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Secured Lender

Seventh Circuit Confirms that the Bankruptcy Code Expressly Subordinates a Seller's Reclamation Claim to the Prior Rights of a Secured Creditor

In Whirlpool Corp. v. Wells Fargo Bank, National Association (In re hhgregg, Inc.), (7th Cir. Feb. 11. 2020), the United States Court of Appeals for the Seventh Circuit held that the current enactment of the United States Bankruptcy Code (the “Bankruptcy Code”), specifically 11 U.S.C. §546(c),…

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Indiana Supreme Court Rejects Imposition of “Rule of Reasonableness” on the Statutes of Limitations Applicable to a Lender's Pursuit of a Defaulted Mortgage Installment Promissory Note

In a pair of decisions issued February 17, 2020, the Indiana Supreme Court ruled in favor of lenders in issuing guidance regarding the statutes of limitations applicable to a lender’s pursuit of a defaulted promissory note and a defaulted mortgage.

In Blair v. EMC Mortgage, LLC, the Indiana Supreme…

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Seventh Circuit Confirms That Under Illinois Law, Reference in Financing Statement to Parties' Security Agreement is Sufficient to Perfect Secured Creditor's Lien on Debtor's Collateral Described in Security Agreement

In In re I80 Equipment, LLC, No. 18-3291 (7th Cir. Sept. 11. 2019), the United States Court of Appeals for the Seventh Circuit held that under Illinois’ enactment of Revised Article 9 of the Uniform Commercial Code (“UCC ”), “the UCC allows a financing statement to indicate collateral by reference…

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Secured Lender Alert: LIBOR Replacement

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, the Federal…

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