Law Commons^™

The Standard For Taking A Security Interest In Fixtures, Mark J. Lobiondo

Bankruptcy Research Library

(Excerpt)

Creditors that have a security interest in the same collateral will often dispute the priority of each other’s liens. In general, the security interest that is first perfected will be entitled to priority over subsequent liens. A security interest is generally perfected by filing a financing statement that satisfies the requirements of section 9-502 of the UCC. Section 9-502 provides that a financing statement is sufficient only if it: (1) provides the name of the debtor; (2) provides the name of the secured party or a representative of the secured party; and (3) indicates the collateral covered by the …

Selling A Vessel Free And Clear Of A Maritime Lien Pursuant To Section 363 Of The Bankruptcy Code, Aram Movaseghi

Bankruptcy Research Library

(Excerpt)

Under title 11 of the United States Code (the “Bankruptcy Code”), a debtor in possession or trustee may sell property of the debtor’s estate. However, a lien on a maritime vessel may make such a sale challenging, in particular because of jurisdictional issues. When a debtor’s assets become subject to the jurisdiction of both admiralty and bankruptcy cases, a complex conundrum arises. Maritime bankruptcies have generated complex legal issues and jurisdictional conflicts that have perplexed practitioners and implicated significant constitutional issues.

Under section 363 of the Bankruptcy Code, a debtor or trustee may seek authority from the court to …