The Debtor’s Name: Requirements for Perfection
by Bill D. Bensinger
Baker, Donelson, Bearman, Caldwell & Berkowitz PC; Birmingham, Ala.
A recent opinion from the U.S. Bankruptcy Court for the Eastern District of Virginia highlights the importance using a debtor's exact legal name when filing a financing statement. In In re Tyringham Holdings Inc., 354 B.R. 363 (Bankr. E.D. Va. 2006), the court holds that a financing statement listing the debtor's name as "Tyringham Holdings," rather than "Tyringham Holdings, Inc.," is seriously misleading and, as a result, a creditor's security interest is not properly perfected.
The Overlap of Dirt & Chattels: Competing Rights of Secured Parties, Landlords & Equipment Lessors in Collateral & Fixtures in Real Estate-Related Transactions
by Leslie A. Berkoff
Moritt Hock Hamroff & Horowitz LLP; Garden City, N.Y.
David D. Farrell
Thompson Coburn LLP; St. Louis, Mo.
The competing rights of secured parties, landlords and equipment lessors in real estate-related transactions are governed by the Uniform Commercial Code and various other state laws. These laws are technical and, at times, can be confusing. The attached materials from a joint educational program of the UCC and Real Estate Committees at the Winter Leadership Conference in Scottsdale, Ariz., provide practitioners with a clear roadmap through the laws governing perfection, priority and enforcement of competing liens and security interest in real estate, personal property and fixtures.
Agenda for the 2007 Annual Spring Meeting
The UCC Committee will be meeting during ABI’s Annual Spring Meeting on April 14, 2007, at 4:00 p.m. This year’s presentation is titled “Perfection of Security Interests in Securitized Assets after In re Commercial Money Center.” The speakers will include David Snyder, a visiting professor at Washington College of Law, and UCC Committee Co-chair Brent Cohen (Rothgerber Johnson & Lyons LLP; Denver). The subject matter will include a discussion of securitized transactions and the changes to Article 9 that were designed to address the special problems associated with asset securitization. There will also be a discussion of the recent decision by the Ninth Circuit BAP in the case of In re Commercial Money Center Inc., and the flaws in Article 9 that were laid bare by that ruling.