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Electricity as ‘Good’ or a ‘Service’ Under Section 503(b)(9)
2023-03-22

This article was originally published in Bloomberg Law Professional Perspectives.

Filed under:
USA, Insolvency & Restructuring, Litigation, Frost Brown Todd LLP, Uniform Commercial Code (USA)
Authors:
Sara L. Abner
Location:
USA
Firm:
Frost Brown Todd LLP
View Original Article
Client Alert: Chapter 11 Trends: Are First Day Hearings “Game Over” for Chapter 11 Cases?
2023-03-07

Material Chapter 11 cases have morphed to the point that the outcome is often predetermined at the “first day” hearing. Unsecured creditors with material credit exposure should engage early to protect their interests and reduce risk of loss.

Filed under:
USA, Insolvency & Restructuring, Litigation, Uniform Commercial Code (USA), Supreme Court of the United States
Location:
USA
View Original Article
NY Court of Appeals’ Ruling Results in Account Debtor Owing Its Counterparty’s Debts Under UCC Article 9
2023-02-02

In Worthy Lending LLC v. New Style Contractors. Inc., the New York Court of Appeals held that a security interest includes a lender’s right to force the borrower’s account debtors to remit payments directly to the lender, regardless of whether an event of default exists. Further, the court clarified that the Uniform Commercial Code (UCC) does not provide a distinction between a security interest and an assignment.

Filed under:
USA, New York, Banking, Insolvency & Restructuring, Litigation, Troutman Pepper, Uniform Commercial Code (USA)
Authors:
Deborah J. Enea
Location:
USA
Firm:
Troutman Pepper
View Original Article
ABC Details In Illinois: Under Common Law Of Trusts
2022-12-22

Assignments for benefit of creditors (“ABC”) are rarely used in these United States. That’s for two reasons: (i) some states have no ABC statute and do not recognize the common law of ABCs, and (ii) other states have onerous ABC statutes that no one wants to use.

The State of Illinois is an exception: ABCs are regularly and frequently used there, under the common law of trusts, because the ABC process is an efficient and effective tool for liquidating a failed or failing business. There is no ABC statute in Illinois.

Filed under:
USA, Illinois, Insolvency & Restructuring, Koley Jessen PC, Uniform Commercial Code (USA), Internal Revenue Service (USA), Illinois Supreme Court
Authors:
Donald L. Swanson
Location:
USA
Firm:
Koley Jessen PC
View Original Article
Proposed UCC Amendments to Article 12 Shed New Light on Transacting and Securing Interests in Digital Assets
2022-12-01

Summary of Key Uniform Commercial Code (UCC) Amendments

Filed under:
USA, Banking, Insolvency & Restructuring, IT & Data Protection, Greenberg Traurig LLP, Blockchain, Bitcoin, Cryptocurrency, Non-fungible tokens, Uniform Commercial Code (USA)
Location:
USA
Firm:
Greenberg Traurig LLP
View Original Article
Zero Degrees Celsius: The Effects of a "Crypto Winter" and Celsius’ Bankruptcy on Crypto Customers
2022-11-28

Part 1 – Celsius Bankruptcy

Filed under:
USA, Insolvency & Restructuring, Litigation, Bankruptcy, Bitcoin, Cryptocurrency, Non-fungible tokens, Uniform Commercial Code (USA)
Location:
USA
View Original Article
Crypto Exchange Bankruptcies: Are Prepetition Crypto Withdrawals and DeFi Loan Repayments Avoidable Preferences?
2022-11-18

Over the span of two weeks in July 2022, two of the largest retail-facing cryptocurrency platforms, Celsius and Voyager, filed for chapter 11 bankruptcy protection.

Filed under:
Global, USA, Insolvency & Restructuring, Litigation, Morrison & Foerster LLP, Blockchain, Bitcoin, Cryptocurrency, Uniform Commercial Code (USA)
Authors:
Theresa A. Foudy
Location:
Global, USA
Firm:
Morrison & Foerster LLP
View Original Article
A Rose by Any Other Name Might Get Your Lien Stripped Under Florida Law
2022-10-04

To the long list of things people love about lawyers we can add last week’s holding by the Eleventh Circuit Court of Appeals that “Blvd.” is utterly unrecognizable as “Boulevard” – at least by Article 9 of the Uniform Commercial Code as enacted in Florida.

Filed under:
USA, Florida, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Uniform Commercial Code (USA)
Location:
USA
Firm:
Nelson Mullins Riley & Scarborough LLP
View Original Article
The Express Grain Terminals Bankruptcy Case: A Reminder About the Need of Crop Production Lenders and Farmers to Monitor Grain Elevator Credit Risk
2022-09-29

The Express Grain Terminals, LLC (“Express Grain”) bankruptcy is a case study for grain farmers and their crop production lenders. Near the end of corn harvest and during the peak of soybean harvest, many grain farmers in the Mississippi Delta discovered that they faced potential financial ruin as a result of the bankruptcy filing by Express Grain1 on September 29, 2021 (the “Petition Date”).

Filed under:
USA, Banking, Insolvency & Restructuring, Hunton Andrews Kurth LLP, Due diligence, SIPP, Uniform Commercial Code (USA)
Location:
USA
Firm:
Hunton Andrews Kurth LLP
View Original Article
Did you ever hear of a floating lease?
2014-11-12

Most lawyers are generally familiar with the concept of a floating lien under the Uniform Commercial Code. A secured creditor takes a lien in a collateral category that changes from time to time as items are added or subtracted. A common example is a working capital loan, in which financed inventory is produced and sold, then becoming an account, which is collected to provide the funds to produce new inventory.  A secured creditor may perfect a lien in the changing mass of inventory and receivables, as each category exists from time to time.

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Collateral (finance), Accounts receivable, Secured creditor, Uniform Commercial Code (USA)
Authors:
G. Christopher Meyer
Location:
USA
Firm:
Squire Patton Boggs
View Original Article

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