Under The Hood Of In Re Motors Liquidation

Law360, New York (March 14, 2013, 7:02 PM EDT) -- The United States Bankruptcy court for the Southern District of New York recently addressed the question of whether the filing of a Uniform Commercial Code (UCC) termination statement that unintentionally terminated a financing statement filed in an unrelated transaction is effective.

In Official Committee of Unsecured Creditors of Motors Liquidation Company v. JPMorgan Chase Bank NA (In re: Motors Liquidation Company) (Bankr. S.D.N.Y. Mar. 1, 2013) (the “Motors Case”), the court held that such a termination statement is effective only if the secured party of record...
To view the full article, register now.