foreclosures and workouts, an introduction
TRANSCRIPT
CLE Seminar
Foreclosures and Workouts, an Introduction
Lydia C. Duynstee, Esq. Transactional Business Consultant
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Agenda
1. Lenders’ Remedies2. Foreclosure Process3. Alternatives to Foreclosure
Additional Resource: Structuring Commercial Real Estate Workouts ‐ Berryhill, Eisen, and Herbert, published by Wolters Kluwer
Foreclosures and Workouts, an Introduction
The Foreclosure Landscape
Foreclosures and Workouts, an Introduction 3
The expectation is that commercial‐property foreclosures will rise, “A Storm is on the Way” (WSJ, Oct. 6, 2020) Lenders going after malls, hotels, and apt buildings as
forbearance periods expire Some hotels don’t expect “normal” until 2024 Commercial mortgage‐backed securities loans in
foreclosure are on the rise The pandemic is driving up discounted deal‐making and
the possibility of more permanent closures and bank take overs.
“Lenders [are] cracking down on Mall Owners”, WSJ 10/6/2020
Lenders’ Remedies
Mortgage: a document that encumbers real property as security for the payment of a debt or other obligation. This document creates a lien on real estate. Title to the collateral remains in the debtor; creditor gets a lien
Deed of Trust: a document executed by the debtor and property owner to a disinterested 3rdparty (trustee) who holds property in trust for the creditor
Mortgagee/Beneficiary (in a deed of trust) – the owner of the debt or other obligation secured by the mortgage. E.g., lender/creditor/investor in CMBS
Mortgagor/Obligor (in a deed of trust) – the person or entity who owes the debt or other obligation secured by the mortgage and owns the real property which is subject of the loan
Other documents: promissory note, security agreement, and assignment of rents
Terminology & Docs
Foreclosures and Workouts, an Introduction 5
Source: ABA, Real Property, Trust and Estate Law Section
Foreclosure Judicial Non‐Judicial
Guarantor(s) PursuitsSue in Contract on the Promissory Note
Lenders’ Remedies
Foreclosures and Workouts, an Introduction 6
“Foreclosure is the process in whicha lender takes back possession of an unpaid property. When a borrower defaults on their mortgage payments, the lender will foreclose. ... This is mainly a means to make back the money they've lost from the unpaid debt on the property.”
Two types: Judicial and Non‐Judicial
SOL
Source: https://classifieds.usatoday.com/blog/realestate/understanding‐foreclosure‐process/
Foreclosure
Foreclosures and Workouts, an Introduction 7
Why Choose Foreclose? Property has value – controlling factorProperty is salvageable and/or has good cash flow Documents allow this remedyBorrower: Defaults on payments Mismanages the project and/or is causing damages Diverts money Is not cooperating with workout terms Walks away from loan with no intent to repay
Pre‐Foreclosure Analysis
Foreclosures and Workouts, an Introduction 8
1. Uniform Commercial Code (UCC) Liens2. Fixture Filing Liens3. Non‐Consensual Liens
Federal Tax Liens State Tax Liens Judgment Liens Mechanics’ Liens CERCLA Liens
4. Bankruptcy5. Pending Litigation
Federal Courts State Courts
6. Title Reports7. Environmental Report – Phase 1
Due Diligence
Due Diligence Strategy from Lenders’ Perspective 9
Step One Notice of Default
Step TwoNotice of Sale
Step ThreePublication Notice
Step FourPublic Sale/Auction
Non‐Judicial Foreclosure ‐ General Steps
Foreclosures and Workouts, an Introduction 10
Due Diligence is KEY
REO (real estate owned)
Assign to SPE
Day 1 – payment is missedDay 120 – notice of defaultDay 180 – notice of saleDay 200 ‐ trustee’s Sale/auction
Example: California’s Non‐Foreclosure Timeline
Foreclosure Basics 11
FORECLOSUREFORECLOSURE
Bankruptcy
Colorado Supreme Court refused to void a completed foreclosure sale, even though there was a typographical error in the notice that transposed the debtor's street‐address number such that the mail to the address listed in the deed of trust was undeliverable. The court ruled that the debtors received actual notice of the foreclosure proceeding, which afforded them an opportunity to present their objections, and no prejudice resulted.
