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Legal & Judicial

The Commercial Finance Association plays a leadership role in advocating the interests of secured lenders in legal and judicial issues. Led by CFA’s Co-General Counsel and Advocacy Committee, the Association maintains an active amicus brief program and represents the industry in the development of bankruptcy rules of procedure and other judicial initiatives.

 

 

  • Rulemakers Adopt CFA's Recommendation

    Rulemakers Adopt CFA's Recommendation to Exempt Agents in Syndicated Loans from Disclosure Requirements in Revised Bankruptcy Rule 2019

  • Bankruptcy Court Rejects Secured Lenders' Argument in Philadelphia Newspapers Bankruptcy Case

    In a decision released in late March, the Third Circuit Court of Appeals rejected arguments submitted by secured creditors by holding that a debtor may prohibit a lender from credit bidding on its collateral in connection with a sale of assets under a plan of reorganization

  • CFA Files Amicus Brief in TOUSA Case

    The Commercial Finance Association has filed an amicus curiae brief in the TOUSA bankruptcy case. TOUSA, the Florida homebuilder, filed for bankruptcy protection under Chapter 11 in January, 2008.

  • CFA Joins with Other Associations to Secure Important Legal Victory in DDJ Capital Management Case

    In an important victory for the commercial finance industry, the New York Court of Appeals unanimously ruled on June 24, 2010 that it is not unreasonable as a matter of law for lenders to rely on representations and warranties in a credit agreement regarding the accuracy of unaudited financial statements without conducting their own investigation questioning those who prepared them.

  • Summary of Recent Cases: July/August, 2010

    NOTE FROM THE AUTHORS: The cases we have selected for this issue address challenges to a §363 sale, reinstatement of pre-petition secured loans over the objection of the secured lenders and priority claims under the Perishable Agricultural Commodities Act..

  • Summary of Recent Cases: May/June 2010

    NOTE FROM THE AUTHORS: For this issue, we have selected cases addressing the perfection of security interests in deposit accounts, loan participations and assignments, and the secured lender’s right to credit bid at a sale pursuant to a plan of reorganization. We wish to thank Jill A.G. Zellmer, chairperson of CFA”s Advocacy Committee, for contributing to this presentation.

  • Summary of Recent Cases: April, 2010

    NOTE FROM THE AUTHORS: For this issue, we have selected cases addressing the legal effect of a term sheet for a loan and the reinstatement of a pre-petition secured credit facility as part of a Chapter 11 plan of reorganization. In addition, we have provided a report on the progress of the Intellectual Property Supplement to the UNCITRAL Legislative Guide on Secured Transactions

  • Summary of Recent Cases: March, 2010

    NOTE FROM THE AUTHORS: The cases we have selected for this issue address the applicability of “savings clauses” in the context of fraudulent transfers, interpretation of intercreditor agreements and transfers of claims in a Chapter 11 case.

  • Summary of Recent Cases: January/February 2010

    NOTE FROM THE AUTHORS: The tumultuous economy of the past year created a challenging environment for secured lenders and, not surprisingly, produced a number of important judicial developments. In this issue, we have selected and summarized certain of the most interesting cases previously reported on by us in The Secured Lender. We hope you find these notes to be informative and useful.

  • Philadelphia Newspapers

    CFA joined with the Loan Syndication & Trading Association (LSTA) to urge that the Court uphold the right of lenders to credit bid on their collateral in a sale of assets under a plan of reorganization.

  • DDJ Capital Management

    CFA filed a brief in conjunction with the Loan Syndication & Trading Association (LSTA) arguing that the Court should hold that it is not per se unreasonable for lenders to rely on representations and warranties about the accuracy of unaudited financial statements.

  • TOUSA

    CFA filed a brief in the bankruptcy case of Florida homebuilder TOUSA, urging the court to uphold the enforceability of savings clauses with regard to fraudulent conveyances.