skip to main content

Secured Lender

Federal Reserve Announces the Main Street Lending Program

On April 9, 2020, the Board of Governors of the Federal Reserve Bank (the “Fed”) announced preliminary details of two new loan programs that have aggregate funding of $600 billion, offered as part of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"). They are called the Main…

Read More

Important Updates On PPP Loans - Recent SBA Guidance

This week the Small Business Administration (SBA) released guidance on two important topics of the Paycheck Protection Program: acceptable form of promissory note and required funding periods.

The SBA and Treasury Department provided guidance through their Frequently Asked Questions (FAQs) regarding…

Read More

Indiana Expedites Implementation of Remote Notary Statute - Part I

In response to social distancing mandates, the Indiana Secretary of State has expedited the implementation of Indiana’s previously adopted remote notarial act statute. The statute would not have become effective until July 1, 2020 but is now effective March 31, 2020.  Active Indiana notaries may…

Read More

The CARES Act: Creditors' Rights & Bankruptcy

On March 25, 2020, the United States Senate – and on March 27, 2020, the United States House of Representatives – passed the “Coronavirus Aid, Relief and Economic Security Act” (“CARES Act”) to provide relief to small businesses and consumers harmed by the COVID-19 pandemic. The CARES Act is…

Read More

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),…

Read More

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…

Read More

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…

Read More