On November 21, 2014, the United States Court of Appeals for the Seventh Circuit issued a very tough opinion for lenders.  In this case, a borrower signed a $1,100,000.00 Promissory Note dated December 15 and an Agricultural Security Agreement dated December 13. The Security Agreement said that it granted the bank a security interest in crops and farm equipment. The Promissory Note referred to the Security Agreement. Unfortunately, the Security Agreement stated that it secured a Promissory Note dated December 13, not December 15.

Earlier this week we reported that St. Louis County’s foreclosure mediation ordinance was set to be effective today, September 28, 2012. However, a St.

The United States Court of Appeals for the Eleventh Circuit issued its much anticipated decision in the TOUSA, Inc. bankruptcy cases on May 15, 2012.  The decision provides an ominous reminder to Lenders to carefully assess the value of accepting asset pledges or guarantees from borrowers’ subsidiaries, sometimes referred to as upstream guarantees.