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Category Archives: Note Sales

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New York and Florida Courts Enforce E-Notes

Posted in CFPB, Foreclosure, Kentucky Law, Note Sales
Appellate courts in New York and Florida recently ruled that mortgage lenders “holding” electronic notes had standing to foreclose on the real property securing the E-Notes. Although Congress passed the Electronic Signatures in Global and National Commerce Act (ESIGN) in 2000, and nearly all states have passed the Uniform Electronic Transactions Act (UETA) in the… Continue Reading

Fisker’d!!!11 – Free Lance-Star Court Caps Credit Bid

Posted in Chapter 11, Note Sales
I (along with every other bankruptcy blogger) wrote extensively on the Fisker decisions from Delaware limiting a secured creditor’s right to credit bid.  My original post is here, and some other good discussion can be found here and here. Yesterday, Judge Huennekens entered a Memorandum Opinion (the opinion can be found here) that similarly capped the… Continue Reading

Note-Buyer Beware: Credit Bidding After Fisker

Posted in Chapter 11, Note Sales
Judge Gross approved a sale motion in the Fisker Automotive case in January that seems to dramatically curtail a secured creditor’s ability to credit-bid in a Section 363 sale where the underlying debt instrument was purchased at a discount.  The basic facts are that the U.S. Department of Energy had a $168.5 million senior loan… Continue Reading