Section Newsletters

Articles From Michael Weissman

Bank Loses Claim to Collateral By Michael Weissman Commercial Banking, Collections, and Bankruptcy, July 2022 Although after-acquired personal property collateral can be included in a bank's collateral by using an after-acquired clause in the collateral description, that is not true of real estate. 
Can a Wire Transfer Be Recalled After It Is Accepted? By Michael Weissman Real Estate Law, July 2022 In a case involving the Uniform Commercial Code, decided by the United States District Court for the Eastern District of Virginia in September 2021, the court was called upon to decide when an accepted payment order may be canceled.
Bank’s UCC Liens Trump Wage Claims in Federal Receivership By Michael Weissman Commercial Banking, Collections, and Bankruptcy, May 2022 Even though courts are generally sympathetic to wage claims of employees of insolvent borrowers, they will not use state statutory law to subordinate earlier-perfected security interests in the borrower’s assets to those wage claims unless the state law clearly grants the wage claims a lien priority position.
Can a Wire Transfer Be Recalled After It Is Accepted? By Michael Weissman Commercial Banking, Collections, and Bankruptcy, May 2022 In a case involving the Uniform Commercial Code, decided by the United States District Court for the Eastern District of Virginia in September 2021, the court was called upon to decide when an accepted payment order may be canceled.
Bank Not Liable Under the Statute of Frauds By Michael Weissman Commercial Banking, Collections, and Bankruptcy, March 2022 In Modern Industries, Inc., vs. Oxford Bank Corp., the claimants sued the bank for alleged negligence in unilaterally changing the terms of certain loans in violation of the parties’ agreement, breach of fiduciary duty by failing to properly distribute loans, and engaging in in constructive fraud and misrepresentation by waiting to disclose unilateral changes to the final loan documents until the claimants were left with no choice except to close the loans.
Allonge Enables Bank to Enforce Note By Michael Weissman Commercial Banking, Collections, and Bankruptcy, January 2022 When all or a portion of a bank’s loan portfolio is transferred, it is not uncommon to use allonges as instruments of transfer.
IRA Accounts Can Stand as Collateral, Cannot Be Liquidated Without Recourse By Michael Weissman Commercial Banking, Collections, and Bankruptcy, January 2022 A summary and analysis of Cassidy v. Signature Bank, in which the use and availability of IRA accounts to satisfy a debt was at issue.
Bank Not Liable Under Fiduciary Obligations Act By Michael Weissman Commercial Banking, Collections, and Bankruptcy, November 2021 A summary and analysis of Praither v. Northbrook Bank & Trust Co., in which a noncustomer of a bank sought to hold the bank liable under the Fiduciary Obligations Act.
Bank Suffers Wire Transfer Trauma By Michael Weissman Commercial Banking, Collections, and Bankruptcy, April 2021 A summary and analysis of In re Citibank August 11, 2020 Wire Transfers.
Does a Bank’s Perfected Security Interest in Crops Prevail Over a Landlord’s Agricultural Lien? By Michael Weissman Commercial Banking, Collections, and Bankruptcy, March 2021 A summary and analysis of Bank of Kremlin v. Ara, L.P.
UCC Filing Sinks Unsecured Creditor’s Unjust Enrichment Claim Against Bank By Michael Weissman Commercial Banking, Collections, and Bankruptcy, February 2021 In GlobalTranz Enterprises, Inc. v. PNC Bank, N.A., the court applied California law and dismissed a lawsuit brought by GlobalTranz Enterprises, Inc. against PNC based on unjust enrichment.
Floor Plan Financier Can’t Reclaim Collateral Due to Lack of UCC Filing By Michael Weissman Commercial Banking, Collections, and Bankruptcy, January 2021 A summary and analysis of In re Hawaii Motorsports, LLC.
Floor Plan Financier Can’t Reclaim Collateral Due to Lack of UCC Filing By Michael Weissman Business Advice and Financial Planning, January 2021 A summary and analysis of In re Hawaii Motorsports, LLC.
Mortgage Has Priority Over a Late UCC Fixture Filing By Michael Weissman Commercial Banking, Collections, and Bankruptcy, January 2021 Although the UCC has made a wide swath of commercial law uniform from state to state, real estate law remains far less uniform—and that lack of uniformity is reflected in cases involving fixtures.
Failure to Review UCC Filings Leads to Loss for Lender By Michael Weissman Commercial Banking, Collections, and Bankruptcy, December 2020 In Metropolitan Capital Bank and Trust v. Feiner, the lender was suing the defendant for common law fraud and conspiracy to commit fraud. At issue was whether the lender was justified in relying solely upon the defendant’s fraudulent statements or had a duty to dig deeper.
Lost Note Ruled Enforceable By Michael Weissman Commercial Banking, Collections, and Bankruptcy, October 2020 A summary and analysis of Kim v. JP Morgan Chase Bank N.A.
Bank Not Liable for Failing to Stop Check-Kiting Scheme By Michael Weissman Commercial Banking, Collections, and Bankruptcy, September 2020 A summary and analysis of Midwest Feeders, Inc. v. Bank of Franklin.
Trustee’s Judicial Lien Trumps Consignor’s Unperfected Security Interest By Michael Weissman Commercial Banking, Collections, and Bankruptcy, August 2020 A summary and analysis of PC (USA), Inc. v. Ellis, which points out the necessity of filing UCC financing statements in consignments.
When an Account Receivable Isn’t an Account Receivable By Michael Weissman Commercial Banking, Collections, and Bankruptcy, April 2020 The decision of the Supreme Court of Illinois in Accettura v. Vacationland focuses on an issue involving the validity of collateral on which lenders depend heavily—a borrower’s accounts receivable.
Recent cases By Michael Weissman Commercial Banking, Collections, and Bankruptcy, July 2017 Recent cases of interest to practitioners.
Recent cases By Michael Weissman Commercial Banking, Collections, and Bankruptcy, February 2016 Recent decisions of interest.
How secure is your security interest? By Michael Weissman Commercial Banking, Collections, and Bankruptcy, June 2015 Two recent decisions—each dealing with the effectiveness of filings under Article 9 of the Uniform Commercial Code—demonstrate both the certainty and uncertainty that can be generated by efforts to comply with the UCC.

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