On October 17, 2014, the Delaware Supreme Court held that under the Delaware Uniform Commercial Code, the subjective intent of a secured party is irrelevant in determining the effectiveness of a UCC-3 termination statement if the secured party authorized its filing.[1]
Background
USA, Delaware, Banking, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Uniform Commercial Code (USA), Delaware Supreme Court, United States bankruptcy court
Our October 2010 DechertOnPoint “FDIC Begins Action on Its Super-Resolution Rules for Covered Financial Companies” discussed how systemi-cally significant non-bank financial companies (“covered financial compa-nies”) may find themselves in unknown territory if the FDIC is appointed re-ceiver for them.
USA, Banking, Insolvency & Restructuring, Dechert LLP, Security (finance), Board of directors, Personal property, General counsel, Good faith, Securities Industry and Financial Markets Association, Federal Deposit Insurance Corporation (USA), Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), Title 11 of the US Code