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Articles 1 - 30 of 42
Full-Text Articles in Secured Transactions
Chapter 9 Bankruptcy: The Solution That Causes Problems, Peter C. Alexander
Chapter 9 Bankruptcy: The Solution That Causes Problems, Peter C. Alexander
Brooklyn Journal of Corporate, Financial & Commercial Law
There is a little-known form of bankruptcy called a “Chapter 9,” reserved for insolvent cities, villages, and other municipalities. Occasionally, one reads about a city or a county that has filed for Chapter 9 relief, like Detroit, Michigan, or Orange County, California; however, it is very hard to file a Chapter 9 case, in part, because existing law requires a municipality to obtain permission from its home state before it can file for relief in the U.S. Bankruptcy Court. An additional constraint is that the only option municipalities have when seeking bankruptcy relief is to file a Chapter 9 because …
Show Me The Money: Approaches To Anti-Money Laundering Compliance For Digital Assets, Mollie Rouan
Show Me The Money: Approaches To Anti-Money Laundering Compliance For Digital Assets, Mollie Rouan
Brooklyn Journal of Corporate, Financial & Commercial Law
The European Union’s Markets in Crypto-Assets Regulation (“MiCA”) created a harmonized framework to regulate digital asset issuance and services that were not already covered by existing regulations. Notably, MiCA requires virtual asset providers to adhere to the Financial Action Task Force Recommendation 16 (“FATF”), also known as the Travel Rule. Though the Travel Rule has existed for almost 20 years, its application to crypto asset transfers is entirely new. The purpose of the Travel Rule is to detect and prevent money laundering and terrorist financing, but its application to cryptocurrency wallet transactions is criticized for being overly burdensome and invasive …
Untangling Bankruptcy’S Most Complex Web: Chapter 11 Rule 1111(B) And Subchapter V, Evan Sponder
Untangling Bankruptcy’S Most Complex Web: Chapter 11 Rule 1111(B) And Subchapter V, Evan Sponder
Brooklyn Journal of Corporate, Financial & Commercial Law
The United States Code Section 1111(b) provides an equitable remedy to debt restructuring for both debtors and creditors in Chapter 11 bankruptcy by allowing the debtor to retain their income-producing assets and repay their creditor(s) through a mutually approved plan. However, section 1111(b) is difficult for courts to apply due to its complex nature, and infrequent application of the section has resulted in limited development of case law interpreting the section. Courts currently interpret 1111(b) elections in Chapter 11 Subchapter V cases to exclude interest accrual; this interpretation establishes an inequitable precedent whereby debtors’ procedural advantages bypass creditor protections during …
Emerging Technologies And Perfection Of Security Interests: A Financial University Of Uncertainty, Elizabeth M. Wagenbach
Emerging Technologies And Perfection Of Security Interests: A Financial University Of Uncertainty, Elizabeth M. Wagenbach
Brooklyn Law Review
Since the founding of Bitcoin in 2009, digital assets, such as cryptocurrency, have exploded in popularity. Cryptocurrency has been associated with stories of immense profit and immense loss. The lucky transactors have been able to capitalize on the price fluctuations of cryptocurrency, while the unlucky transactors became victims of the same volatility, losing tremendous amounts of money. The novelty and ingenuity of cryptocurrency has been coupled with mass confusion to transactors and regulators alike. These early days of cryptocurrency have been characterized by a sort of regulatory tug of war that is a direct result of confusion of what cryptocurrency …
Commercial Law Harmonization: The Past As Prologue—A “Festschrift” In Honor Of Neil B. Cohen, Edward J. Janger
Commercial Law Harmonization: The Past As Prologue—A “Festschrift” In Honor Of Neil B. Cohen, Edward J. Janger
Brooklyn Journal of Corporate, Financial & Commercial Law
No abstract provided.
Reviving The Realist Restatements And The Common Law Codes: Neil Cohen And The Grand Style, Edward J. Janger
Reviving The Realist Restatements And The Common Law Codes: Neil Cohen And The Grand Style, Edward J. Janger
Brooklyn Journal of Corporate, Financial & Commercial Law
The “Second” Restatements and the Uniform Commercial Code have shaped the sensibility of lawyers and law students for the last half century. Both projects were anti-formal at their core, articulating pragmatic principles to guide judicial decision making without necessarily determining the outcome. Recent jurisprudence interpreting the Restatements, as well as efforts to update both sets of instruments, have taken a formalist turn. As examples, this essay will consider judicial interpretations of § 402A of the Restatement (Second) of Torts where internet platforms like Amazon are involved. Then it will consider the tortured and recently concluded experience in connection with the …
Formulating Lists Of Factors: Lessons From The Good, The Bad, And The U.C.C., Stephen L. Sepinuck
Formulating Lists Of Factors: Lessons From The Good, The Bad, And The U.C.C., Stephen L. Sepinuck
Brooklyn Journal of Corporate, Financial & Commercial Law
No abstract provided.
