News & Analysis as of

Uniform Commercial Code (UCC) › Termination

Kerr Russell

Countdown to Tariffs: Are your contracts ready?

Kerr Russell on

President-elect Donald Trump has threatened to impose sweeping tariffs on imported goods immediately upon taking office on January 20, 2025. Those tariffs could have an immediate impact on the U.S. supply chain for goods, as...more

Eversheds Sutherland (US) LLP

Delaware Supreme Court Finds UCC Termination Filings Valid Despite Lack of Lender’s Intent

Eversheds Sutherland (US) LLP on

On October 17, the Delaware Supreme Court held that JP Morgan (JPM) terminated its security interest in all of the collateral provided by General Motors (GM) in support of a $1.5 billion loan, despite neither party intending...more

Foley & Lardner LLP

Delaware Supreme Court Rules Mistakenly Filed UCC Termination Statement Is Effective in $1.5 Billion Secured Loan Transaction

Foley & Lardner LLP on

Lenders need to exercise great caution when filing a UCC-3 termination statement. They must make sure that the list of security interests terminated is accurate and that the statement does not mistakenly include other,...more

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