Amos v. Aspen, 17 F. Supp. 3d 1289.
Foreclosures and Workouts, an Introduction 12
Review the documents and title – fix documentation if needed (clear title)Ensure perfection and priority Keep in touch with trustee from title companyCheck for bankruptcyBe aware of any state specific procedural issues and case law
Foreclosure Best Practices
Foreclosures and Workouts, an Introduction 13
“Mortgagee could not establish that the mortgage for refinancing a restaurant at issue was valid and could, therefore, not foreclose on that mortgage against the surety. The mortgage it sought to foreclose contained an inaccurate and materially misleading description of the debt it purported to secure.”
Facts: The mortgage incorporated by reference the promissory note. But the promissory note did not have the correct parties.
Review of Documents – SPCP v. Dolson, 934 N.E.2d 771 (Ind. Ct. Appl 2010)
Foreclosures and Workouts, an Introduction 14
Alternatives to Foreclosure
Alternatives to Foreclosure
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Forbearance
Loan Modification
Short Sale or other transfer of ownership
Deed in Lieu of Foreclosure
Third party completion of project
Lenders’ take over of control
Ask for Pre‐Negotiation Agreement
Ask for Bankruptcy lift of stay
Foreclosures and Workouts, an Introduction
Forbearance
Key Benefit: Lender may add waiver of automatic stay More likely to be enforced when part of forbearance agreement vs. original loan docs Majority view – encourages out of court restructuring Minority view – prejudice to other creditors in bankruptcy
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Reduce or suspend payments for certain period
Borrower still pays it back
Non‐waiver of rights
Foreclosures and Workouts, an Introduction
Loan Modification
Agreement to change the loan terms reduce the interest rate waive late fees delay or halt the foreclosure process cancel a receivership, or lengthen the amortization schedule.
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Key Benefits Lenders can work with strong credit‐worthy borrowers willing to pay Keeps loan rating high
Foreclosures and Workouts, an Introduction
Short Sale
Borrower sells the property for a price that is less than the total debt
Must have lender approval Lender may agree to full or partial satisfaction
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Key Benefits Lender’s right to deficiency judgment and smooth transition Lesser impact on borrower’s credit
Foreclosures and Workouts, an Introduction
Deed in Lieu
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Borrower voluntarily gives deed to lender in exchange for full or partial satisfaction of loan
Used to avoid foreclosure process
Deficiency judgment is still an option, but can negotiate to eliminate
Key Benefits Smoother transition than foreclosure Saves time and money for lender
Minimize credit impact for borrower Lender may agree to lease property to borrower
Foreclosures and Workouts, an Introduction
3rd Party Completion of Project or Lenders’ Take‐Over of Control
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By agreement or court order
Common in construction loan default
Key Benefit Lender can control spend
Foreclosures and Workouts, an Introduction
Thank you for attending!
Lydia C. Duynstee, Esq.Transactional Business Consultant
949‐230‐[email protected]
For questions, please contact:
CLE Seminar
Introduction to Bankruptcy and Related Due Diligence Considerations
Lydia C. Duynstee, Esq.Transactional Business Consultant
Introduction to Bankruptcy and Related Due Diligence Considerations
Agenda
1. Introduction to Bankruptcy2. Duty to Perform Due Diligence3. Secured Creditors in Chapter 74. Secured Creditors in Chapter 11
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Speaker
Introduction to Bankruptcy and Related Due Diligence Considerations
Serving CT’s law firm and corporate clients on the West Coast, Lydia focuses on developing strategies and solutions for corporate compliance issues arising in finance, M&A, real estate deals, corporate formations, dissolutions, and corporate reorganizations. She is a subject matter expert in due diligence as it relates to the Uniform Commercial Code and lien and court services.