Flow Of Commerce, Flow Of Traffic, Carl S. Bjerre
Flow Of Commerce, Flow Of Traffic, Carl S. Bjerre
Brooklyn Journal of Corporate, Financial & Commercial Law
No abstract provided.
The Development Of The American “Security Interest” And Its Effect On The International Harmonization Of Security Rights, Henry Gabriel
The Development Of The American “Security Interest” And Its Effect On The International Harmonization Of Security Rights, Henry Gabriel
Brooklyn Journal of Corporate, Financial & Commercial Law
No abstract provided.
The Uncitral Model Law And Secured Transactions Law Reform, Louise Gullifer
The Uncitral Model Law And Secured Transactions Law Reform, Louise Gullifer
Brooklyn Journal of Corporate, Financial & Commercial Law
No abstract provided.
Achieving Law Reform Sometimes Requires A Strong Defense, William H. Henning
Achieving Law Reform Sometimes Requires A Strong Defense, William H. Henning
Brooklyn Journal of Corporate, Financial & Commercial Law
In 2019, a joint drafting committee authorized by the Uniform Law Commission and the American Law Institute began work on a sweeping set of amendments to the official text of the Uniform Commercial Code (UCC) that address issues arising from emerging technologies. The amendments were approved by the sponsoring organizations at their 2022 annual meetings, and efforts are already underway to gain uniform nationwide enactment by state legislatures. The most significant changes to the UCC consist of a new Article 12 dealing with digital assets and amendments to Article 9 that facilitate the leveraging of these assets. Also in 2019, …
Revising The Debt Limit For “Small Business Debtors”: The Legislative Half-Measure Of The Small Business Reorganization Act, Michael C. Blackmon
Revising The Debt Limit For “Small Business Debtors”: The Legislative Half-Measure Of The Small Business Reorganization Act, Michael C. Blackmon
Brooklyn Journal of Corporate, Financial & Commercial Law
Bankruptcy law changed drastically in 2019 with the passage of several bills. This Note will examine two of them. First, the Family Farmer Relief Act of 2019 raised the debt limit of the family farmer from $4,411,400 to $10,000,000. This enables more financially distressed family farmers to be eligible for Chapter 12 relief, a reorganizational tool designed for farmers. Second, the Small Business Reorganization Act of 2019 created Subchapter V – Small Business Debtor Reorganization in Chapter 11. This new Subchapter streamlined the reorganization process for small business debtors by removing roadblocks which often derail a reorganization of a small …
Between Scylla And Charybdis: Maritime Liens And The Bankruptcy Code, Ian T. Kitts
Between Scylla And Charybdis: Maritime Liens And The Bankruptcy Code, Ian T. Kitts
Brooklyn Journal of Corporate, Financial & Commercial Law
Federal courts have had trouble fitting maritime law into the bankruptcy scheme created by the Bankruptcy Code (the Code). Particularly troublesome have been vessel-arrest proceedings that are underway when the vessel’s owner files for bankruptcy. Prior to the enactment of the Code, courts applied the doctrine of custodia legis to decide whether the admiralty or the bankruptcy court would administer the vessel. Since the Code was enacted, courts have generally held that the bankruptcy court gained control. A recent Ninth Circuit decision, however, split with other circuits and seems to have revived custodia legis. This Note argues that the Ninth …
Transparency In Corporate Groups, Jay Lawrence Westbrook
Transparency In Corporate Groups, Jay Lawrence Westbrook
Brooklyn Journal of Corporate, Financial & Commercial Law
This Article addresses a remarkable blind spot in American law: the failure to apply the well-established principles of secured credit to prevent inefficiency, confusion, and fraud in the manipulation of the webs of subsidiaries within corporate groups. In particular, “asset partitioning” has been a fashionable subject in which the central problem of non-transparency has been often mentioned but little addressed. This Article offers a concept for a new system of corporate disclosure for the benefit of creditors and other stakeholders. It would require disclosure of corporate structures and allocations of assets among affiliates to the extent the affiliates are to …
Badges Of Opportunism: Principles For Policing Restructuring Support Agreements, Edward J. Janger, Adam J. Levitin
Badges Of Opportunism: Principles For Policing Restructuring Support Agreements, Edward J. Janger, Adam J. Levitin
