Lenders’ $1.5 Billion Lien Interest Terminated Due To Mistaken UCC-3 Termination Statement

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Kate Williams wrote this bylined article on a Second Circuit decision which held that a UCC-3 termination statement mistakenly filed was unauthorized and therefore not effective to terminate the lien interest. [It] is quite clear – there is no forgiveness for legitimate mistakes under UCC Article 9,” Ms. Williams wrote. “Subjective intent does not matter. If the filing of UCC-3 termination statements are duly authorized, nothing more is needed to prove them to be effective.”

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