Lydia is a licensed California attorney and earned her J.D. from the Catholic University of America and a B.A. in business economics from UCSB. For the past decade, Lydia has been active in the legal community as a court‐appointed child advocate (CASA) for foster youth.
Lydia C. Duynstee, Esq.Transactional Business Consultant, CT
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Introduction to Bankruptcy
The 10 Industries With the Most Bankruptcy Filings in 2020
Restaurant 530
Construction and Supplies 498
Real Estate 480
Healthcare and Medical 466
Oil and Gas 419
Retail 362
Transportation 303
Agriculture, Forestry and Fishing 290
Banking and Finance 228
Telecommunications 195
Source Bankruptcydata / FORTUNE
It’s been a rough year for restaurants and construction companies.
Introduction to Bankruptcy and Related Due Diligence Considerations 5
Six Basic Types of Bankruptcy Cases
Introduction to Bankruptcy and related Due Diligence Considerations 6
Chapter 7 – Liquidation Chapter 9 – Adjustment of Debtor of a MunicipalityChapter 11 – ReorganizationChapter 12 – Adjustment of Debtors of a Family Farmer or FishermanChapter 13 – Adjustment of Debts of an Individual With Regular IncomeChapter 15 – Ancillary and Other Cross‐Border Cases
Who are the Parties?
Introduction to Bankruptcy and related Due Diligence Considerations 7
Debtor – the entity that filed for bankruptcy protectionDebtor in Possession (DIP)– the entity that continues to operate the business during BKSecured Creditor – a creditor who is owed a debt by the debtor and has a security interest in the debtor’s asset(s) which secures the debtUnsecured Creditor – a creditor who is owed a debt by the debtor and does not have a security interest in the debtor’s assetsU.S. Trustee – supervise the administration of Chapter 7 liquidation proceedings, and Chapter 11 reorganization proceedingsTrustee – assigned by the United States trustee to administer the case and liquidate the debtor’s nonexempt assets.
Terminology
Introduction to Bankruptcy and related Due Diligence Considerations 8
Claim – “any right to payment, whether or not such right is reduced to judgment” May be liquidated, unliquidated, disputed, undisputed, fixed, contingent, matured
or unmaturedSecured Claim – a claim that is secured up to the value of the interest in the lien on the collateralUnsecured Claim – a claim is unsecured if there is no underlying interest in a lien or to the extent the amount of the claim exceeds the value of the interest in the lienOversecured Claim – a claim where the value of interest in the lien exceeds the amount of the claimProperty of the Estate – “all legal or equitable interests of the debtor in property as of the commencement of the case.”
The “Automatic Stay”
Introduction to Bankruptcy and related Due Diligence Considerations 9
§362(a) The filing of a petition under chapter 7, 11, or 13 automatically “stays” all entities
from taking any act or continuing any legal proceeding to attempt to collect the debt from the debtor or to enforce a lien against the debtor’s property.
Includes: collection/recovery efforts, starting or continuing lawsuits, creating/perfecting/enforcing liens, exercising setoffs
Generally, continues until the bankruptcy case has been concluded or the collateral is no longer part of the bankruptcy estate §362(d) If a creditor believes that it qualifies for a relief from stay, it can file a motion for
relief from automatic stay
Avoidance of Liens
Introduction to Bankruptcy and related Due Diligence Considerations 10
The trustee or the DIP may avoid certain liens that would have normally been valid and enforceable outside of bankruptcy:1. Liens not perfected before bankruptcy (§544(a)) – if can be defeated by an “ideal lien creditor,” or if
the collateral is real estate, by a bona fide purchaser2. Liens that are avoidable “preferences” (§547) – a creditor that obtained a new lien, perfected an
existing lien, or obtained additional collateral in the 90 days before the filing of the bankruptcy case3. Liens created by after‐acquired property clauses (§552)4. Liens not supported by collateral value5. Statutory landlord’s liens (§545)6. Tax & ERISA liens (§507)7. Fraudulent Transfers (§548) – avoids transfers of property for less than reasonably equivalent value
within two years of bankruptcy (unless the state has longer terms).
