Secured creditors: pay close attention to the debtor’s name you report in a UCC financing statement. adding a trade name may place your lien at risk

Recently, the United States Bankruptcy Appellate Panel of the Eighth Circuit decided In re EDM Corp.,[1] affirming that a creditor’s priority in collateral may be sacrificed if the debtor’s exact legal name is not exclusively used in the financing statement.

Filed under:
USA, Insolvency & Restructuring, Litigation, BakerHostetler, Debtor, Collateral (finance), Safe harbor (law), Line of credit, Uniform Commercial Code (USA), Eighth Circuit, United States bankruptcy court, Bankruptcy Appellate Panel
Authors:
Brian A. Bash , Eric R. Goodman
Location:
USA
Firm:
BakerHostetler