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UCC Article 9
90 Second Lesson: Selling Collateral in a 363 Sale vs. Article 9 Sale
Why would a secured creditor prefer to sell its collateral outside of bankruptcy? Here’s how time, money, and control differ in a 363 sale vs Article 9 sale.
Best Practices for UCC-3 Terminations and Continuations
Careless mistakes in UCC-3 terminations and continuations can lead to costly litigation with secured parties. Learn best practices for filing and recording.
90 Second Lesson: First Step Before Buying a Distressed Business
Ordinary asset purchase? Article 9 sale? Bankruptcy acquisition? When buying a distressed business, the type of purchase should be top of mind.
6 Common Mistakes in Drafting Collateral Descriptions
Whether there is change in collateral or a serial number is listed incorrectly, errors in collateral descriptions can lead to expensive disputes.
Dealing with Corporate Distress 18: Buying & Selling Distressed Businesses
Sellers and buyers must know the key elements of selling a distressed business outside of bankruptcy. Levels of protection vary on both sides.
90 Second Lesson: What is a “UCC Article 9” Sale?
An Article 9 sale allows a creditor to sell its collateral to a third party in a private or public sale without the need for judicial proceedings.
Dealing With Defaults Under Article 9 of UCC: A Player’s Guide for the 21st Century
What are the legal remedies available under Article 9 of the UCC to a lender whose loan is secured by the personal property of a borrower who is in default? How can these legal remedies can be implemented in practice?
How a Distressed Company Can Manage Cash and Stakeholders in a Liquidity Crisis
Considerations for Companies in a Cash Crisis A liquidity crisis is a severe financial situation in which a company does not have enough cash or cash-convertible assets, which can lead to defaults and bankruptcy. Managing cash is critical when working to preserve or maintain solvency in order to maximize opportunities for a successful turnaround or […]
Incorporation by Reference in UCC-1 Filings
How Brevity in Financing Statements Can Lead to Insufficient Collateral Descriptions Our fast-paced society, coupled with the tendency for people to use shorthand in communications by emails and Twitter, influences everyone to look for ways to save time and be less verbose. When preparing and filing a UCC-1, however, brevity can be the filer’s enemy. […]
Lender Liability Claims are Alive and Well: A Case Study
Lender Liability Law Protects Distressed Borrowers from Unfair Practices The relationship between a lender and borrower can be complex. The borrower wants capital to run and grow its business, and the lenders want to earn a return and eventually get their principal back. If the borrower complies with the terms of the loan, all is […]