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But I didn’t mean to…subjective intent does not determine the effect of a UCC termination statement

According to a recent decision from the Delaware Supreme Court, a secured party bears the burden of any mistakes in its security documents.  Official Comm. of Unsecured Creditors of Motors Liquidation Co. v. JPMorgan Chase Bank, N.A., No. 325, 2014 Del. LEXIS 491 (Del. Oct. 17, 2014) (“Del.

USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, JPMorgan Chase, Delaware Supreme Court
Bankruptcy Court adopts Madoff trustee’s method of determining “net equity”

The United States Bankruptcy Court for the Southern District of New York issued an important ruling on March 1, 2010 in the Securities Investor Protection Act (SIPA) liquidation of Bernard L. Madoff Investment Securities LLC (Madoff Securities), adopting the trustee’s method of determining “net equity” for purposes of distributing “customer property” and Securities Investor Protection Corporation (SIPC) funds under SIPA.3

Securities Investor Protection Act

USA, New York, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Squire Patton Boggs, Bankruptcy, Debtor, Security (finance), Liquidation, Broker-dealer, Investment funds, Pro rata, Securities Investor Protection Corporation, Trustee, United States bankruptcy court