Is forcing a mortgagee to accept only part of its collateral "fair and equitable" under the Bankruptcy Code?
Article Abstract:
The 9th Circuit's 1996 decision in the Arnold and Baker Farms case holds that mortgagees cannot be forced to accept portions of collateral as satisfaction for their claims. Even if the bankruptcy court values the portion as enough to satisfy the debt by determining it to be the indubitable equivalent of the debt, the mortgagee does not have to accept such a so-called "dirt-for-debt" plan. However, the decision does not preclude that such plans could be acceptable if they otherwise meet the statutory "fair and equivalent" requirement.
Publication Name: Uniform Commercial Code Law Journal
Subject: Law
ISSN: 0041-672X
Year: 1997
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Transition to revised Article 9: planning should begin now
Article Abstract:
A revised version of UCC Article 9, the portion of the UCC governing secured transactions, has been drafted with a proposed effective date of July 1, 2001. Practitioners should take note of the changes wrought by the revision, which will affect both transactions entered into after the effective date and transactions that extend after the proposed effective date. Provisions affected by the revision include enforcement, collateral classifications, and perfection rules.
Publication Name: Uniform Commercial Code Law Journal
Subject: Law
ISSN: 0041-672X
Year: 1999
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Assignments of mortgage notes: the effect of revised UCC articles 3 and 9
Article Abstract:
The author discusses changes to UCC articles 3 and 9 and their effect on mortgage notes assignments.
Publication Name: Uniform Commercial Code Law Journal
Subject: Law
ISSN: 0041-672X
Year: 2001
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