Brooklyn Journal of Corporate, Financial & Commercial Law
Bankruptcy is a market for corporate control. Current bankruptcy practice offers two alternative mechanisms for effectuating changes in control of a firm: (1) a pre-plan all-asset sale under section 363(b) of the Bankruptcy Code; or (2) an asset sale or recapitalization pursuant to a plan of reorganization under section 1129 of the Code. Pre-plan sales under section 363(b) are fast, but lack the procedural protections associated with a restructuring or sale pursuant to a plan. Plan confirmation can be costly and uncertain, however. Restructuring support agreements (“RSAs”)—contractual agreements to support a future restructuring that has certain agreed-upon characteristics—appear to offer …
Whistleblowers—A Case Study In The Regulatory Cycle For Financial Services, Ronald H. Filler, Jerry W. Markham
Whistleblowers—A Case Study In The Regulatory Cycle For Financial Services, Ronald H. Filler, Jerry W. Markham
Brooklyn Journal of Corporate, Financial & Commercial Law
The Securities and Exchange Commission and the Commodity Futures Trading Commission were directed by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) to create whistleblower protection programs that reward informants with massive bounty payments. At the time of its passage, the Dodd-Frank Act was a highly controversial statute that was passed on partisan lines. Its whistleblowing authority was one of its “most contentious provisions.” As the result of the 2016 elections, the Dodd-Frank Act has come under renewed attack in Congress and by the new Trump administration. The stage is being set for possible repeal of …
Broker-Dealer Law Reform: Financial Intermediaries In A State Of Limbo, Alexander R. Tiktin
Broker-Dealer Law Reform: Financial Intermediaries In A State Of Limbo, Alexander R. Tiktin
Brooklyn Law Review
No abstract provided.
Liquidity, Systemic Risk, And The Bankruptcy Treatment Of Financial Contracts, Rizwaan J. Mokal
Liquidity, Systemic Risk, And The Bankruptcy Treatment Of Financial Contracts, Rizwaan J. Mokal
Brooklyn Journal of Corporate, Financial & Commercial Law
No abstract provided.
Goliath Versus Goliath In High-Stakes Msb Litigation, Bradley T. Borden, David J. Reiss
Goliath Versus Goliath In High-Stakes Msb Litigation, Bradley T. Borden, David J. Reiss
Faculty Scholarship
No abstract provided.
Dirty Remics, Revisited, David J. Reiss, Bradley T. Borden
Dirty Remics, Revisited, David J. Reiss, Bradley T. Borden
Faculty Scholarship
No abstract provided.
Virtual Territoriality, Edward J. Janger
Should Unicitral Prepare A Model Law On Secured Transactions, Neil B. Cohen
Should Unicitral Prepare A Model Law On Secured Transactions, Neil B. Cohen
Faculty Scholarship
No abstract provided.
The Eu Challenge To The Sec, Roberta S. Karmel
The Eu Challenge To The Sec, Roberta S. Karmel
Faculty Scholarship
No abstract provided.
Regulation By Exemption: The Changing Definition Of An Accredited Investor, Roberta S. Karmel
Regulation By Exemption: The Changing Definition Of An Accredited Investor, Roberta S. Karmel
Faculty Scholarship
No abstract provided.
Mutual Funds, Pension Funds, Hedge Funds And Stock Market Volatility: What Regulation By The Securities And Exchange Commission Is Appropriate?, Roberta S. Karmel
Mutual Funds, Pension Funds, Hedge Funds And Stock Market Volatility: What Regulation By The Securities And Exchange Commission Is Appropriate?, Roberta S. Karmel
Faculty Scholarship
No abstract provided.
The Reliance Interest In Insolvency Law: A Response To Harris And Mooney, Edward J. Janger
The Reliance Interest In Insolvency Law: A Response To Harris And Mooney, Edward J. Janger
Faculty Scholarship
No abstract provided.
The Death Of Secured Lending, Edward J. Janger
The Death Of Secured Lending, Edward J. Janger
Faculty Scholarship
No abstract provided.
Regulation Of Securities And Security Exchanges In The Age Of The Internet, Roberta S. Karmel
Regulation Of Securities And Security Exchanges In The Age Of The Internet, Roberta S. Karmel
Faculty Scholarship
No abstract provided.
Internationalizing The Law Of Secured Credit: Perspectives From The U.S. Experience, Neil B. Cohen
Internationalizing The Law Of Secured Credit: Perspectives From The U.S. Experience, Neil B. Cohen
Faculty Scholarship
No abstract provided.
International Secured Transactions And Revised Ucc Articles 9, Neil B. Cohen, Edwin E. Smith
International Secured Transactions And Revised Ucc Articles 9, Neil B. Cohen, Edwin E. Smith
Faculty Scholarship
No abstract provided.