Financial Institutions and Markets (J)

Financial Institutions and Markets (J)

By: Michael Smith

In most commercial loan transactions, a lender will secure a loan by filing a Uniform Commercial Code (UCC) financing statement to perfect its security interest in the borrower’s personal property. A loan is perfected when the lender receives priority over other creditors wishing to obtain a lien against the collateral. Typically, the lender files the financing statement after the loan has closed. However, it is possible to file a financing statement pre-closing, provided the lender obtains the borrower’s prior written authorization. A lender may want to pre-file a financing statement if the lender is concerned that an intervening lien may be filed during the gap of time between when a UCC lien search was last conducted and the time that the loan

Read more: Perfect Your Security Interest By Filing Before A Closing

By Mark L. Kowalsky, Jaffe, Raitt, Heuer & Weiss, P.C., (Michigan, USA)

The Securities Industry Financial Markets Association ("SIFMA") is an organization of several hundred securities firms, banks and asset managers.  Affiliate members of SIFMA include the law firms whose practices involve the securities industry.  SIFMA's Compliance and Legal Society focuses on the education of compliance and legal professionals in the securities industry.

Read more: SIFMA Compliance and Legal Society Annual Seminar 2015

By: Att. Nilay Celebi


The Capital Markets Board adopted the Communiqué on Market Abuse (VI-1.104.1) (“Communiqué”) in order to determine the acts and transactions that result in the distortion of the reliability, transparency, and stability of stock markets and other organized markets, which cannot be justified through reasonable economic or financial grounds, and sanctions upon those persons who do such acts and transactions. The Communiqué was published in the Official Gazette on 21.01.2014, and came into effect the same day. The Communiqué sets forth market abuse actions, and actions that are not deemed as market abuse. 

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By: Lawrence G. Lerman

One may ask why we always include a waiver of all claims when we prepare an amendment or modification to existing loan documents. Similarly, we include a waiver of all claims against the lender in all forbearance agreements and similar loan restructuring agreements. In a recent case, the North Carolina Supreme Court demonstrated the value and importance of including a waiver of any and all potential claims against a lender in consideration for the restructuring or amending of the terms of a loan.

Read more: Don't Forget the Waiver

By: Matthew G. DiMeglio

A federal court of appeals held that a bank’s deed of trust had priority over an IRS tax lien, even though, the IRS filed notice of the tax lien more than a month before the bank recorded the deed of trust. On January 4, 2005, Restivo Auto Body, Inc. borrowed $1 million from Susquehanna Bank. The bank secured the $1 million loan with a deed of trust on two pieces of property executed and dated on January 4, 2005. On January 10, 2005, the IRS filed notice of a federal tax lien against Restivo for unpaid employment taxes. On February 11, 2005, the bank recorded the deed of trust from Restivo.

Read more: Federal Court Holds That Bank’s Deed of Trust Primes IRS Tax Lien Despite Its Subsequent...