Uniform Commercial Code/Article 9
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.
Potential harm to the debtor is not a factor in deciding to avoid an unperfected lien.
Mistakenly cancelling a mortgage can result in a preference but not a fraudulent transfer if the cancellation is later rescinded.
Judge Shannon writes an important decision for the era of ecommerce.
Third Circuit aids suppliers because ‘receipt’ can occur after ‘delivery.’