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Expert Analysis

The Harsh Result Of High Court Refusal To Hear BofA Case

Law360, New York (June 5, 2014, 5:36 PM EDT) -- The U.S. Supreme Court recently denied certiorari to an Eleventh Circuit appeal that would have addressed the issue of whether Section 506(d) of the Bankruptcy Code permits a Chapter 7 debt to "strip off"[1] a wholly unsecured junior lien in Bank of America NA v. Sinkfield.[2] As a result, wholly unsecured junior creditors will continue to suffer the harsh consequence of having their junior liens completely "stripped off" in Eleventh Circuit bankruptcy cases, despite other circuits around the country holding to the contrary....

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