Priority of Claims for Business Entities – Section 507
Introduction to Bankruptcy and related Due Diligence Considerations 11
1. Secured Claims− Afforded priority to the extent of the underlying collateral
2. Priority Administrative Expenses− Requirements: Incurred post‐petition by the debtor or trustee; and Benefit or preserve the bankruptcy estate
− Paid in full before distribution to general unsecured creditors3. General Unsecured Claims
− Entitled to distribution on pro rata basis with other general unsecured claims
Duty to Perform Due Diligence
Why Does Due Diligence Matter?
Introduction to Bankruptcy and related Due Diligence Considerations 13
• Courts have consistently held that counsel for the debtor must conduct proper due diligence of the debtor’s assets
• Due diligence is expected in Chapter 11 debtor‐in‐possession (“DIP”) financing and asset sales• On August 23, 2019 – President Trump signed the Small Business Reorganization Act of 2019,
which made significant changes to small business bankruptcies. This resulted in the amendment of Section 547(b) to include a due diligence requirement by the trustee upon a filing of a preference action.
Authority for Due Diligence
Introduction to Bankruptcy and related Due Diligence Considerations 14
§ 526(a)(2) – The “Reasonable Inquiry” standard Counsel “shall not … make any statement… that is untrue or misleading, or that upon the
exercise of reasonable care, should have been known by [counsel] to be untrue or misleading.”
Bankruptcy Rule 9011 – Representations to the Court “By presenting to the court . . . A petition, pleading, written motion, or other paper, an
attorney … is certifying that to the best of the person’s knowledge, information, and belief, formed after an inquiry reasonable under the circumstances . . . the allegations and other factual contentions have evidentiary support . . .”
§ 707(b)(4)(C) – “The signature of an attorney on a petition, pleading, or written motion shall constitute a certification that the attorney has . . . Performed a reasonable investigation into the circumstances that gave rise to the petition, pleading, or written motion . . .”
In re Beinhauer(570 B.R. 128
(Bankr. E.D.N.Y. 2017))
FACTS:• Debtor filed a petition under Chapter 7• Trustee moved to dismiss the case because the Debtor inaccurately represented her income
• Debtor didn’t oppose, and the BK Ct. dismissed the case.• Trustee requested reimbursement of his costs, arguing that the debtor’s counsel failed to adequately investigate the debtor’s income and expenses.
ISSUE:Whether the debtor’s counsel conducted adequate due diligence and whether trustee is entitled to reimbursement?RULINGCourt looked at Rule 9011, and Section 707(b)(4)(C)The attorney “cannot absolve himself of the duty to conduct a reasonable investigation [under §707(b)(4)(C)] by affirmatively allowing clients to bring in only the bare minimum of information and then claiming that it is not his fault that he did not have sufficient information to review.”
Due Diligence by Counsel
1515Introduction to Bankruptcy and related Due Diligence Considerations
Secured Creditors in Chapter 7
Chapter 7 Introduction & Chronology
Debtor surrenders all property to the
Chapter 7 Trustee
Debtor surrenders all property to the
Chapter 7 Trustee
Trustee liquidates the Debtor’s equity in the
property
Trustee liquidates the Debtor’s equity in the
property
Trustee distributes proceeds to the
unsecured creditors in accordance with BK
code
Trustee distributes proceeds to the
unsecured creditors in accordance with BK
code
Debtor receives a “fresh start”
Debtor receives a “fresh start”
Creditors recover as much as they could under non‐BK law
Creditors recover as much as they could under non‐BK law
17Introduction to Bankruptcy and related Due Diligence Considerations
How a Chapter 7 Case Commences
Introduction to Bankruptcy and related Due Diligence Considerations 18
Chapter 7 petitions commence in different ways:Voluntary Petition – Debtor is looking for relief from debt, and usually would’ve liquidated large portions of the estate prior to filing. These are often “no asset” cases because the debtor can “plan” ahead.Involuntary Petition (§303) – Commenced by creditors usually in response to a substantial preferential transfer to another creditor. Conversion from a Chapter 11 or 13 – Usually occurs after the business closes. Usually involve substantial portions of unencumbered & non‐exempt assets.
