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…
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…
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…
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…
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…
The Indiana Court of Appeals recently reaffirmed that purchase money mortgages enjoy priority over other types of nongovernmental liens on real property. In Amici Resources, LLC v. The Alan D. Nelson Living Trust, (January 19, 2016), the Court of Appeals faced a priority battle between a judgment…
In Bullard v. Blue Hills Bank, ___U.S.___, 135 S. Ct. 1686, 191 L.Ed.2d 6221, 83 USLW 4288, 2015 WL 1959040 (May 5, 2015), the Supreme Court of the United States unanimously held that a bankruptcy court's order denying confirmation of a debtor's proposed chapter 13 plan is not a final order…
A “surety” is generally known as one who agrees to be liable for the debts or contractual obligations of another. Lenders and borrowers often rely on sureties to act as guarantors to assure or guaranty that a borrower will fulfill its obligations to the lender. Sureties may be required to pledge…
