UCC Article 9 Sales in The COVID-19 Environment Is Clearly Changing - While the world may be in a state of semi-paralysis waiting for a COVID-19 vaccine, the legal environment involving creditors’...more

Moritt Hock & Hamroff LLP

Electronic Signatures: A “New Normal”

Even before Covid-19, electronic signatures (e-signatures for short) were revolutionizing the way agreements were being executed and stored. Covid-19 has not only accelerated this trend, but also highlighted the importance of...more

Cozen O'Connor

New York Commercial Reasonability Standards in UCC Mezzanine Foreclosure Sales During COVID-19

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The COVID-19 pandemic has brought with it a host of novel legal issues, and just as nature abhors a vacuum, the legal profession abhors a lack of precedent. A case in point relates to mezzanine loan foreclosure sales under...more

Cadwalader, Wickersham & Taft LLP

COVID-19 Update: Can’t Lose What You Never Had: New York State Court Rejects Argument that a Pledge of the Equity Interests in an...

During the COVID-19 pandemic, New York State courts have granted a number of preliminary injunctions enjoining UCC foreclosures for a period of time.  For example, in D2 Mark LLC vs. Orei VI Investments LLC and Shelbourne BRF...more

Foley & Lardner LLP

With Rising Raw Material Prices, Companies Should Prepare For Pressures on the Supply Chain

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As we have covered previously, earlier declines in demand for most raw materials during the early months of the coronavirus pandemic caused many suppliers to reduce capacity. This is now resulting in higher prices and more...more

Foley & Lardner LLP

Key Considerations for Managing COVID-19-Driven Commercial Demands

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As the economic fallout from COVID-19 continues to impact manufacturers and their suppliers around the world, many companies are facing significant financial headwinds. Companies suffering such difficulties will often look...more

Moritt Hock & Hamroff LLP

The Courts’ View of UCC Article 9 Sales In The COVID-19 Environment Is Clearly Changing

While the world may be in a state of semi-paralysis waiting for a COVID-19 vaccine, the legal environment involving creditors’ rights has changed significantly during the past several months. In the beginning of the...more

Pillsbury Winthrop Shaw Pittman LLP

Distressed Real Estate During COVID-19: Mezzanine Loans Behind Construction Loans—Special Considerations and Intercreditor...

Construction loans with companion mezzanine loans raise a host of concerns that are unique to more standard ICAs between a mortgage lender and a mezzanine lender. An intercreditor agreement (ICA) involving a construction...more

Foley & Lardner LLP

Managing Warranty Disputes in the Age of COVID-19

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While nearly every facet of the economy has been affected by COVID-19, the automotive industry remains one of the sectors most affected. The industry continues to face the double impact of declining sales and increasing...more

Pillsbury Winthrop Shaw Pittman LLP

Distressed Real Estate During COVID-19: Court Finds UCC Foreclosure “Commercially Unreasonable” Because of Coronavirus-Related...

A recent court decision in New York found that current market conditions in the real estate market justify delaying noticing mezzanine real estate foreclosures until October 15, 2020. A recent New York Supreme Court Order...more

Cadwalader, Wickersham & Taft LLP

New York State Supreme Court Temporarily Halts UCC Foreclosure of Mezzanine Loan

On August 3, 2020, in Shelbourne BRF LLC, Shelbourne 677 LLC v. SR 677 BWAY LLC, the Supreme Court of the State of New York (the “Court”) granted the borrower plaintiffs’ motion for a preliminary injunction and prohibited the...more

Morrison & Foerster LLP

Courts: A Foreclosure Pandemic Pause? (Part 2)

As borrowers continue to experience financial distress and loans go into default as a result of the ongoing coronavirus pandemic and related issues, lenders are now becoming more focused on the need to take a closer look at...more

Foley & Lardner LLP

Auto Supply Chain Price Disputes During COVID-19

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To say that COVID-19 has wrought havoc on automotive supply chains this year may be an understatement. With significant portions of their supply chains located in China, automotive suppliers and their customers had to contend...more

Moritt Hock & Hamroff LLP

Will Courts Allow Lease Cancellation In The Wake Of Covid-19?

Moritt Hock & Hamroff has been following the impact of the COVID-19 pandemic on creditors’ rights. On May 21, 2020, we reported on the pandemic’s impact on Uniform Commercial Code (“UCC”) Article 9 sales — specifically,...more

White and Williams LLP

New York Court Temporarily Enjoins UCC Foreclosure Sale

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New York courts have become a battleground for challenges to foreclosure sales under the Uniform Commercial Code (UCC) amidst the COVID-19 pandemic. Another trial court of the New York State Supreme Court (New York County)...more

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