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New Bankruptcy Code Amendments Change Legal Landscape for Creditors

Posted by: C. Daniel Motsinger on September 9, 2019

Court Decision Clears Way for Broader Use of Postnuptial Agreements

On Friday, August 23, 2019, the President signed into law the first major amendments to the United States Bankruptcy Code since 2005. These promise to change the legal landscape for creditors.

H.R. 2336, the “Family Farmer Relief Act of 2019,” which is effective immediately, updates chapter...


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An Amended and Restated Loan & Security Agreement Should Expressly So State If It Is Not Intended As a Novation

on April 3, 2019

Court Decision Clears Way for Broader Use of Postnuptial Agreements

The United States Court of Appeals for the Sixth Circuit (the “6th Circuit”) in Bash v. Textron Fin. Corp. (In re: Fair Fin. Co.), 834 F.3d 651 (6th Cir. 2016), held that an amended and restated loan and security agreement (“Amended Loan Agreement”) may have been a novation of the original loan...


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FFIEC to Promote Awareness of Potential LIBOR Changes; December 6 Webinar Will Discuss Market Developments, Risks

on November 30, 2018

The Federal Financial Institutions Examination Council (FFIEC) will hold a webinar on December 6, 2018, to promote awareness and understanding of efforts to develop alternative reference rates to LIBOR because of the uncertainty as to continued availability of LIBOR after 2021.

The December...


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Court Determines Debtor's Correct Name on Driver's License for UCC-1 Financing Statement

on March 6, 2018

On February 1, 2018, the US Bankruptcy Court for the Southern District of Georgia in In re: Kenneth R. Pierce found that the printed name on the debtor’s driver’s license was the name that was important for Uniform Commercial Code (UCC) security interest perfection purposes (No. 17–60154–EJC,...


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Secured Lender Alert: LIBOR Replacement

on February 8, 2018

Court Decision Clears Way for Broader Use of Postnuptial Agreements

Background

As has been widely reported, LIBOR is expected to be phased out by the end of 2021. With no readily available replacement, it has been left to market participants to develop and transition to alternative reference rates and to determine a transition plan.

In the United States,...


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Covering Your Losses With Flood Certifications – It's Not Just Common Sense, IT'S THE LAW!

on July 24, 2017

Court Decision Clears Way for Broader Use of Postnuptial Agreements

While federally regulated lenders are typically aware of their responsibilities under the Flood Disaster Protection Act of 1973 (the "Act") to obtain flood certifications upon an initial extension of credit, lenders that fail to maintain and update flood certifications upon loan modifications or...


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Indiana Secretary of State UCC Division Online Filing and Search Services Temporarily Unavailable

on September 20, 2016

Please be advised the online UCC searching and UCC filing capabilities on the Indiana Secretary of State’s (SOS) website have not been fully functional since September 8, 2016, and such services have been completely unavailable since September 12, 2016.  Traditional paper searches and filing...


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