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Court allows secured creditor to retain mortgage lien after mistaken release and reinstatement prior to bankruptcy

Lauren Newman March 12, 2019
Exterior of modern office building

If a secured creditor mistakenly releases its lien, it should correct the error as soon as possible. A recent decision from the U.S. Court of Appeals for the Seventh Circuit implies if the secured creditor is diligent, it may not be harmed by the inadvertent release, even if the borrower files for bankruptcy. READ MORE

It may be foul, but there is no harm: Not all mistakes have dire consequences under UCC Article 9

Francis X. Buckley, Jr. March 8, 2019
want-to-recover-attorneys-fees-650x510

While it is important to prepare financing statements clearly and correctly, the policy governing financing statement collateral descriptions under the UCC is meant to be flexible and fundamentally fair. In re 8760 Service Group demonstrates some careless errors can be overcome. READ MORE

In Gouletas, bankruptcy court rules statutes of limitations have limitations

Francis X. Buckley, Jr. February 8, 2019
Parking meter with expired time

In a recent Chicago bankruptcy case, the judge ruled that obligations are not extinguished by statutes of limitation and, even after the expiration of the limitation period, a creditor retains its rights in collateral so long as the underlying debt is enforceable. READ MORE