To Err Is Costly: Why 2nd Circ. Enforced Faulty UCC Filing
New York partner Mitch Portnoy,Richmond partner Chris Vinyard and Tysons Corner partner Richard Pollak had their advisory – “ Second Circuit Won’t Save Secured Creditor From ‘Mistakenly’ Authorized Filing of UCC3 Termination Statement” – republished January 26 on Law360.
The advisory discusses last week’s “Second Circuit decision validating the effectiveness of a UCC termination statement that the secured party mistakenly had authorized to be filed (it pertained to a completely unrelated $1.5 billion secured debt that all parties acknowledged was not intended to have been impacted),” the trio stated in an earlier summary.