Recovery Under Chapter 7
Introduction to Bankruptcy and related Due Diligence Considerations 19
Two basic principles:1. To the extent that the creditor is secured, they are entitled to 100% of the outstanding debt,
including interest and attorney’s fees. Note: There are some exceptions (avoidable preferences, certain tax liens,
fraudulent transfers, etc.)2. Secured creditor cannot recover its collateral until it can do so without injury to the debtor or
other creditors, UNLESS delay would create a serious risk of loss.
Evaluating the Secured Creditor’s Position – Ch. 7
Introduction to Bankruptcy and related Due Diligence Considerations 20
Is the security interest valid and perfected?If the secured creditor holds a secondary position, is the primary security interest valid and perfected?Is the creditor vulnerable to a preference action?What is the value of the collateral?What are the risks to the value of the collateral?
Proof of Claim – to File or Not to File?
Introduction to Bankruptcy and related Due Diligence Considerations 21
Proof of Claim: a document filed with the Bankruptcy Court to register a creditor’s claims against the debtor’s assets. There is an official form that must be used.A Secured Creditor is not required to file a POC in a Ch. 7 case, but is permitted to do so. So why file?
Filing a Proof of Claim Not Filing a Proof of Claim• If the claim is later deemed to be partially
unsecured, POC is required to share in distribution of unsecured creditors
• POC supersedes any claim that the debtor “schedules” in its petition
• If the Trustee sells the collateral free & clear of SC’s lien, the SC may bid in the amount of its claim only if POC was filed
• Will not have an allowed claim• Will not receive distributions on account of its
unsecured claim• Debtor’s schedules control• Can’t bid amount of the claim
Filing a Proof of Claim
Introduction to Bankruptcy and related Due Diligence Considerations 22
Bankruptcy Rules 3001, 3002Form must conform substantially to Official Form 10 https://www.uscourts.gov/forms/bankruptcy‐forms/proof‐claim‐0
Attach a copy of the security agreement (or mortgage)Proof that the creditor’s lien has been perfectedThe attorney must sign the POC on behalf of the clientMust be filed within 90 days after the first date set for the meeting of creditors Note: the deadline is strictly enforced!
Other ConsiderationsInclude all amounts: prepetition & post‐petition attorney’s fees & interestSetoff rights – does the creditor hold property against which it has a right of setoff?
Reaffirmation Agreements
Introduction to Bankruptcy and related Due Diligence Considerations 23
Reaffirmation Agreement: a contract between the debtor and the creditor where the debtor promises to continue owing the debt to the creditor after the bankruptcy case closesBenefits for the Debtor: Wants to keep the property that secures the Secured Creditor’s debt Wants to avoid having the guarantor pay
Benefits for Secured Creditors: Debtor continues to make payments after bankruptcy is over The underlying security interest remains in place Better chances for recovery if secured creditor was undersecured
Secured Creditors in Chapter 11
Chapter 11 – Introduction
Introduction to Bankruptcy and related Due Diligence Considerations 25
Purpose: to enable a business to continue its operation despite its inability to meet obligations as they become due This is achieved through the preparation, confirmation, and implementation of a
plan of reorganization The debtor may be a corporation, LLC, sole proprietorship, or partnership May be filed “voluntarily” by a debtor or “involuntarily” by unsecured creditor(s) If a plan of reorganization cannot be confirmed under Chapter 11, the case will be dismissed or converted to Chapter 7
Chapter 11 Terminology
Introduction to Bankruptcy and related Due Diligence Considerations 26
Debtor in Possession (DIP) – the debtor operating the business after the filing of a petition. It is a fiduciary, with the rights and powers of a chapter 11 trustee, and it requires the debtor to perform the duties of the trustee as set forth in the Bankruptcy Code and Bankruptcy Rules. E.g., accounting for property, examining and objecting to claims, filing
