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Search OptionsSecured LenderImportant 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… 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… 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… Indiana Court of Appeals Expands De Facto Merger Exception to the General Rule Regarding Corporate Liability for Debts
On March 2, 2020, in New Nello Operating Co., LLC v. CompressAir, the Indiana Court of Appeals expanded the so-called “de facto merger” exception to the general rule that when one corporation purchases the assets of another, the buyer does not assume the debts and liabilities of the seller, holding… 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),… 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… 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
Krieg DeVault Authors Indiana Chapter of The Secured Finance Network Compendium of Secured Finance Law
New Bankruptcy Code Amendments Change Legal Landscape for Creditors
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 12 of… An Amended and Restated Loan & Security Agreement Should Expressly So State If It Is Not Intended As a Novation
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 and… FFIEC to Promote Awareness of Potential LIBOR Changes; December 6 Webinar Will Discuss Market Developments, Risks
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 webinar… Court Determines Debtor's Correct Name on Driver's License for UCC-1 Financing Statement
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, 2018… |
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