Benchnotes February 2019
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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:
Trustee Survives Judgment in Fraudulent-Conveyance Action Based on Novation Argument
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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.
Future-Advance Clauses: Saving Lien Priority and Perfection in Subsequent Loans
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Litigation Finance and the Issues It Creates in Bankruptcy
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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.
Keeping Consigned Merchandise Away from a Consignee’s Creditors
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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Mistakenly cancelling a mortgage can result in a preference but not a fraudulent transfer if the cancellation is later rescinded.