informational reports as required by the court, and monthly operating reports. Has the right, with the court’s approval, to employ attorneys, accountants,
appraisers, auctioneers, and other professionals. U.S. Trustee – monitors the progress of a chapter 11 case and supervises its administration. Also conducts a meeting of the creditors, known as “section 341 meeting” Creditors’ Committee – appointed by the U.S. trustee and consists of unsecured creditors who hold seven largest unsecured claims against the debtor. § 1102
Chapter 11 Chronology
Introduction to Bankruptcy and related Due Diligence Considerations 27
First Day MotionsFirst Day Motions
Debtor obtains DIP financing & DIP
continues to operate business
Debtor obtains DIP financing & DIP
continues to operate business
U.S. Trustee forms the Official Committee of Unsecured Creditors
U.S. Trustee forms the Official Committee of Unsecured Creditors
Debtor Files Disclosure Statement/Plan of Reorganization
Debtor Files Disclosure Statement/Plan of Reorganization
Negotiate and Decide on terms of Plan of Reorganization
Negotiate and Decide on terms of Plan of Reorganization
Assumption/Rejection of Leases
Assumption/Rejection of Leases
Debtor emerges from Chapter 11
Debtor emerges from Chapter 11
BK Court Confirms Plan of ReorganizationBK Court Confirms
Plan of Reorganization
BK Court approves Disclosure Statement & Creditors vote on
Plan of Reorganization
BK Court approves Disclosure Statement & Creditors vote on
Plan of Reorganization
Cash Collateral & DIP Financing Motions
Introduction to Bankruptcy and related Due Diligence Considerations 28
Typically a single hearing requesting to use cash collateral and obtain DIP financing Cash Collateral (§363): “cash, negotiable instruments, documents of title, securities, deposit accounts, or other cash equivalents . . . In which the estate and an entity other than the estate have an interest and includes the proceeds . . .” DIP/Trustee may not use cash collateral unless the Bankruptcy Court or the
creditors consent. Secured creditor is offered “adequate protection.” DIP Financing – a form of lending where various lenders finance the ongoing operational needs of a debtor‐in‐possession. DIP loans are approved in two phases:1. Interim DIP hearing ‐ within the first few days of the commencement of the case2. Final DIP hearing ‐ held 30 days after the commencement of the case
The Disclosure Statement & Plan of Reorganization
Introduction to Bankruptcy and related Due Diligence Considerations 29
Disclosure Statement – a document that must contain information concerning the assets, liabilities, and business affairs of the debtor sufficient to enable a creditor to make an informed judgment about the debtor’s plan of reorganization. 11 U.S.C. §§ 1121, 1125
Plan or Reorganization – must include a classification of the claims and how each class of creditors will be treated. Usual classes of claims include: Secured creditors – backed by collateral, first in line Priority unsecured creditors – paid before nonpriority creditors General unsecured creditors – paid after priority unsecured creditors Equity security holders – paid last 11 U.S.C. §§ 1123
Evaluating the Secured Creditor’s Position – Ch. 11
Introduction to Bankruptcy and related Due Diligence Considerations 30
What is the creditor’s status of perfection? What is the value of the collateral? What is the risk to the collateral? Is “adequate protection” in fact adequate? Does the value of the collateral exceed the amount of the claim? If so, can the secured claim be adjusted to add interest and attorneys’ fees? If the claim is under‐secured then it cannot accrue interest
What is the creditor’s claim classification?
Changes to a Secured Creditor’s Position
Introduction to Bankruptcy and related Due Diligence Considerations 31
“Adequate Protection” (§364(d) (1)(B))– a secured creditor may be forced to accept substitute collateral or subordinate its lien to a new lender, provided the creditor is provided with “adequate protection” against loss. Examples: monthly payments, casualty insurance, a lien on other property of the
estate, or anything else that will assure the creditor receives the “indubitable equivalent” of its secured claim.
