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Expert Analysis

Collateral Descriptions May Need More Specific Drafting

By Peter Beardsley (June 4, 2019, 12:55 PM EDT) -- Secured creditors frequently don't focus too much on the collateral descriptions in financing statements. These descriptions are often drafted using the simplest terms for a number of reasons — the creditor opts for administrative simplicity to minimize the cost and hassle of future amendments to financing statements in transactions where the debtor regularly exchanges collateral of the same type; the debtor doesn't want to disclose specific pieces of collateral or investments or the descriptions were more of an afterthought than the focus of the deal....

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