News & Analysis as of

Uniform Commercial Code (UCC)

Key Provisions for Supply Chain Contracts

by Foley & Lardner LLP on

In the manufacturing industry, a company’s supply chain can be a source of both risk and value. By paying careful attention to the terms of its supply chain contracts, a company can help to mitigate its risks while at the...more

How commodities haulers can keep on truckin’ through the agricultural downturn

by Hellmuth & Johnson PLLC on

With three straight years of depressed economic conditions in the agricultural marketplace, many farmers are really feeling the strain. When farmers feel the strain for long periods of time, eventually their service providers...more

Massachusetts Court Dismisses Brand Owner’s Suit against Wholesaler

by McDermott Will & Emery on

Earlier this month, a Massachusetts Superior Court judge granted beer wholesaler Craft Beer Guild, LLC’s (Craft) motion to dismiss a civil suit, Shelton Bros., Inc. v. Craft Beer Guild, LLC d/b/a Craft Brewer’s Guild, brought...more

UCC Update – Don’t Space Out on UCC-1s

by Hodgson Russ LLP on

It is impossible to understate the importance of using the correct name (and we mean the exact, correct name!) of the debtor on a UCC Financing Statement, and the dire consequences of getting that name wrong. A recent case...more

Mortgage Foreclosure Alert: Attaching Promissory Note in Illinois Sufficient to Show Standing; but HUD Letters Require Proof of...

by Hinshaw & Culbertson LLP on

In a foreclosure action, the Illinois Appellate Court recently held that the foreclosing lender established its standing by attaching the blank-indorsed note to its complaint, but reversed judgment and remanded for the trial...more

Check it Twice! A Helpful Reminder to Drafters of UCC-1s

by Miles & Stockbridge P.C. on

For a creditor, the difference between a perfected and unperfected security interest can mean the difference between full repayment and receiving mere pennies on the dollar (or nothing) in a bankruptcy. On August 30, 2017, a...more

A blockchain overview

by DLA Piper on

Blockchain and distributed ledger technology offers significant and scalable processing power, high accuracy rates, and apparently unbreakable security at a significantly reduced cost compared to the traditional systems the...more

Court Of Chancery Reviews When To Vacate An Arbitration Award

by Morris James LLP on

Carl Zeiss Vision LLC v. Refac Holdings, Inc., C.A. 11513-VCS (August 24, 2017) - This is another decision explaining the narrow circumstances when the Court of Chancery will vacate an arbitration award. It is very hard to...more

Will Blockchain Render the Bill of Lading a Relic?

A bill of lading is an old form of legal document. As merchants in the seventeenth and eighteenth centuries ceased accompanying their goods on ships and entrusted their proper delivery to the carrier, a need arose for a...more

Third Circuit Ruling Impacts Oil & Gas Industry

by McCarter & English, LLP on

The United States Circuit Court of Appeals for the Third Circuit issued a decision that significantly affects the rights of upstream producers. Applying Delaware law, the Third Circuit explained that the upstream producers...more

What You Need To Know About Business Contracts

by Revision Legal on

Business Contracts 101: The Basics - When you are running your business, almost everything you do is contractual, even if you do not see yourself as making and accepting contracts. If you email over a purchase order to...more

Business Contracts and Material Breach

by Revision Legal on

In general, a breach of contract is any failure to perform what you agreed to do. Examples would be: Failure to deliver the goods promise, Failure to deliver the goods in a timely fashion, Failure to pay, etc...more

Recent Case Law Developments Impact Claims of Unpaid Suppliers for Goods Delivered Immediately Prior to Customer Bankruptcy

by Dickinson Wright on

Section 503(b)(9) of the Bankruptcy Code (11 U.S.C. §503(b)(9)) provides a special administrative priority claim for someone that supplies goods to a debtor in the 20 day period before the bankruptcy filing, but is unpaid as...more

Energy Newsletter - August 2017

by King & Spalding on

Practical Issues Under Joint Operating Agreements Relating to Withdrawals, Transfers and Changes in Control - In light of their long term objectives and potential future transactions, parties should consider the...more

Suppliers Beware: Two Recent Cases (in Third Circuit and Delaware) Hold that Debtor Must Physically Possess Goods Within Statutory...

Amidst a surge in retail bankruptcies, two recent decisions construing section 503(b)(9) of the Bankruptcy Code directly limit suppliers’ ability to seek administrative claims for goods shipped to a debtor in the period...more

What's in Your Warranty? A Guide to Avoiding Warranty-Related Surprises

by Faegre Baker Daniels on

A warranty is meant to protect a purchaser from any faults or defects in goods or services purchased. But warranties are as different as the products and services that they protect. What’s more, because courts interpret...more

The Same Old Wrongdoer Blues: Creative Fraud Leaves Employer Holding the Bag for Fraud on its Account

by Bryan Cave on

Articles 3 and 4 of the UCC provide a roadmap for addressing how to allocate liability for the various mistakes, embezzlements and forgeries that have followed the payments system since its invention several centuries ago....more

Why Not All Purchasers Are Buyers

by Allen Matkins on

Modern English is partially the product of an unnatural grafting of French onto Old English. It is for this reason that we often find two words for nearly the same thing. Thus, we call the animal a cow but the food beef. ...more

When “The Check Is In The Mail” Extinguishes A Debtor’s Obligation

by Allen Matkins on

Most creditors likely assume that they have not been paid unless and until they receive checks from their debtors. In many cases that assumption may be correct, but in some cases it won’t be. Section 1476 of the California...more

A Missing Massachusetts Promissory Note's Outsized Potential Impact on Foreclosures

by Hinshaw & Culbertson LLP on

In Zullo v. HMC Assets, LLC, the Massachusetts Land Court has issued a judicial about-face in deciding that a mortgage holder lacks standing to foreclose if that holder never possessed the mortgagor's original promissory note...more

Primer on the Draft Uniform Regulation of Virtual Currency Businesses Act

The Uniform Law Commission is set to vote on a draft Uniform Regulation of Virtual Currency Businesses Act at its upcoming annual meeting in San Diego beginning on July 14th. As numerous states and federal regulators have...more

Secured creditors beware

by Thompson Coburn LLP on

A series of cases decided by the federal district court in Chicago holds that a properly perfected secured creditor can waive its right of priority in collateral in favor of a judgment lien creditor if it fails to properly...more

What is in A Name Redux – Recent Case Law Interpreting the Requirement for Correctly Stating the Name of an Individual Debtor...

by Ervin Cohen & Jessup LLP on

In perhaps one of the first decisions applying the recent amendment to Uniform Commercial Code Section 9-503 regarding the correct name for an individual to be used on a UCC-1 financing statement, an Indiana Bankruptcy Court...more

Proposed Consumer Contracts Restatement Critiqued at ALI Annual Meeting

by Ballard Spahr LLP on

At the American Law Institute (ALI) annual meeting in Washington, DC on May 22-24th, members had the opportunity to review a discussion draft of the Restatement of the Law Third, Consumer Contracts. The draft is the result...more

Stock: Are Your Interests Perfected in the Digital Age?

by Williams Mullen on

In a secured loan transaction, it is critical for you, as the secured lender, to ensure that your security interest in the collateral is perfected in accordance with the Uniform Commercial Code (UCC) requirements. In the case...more

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