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
The recent case of In re Tousa, Inc. (Official Committee of Unsecured Creditors of Tousa, Inc., v. Citicorp North America, Inc., Adv. Pro. No. 08-1435-JKO (Bankr. S.D. Fla., October 13, 2009)) has attracted considerable attention – and dread – in the banking and legal communities.
USA, Banking, Insolvency & Restructuring, Litigation, Bryan Cave Leighton Paisner (Bryan Cave), Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Interest, Liquidation, Subsidiary, Citigroup, Title 11 of the US Code, United States bankruptcy court