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.

Bankruptcy Law, Other Justice, Public Order, and Safety Activities, Interpretation and construction

---

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.

Secured transactions

---

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.

Practice, Commercial law, Assignments, Assignments (Law)

Similar abstracts:

• Abstracts: How to 'drag out' a monopoly case: Microsoft's ploy for a new trial via the Supreme Court. Airline monopoly and 'chilled' capital: the high cost for workers
• Abstracts: Mitigating punishment for statutory rape. Running the caucus-race: prevailing parties and fee shifting under ERISA
• Abstracts: Do parties to nuisance cases bargain after judgment? A glimpse inside the cathedral. Allocating the burden of proof in 60(b)(4) motions to vacate a default judgment for lack of jurisdiction
• Abstracts: Participant loans: a road map for practitioners. Senator Dole and Rep. Michel introduce pension security legislation

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.