Uniform Commercial Code/Article 9

Delaware’s Judge Walrath Writes a Primer on Consignments

Perfecting a consignment is easy, but failing to do so is disastrous.

Court :

Trustee Gloms Proceeds of an Unperfected Consignment, Not Just the Goods

Ninth Circuit interprets UCC § 9-319(a) to permit avoidance of consignor’s interest in proceeds of an unperfected consignment.

Court :

9th Circuit

Trustee Survives Judgment in Fraudulent-Conveyance Action Based on Novation Argument

Feb 2019

Bankruptcy Code

11 U.S.C. § 548

Topic Tags

Fraudulent Transfers

Uniform Commercial Code/Article 9

SIPA Bars General Unsecured Claims for Failure to Transfer Accounts Before Filing

The trustee for a bankrupt broker can ignore an individual customer’s request to transfer securities to a solvent broker and may instead transfer customer accounts in bulk.

Court :

2nd Circuit

New York

New York Southern District

Future-Advance Clauses: Saving Lien Priority and Perfection in Subsequent Loans

April 2018

Bankruptcy Code

11 U.S.C. § 506

Topic Tags

Bankruptcy Litigation

Mortgage

Uniform Commercial Code/Article 9

Litigation Finance and the Issues It Creates in Bankruptcy

Bankruptcy Code

Topic Tags

Business Reorganization

Finance and Banking

Investment Banking

Uniform Commercial Code/Article 9

A Future Advance Clause Saved a Loan from Being Unperfected

Potential harm to the debtor is not a factor in deciding to avoid an unperfected lien.

Court :

5th Circuit

Texas

Texas Western District

Keeping Consigned Merchandise Away from a Consignee’s Creditors

Bankruptcy Code

Topic Tags

Bankruptcy Litigation

Business Reorganization

Retail

Uniform Commercial Code/Article 9

Reperfecting a Mortgage Isn’t Grounds for a Fraudulent Transfer

Mistakenly cancelling a mortgage can result in a preference but not a fraudulent transfer if the cancellation is later rescinded.

Court :

7th Circuit

Illinois

Illinois Northern District

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