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Expert Analysis

UCC Filing Lessons From Delaware's GM Ruling

Law360, New York (November 12, 2014, 6:03 PM EST) -- On Oct. 17, 2014, the Delaware Supreme Court entered an opinion holding that a UCC-3 termination statement that is authorized by the secured party is effective to terminate the original UCC filing even though the secured party did not actually intend to extinguish the underlying security interest.[1] Because the court determined that the relevant section of Delaware's Uniform Commercial Code is unambiguous and contains no element of subjective intent, the court ruled that the subjective intent of the secured party is irrelevant when the secured party has reviewed and authorized the filing.[2]...

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