The 2005 amendments to Section 546(c) departed from state law under UCC § 2-702 by creating a federal rule making reclamation claims subordinate to existing secured claims and DIP financing.

Employer contributions to Puerto Rico’s retirement system did not qualify as ‘special revenues,’ with the result that bondholders’ liens were cut off on the filing date.

A later First Circuit BAP panel should follow BAP authority unless the prior opinion seems “dead wrong.”

Appeals court upholds finding that the mortgage securities market in 2007 was declining, not dysfunctional.

Fifth Circuit upholds its prior ruling that disallowing part of a claim under the Bankruptcy Code does not render the claim ‘impaired’ to allow voting on a chapter 11 plan.

To avoid liability for an underfunded pension plan, the First Circuit describes a structure for investors to employ when buying a sick company

Holder in due course of consumer paper remains subject to the debtor’s claims against the originator of the paper.

Continuing the business after buying the assets from the lender at a foreclosure sale doesn’t bring successor liability.

Seventh Circuit holds that a financing statement is sufficient if it describes collateral by reference to an unattached security agreement.

Judge Garrity in New York adopts a narrow view of ‘commercial information’ that may be redacted in a court filing.