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In In re Karcredit LLC, US Bankruptcy Court Holds Stock Issuer Liable to Lender for Double-Pledged Stock

In In re KarcreditLLC [1], the U.S. Bankruptcy Court for the Western District of Louisiana was faced with two lenders with claims to one original stock certificate as collateral.

USA, Banking, Insolvency & Restructuring, Litigation, Troutman Pepper, Bankruptcy
Unauthorized UCC filings: a cautionary tale in the absence of requisite authority to file, a UCC termination statement is ineffective to bring a perfected security interest to an end

A recent decision by the United States Bankruptcy Court for the Southern District of New York1 found that a UCC-3 termination statement filed on behalf of a secured creditor was not effective because it lacked the proper authorization.

USA, New York, Insolvency & Restructuring, Litigation, Milbank LLP, Debtor, Uniform Commercial Code (USA), United States bankruptcy court