Solomon L. Wisenberg | Wisenberg & Wisenberg, PLLC | Washington D.C. Gibson Dunn - Practices. Banking and Finance Law Report : Banking & Finance Lawyer & Attorney : Porter Wright Morris & Arthur Law Firm : Bankruptcy, Commercial Lending. It is often said that the acid test of a security interest or lien on property is the bankruptcy of the property owner. If that person or entity files a bankruptcy petition, the bankruptcy trustee has a number of options to challenge or even avoid certain liens. A lien that is not properly perfected is subject to attack by a trustee under both the “strong-arm clause” (Bankruptcy Code § 544) and the preference provisions (Bankruptcy Code § 547). If the lien is avoided, the property can then be sold and the proceeds distributed to the unsecured creditors.
The trustee must act timely, however, if he or she is to be successful in avoiding the lien. The Sixth Circuit Court of Appeals recently addressed the timeliness of a trustee’s actions against the holder of an allegedly unperfected lien on a debtor’s property. Its conclusion raises several important questions regarding the timeliness of trustees’ actions to challenge the propriety of a secured creditor’s claim. Schulte Roth & Zabel LLP. Willkie Farr & Gallagher LLP. Sutherland. Schiff Hardin LLP. Proskauer Rose LLP. Morgan, Lewis & Bockius - an international law firm. K&L Gates : Home. Katten Muchin Rosenman LLP | The Firm | Site Search. Foley & Lardner LLP. Cadwalader, Wickersham & Taft LLP. Bingham McCutchen | Legal Insight. Business Instinct. Allen & Overy international law firm. Site Summary | BankBryanCave. Why are We Providing This Site?
A central premise of our Financial Institutions Group is and has been that sharing information among our attorneys creates significant intellectual power and value for our clients and each other. This website lets us share our knowledge, our thoughts, our ideas and our speculations about TARP and its future implications directly with our clients and friends and in real time. Most importantly, a web site can never substitute for personal contact and real discussions, and we are not in any way suggesting that this site will replace our normal conversations with clients-nor do we want it to do so! We are always available to discuss your specific situations and questions. We know each of you has different issues, but we think having this information available to you and your team on a 24X7 basis will in the end make your jobs easier.
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