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Blanket or “all-assets” security interests are among the most common, if not the most common, type of lien required of borrowers by secured lenders in commercial transactions. Describing the collateral for an all-assets lien intuitively might seem easy. However, getting collateral descriptions correct under the rules of Article 9 of the Uniform Commercial Code (UCC) has challenged secured lenders for decades, and all-assets liens are no exception. Two recent bankruptcy court decisions illustrate these challenges. In particular, they reflect the importance of distinguishing between a blanket lien collateral description in a security agreement and one in a UCC financing statement.
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‘Trial of the Century’ Takes on Hell or High Water
By Paul Bent
Will a Rising Tide of Managed Solutions Transactions Sink the Most Venerated of Leasing Provisions?
There is change afoot in the equipment leasing marketplace, and it portends a potentially seismic shift in the perception, usefulness and utility of the well-tested HOHW clause.
How 2018 Tax Changes Will Affect Companies Focused on Truck Acquisition
By Brian Holland
Corporations with private fleets in the U.S., as well as for-hire carriers, have begun ordering faster than before. As the economy continues to strengthen, this trend will continue to grow and so will the need to replace aging equipment.
Recognizing the Signs of Financial Distress
By Steven Strom
Diagnosing financial distress, and the ability to address the relevant issues, is a necessary role of board members and senior executives.
Shipping Insolvencies and Texas Businesses
By Nicole Hay and Thomas Scannell
Texas businesses and their attorneys should be aware of legal and practical issues that may arise in the event of a shipping insolvency. Two particularly murky areas that have been illuminated by recent case law are maritime liens and reclamation rights.