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Expert Analysis

Payments To Securitized Loans Find A Safe Harbor, For Now

Law360, New York (August 13, 2015, 10:27 AM EDT) -- The U.S. Bankruptcy Court for the Northern District of Illinois issued a noteworthy opinion for those whose work involves real estate mortgage conduit trusts (REMIC trusts) or utilization of the Bankruptcy Code's "safe harbor" provisions. In In re MCK Millennium Centre Parking LLC,[1] Bankruptcy Judge Jacqueline P. Cox addressed whether payments made on loans that have been securitized are protected by the safe harbor provisions of Section 546(e) of the Bankruptcy Code; where the safe harbor doesn't apply, a trustee may be able to claw back such payments under the avoidance provisions of the Bankruptcy Code (See e.g., 11 U.S.C. §§ 547 and 548.)....

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