“Equitable Subordination” – the Bankruptcy Court has powers to “equitably subordinate” perfected secured debts (e.g., insiders of the debtor)
Banco Panamericano, Inc. v. City of Peoria (880 F.3d 329 (7th Cir. 2018))
FACTS:• City of Peoria, IL signed a lease with RTC allowing the company to
construct and operate a gas conversion project at the city’s landfill.• Agreement provided that upon lease termination, the city had a right
to retain certain structures that RTC installed at the landfill.• Several years later, RTC filed for bankruptcy. Banco Panamericano
provided DIP financing secured with liens in all of RTC’s assets.• RTC defaulted on the loan. Peoria notified RTC that it was
terminating the lease and elected to retain the assets in the lease.• Panamericano sued Peoria, claiming it had a better claim because its
loan was secured by a lien on all of RTC’s assets and had “superpriority.”
ISSUE:Whether Banco Panamericano has a better claim than the City of Peoria to the gas collection system and certain electrical infrastructure at the Peoria landfill?
RULING“Banco Panamericano does not have a ‘better claim’ than Peoria to the disputed property because the bank could not have greater rights to the property than originally held by RTC.”
Due Diligence of DIP Lenders
3232Introduction to Bankruptcy and related Due Diligence Considerations
Thank you for attending!
For questions, please contact:Lydia C. Duynstee, Esq.
Transactional Business Consultant
949‐244‐1933
© 2021 C T Corporation System and/or its affiliates. All rights reserved.
LIEN LOCATOR SMART CHARTfrom CT Corporation
CT Corporation’s comprehensive due diligence services and tools help make the due diligence process run smoothly. Working with our expert service professionals, you’ll benefit from CT’s subject matter expertise, experience, extensive resources, and nationwide jurisdictional network. Knowing your lien searches are accurate and timely, you can proceed with confidence.
This chart shows where the most common liens are found within the United States. Please note: Chart reflects current information, subject to changes within jurisdictions.
State
UCC Liens (Personal Property) UCC Fixture Filings Federal Tax Liens State Tax Liens
Judgment Liens
AK State County County County CountyAL State County State & County State & County CountyAR State County State & County County CountyAZ State County State & County State & County CountyCA State County State & County State & County State & CountyCO State County State & County County CountyCT State Town State & Town State & Town State & TownDC District District District District DistrictDE State County State & County County CountyFL State County State & County County State & CountyGA County (Central Index) County County State & County CountyHI State State State State StateIA State County State & County County CountyID State County State & County State CountyIL State County State & County State (Central Index) CountyIN State County County County CountyKS State County County State & County CountyKY State County County County CountyLA Parish (Central Index) Parish Parish Parish ParishMA State County USDC Boston & County State & County CountyMD State County County County CountyME State County State & County State & County State & CountyMI State County State & County State & County CountyMN State County State & County State & County CountyMO State County County County CountyMS State County State & County State & County CountyMT State County State & County County CountyNC State County State & County County CountyND State County State & County State & County CountyNE State County State & County State & County CountyNH State County State & County State & County State & CountyNJ State County County Superior Court & County Superior Court & CountyNM State County County County CountyNV State County State & County County CountyNY State County State & County State & County CountyOH State County County County CountyOK State County State & County County CountyOR State County State & County State & County CountyPA State County Prothonotary Prothonotary ProthonotaryRI State County Town/City State & County Town/CitySC State County County County CountySD State County State & County County CountyTN State County County County CountyTX State County State & County County CountyUT State County County County CountyVA State County State & County County CountyVT State County Town Town TownWA State County State & County County CountyWI State County State & County County CountyWV State County County County CountyWY State County State & County County County
Performing a lien search? Here’s where you should be looking.
© 2021 C T Corporation System and/or its affiliates. All rights reserved.
Call 855.316.8948 or visit wolterskluwer.com/en/solutions/ct-corporationfor expert assistance in getting and staying compliant.
This chart is not intended to provide legal advice or serve as a substitute for legal research to address specific situations. The information in these charts may be considered accurate as of May, 2021.
State
UCC Liens (Personal Property) UCC Fixture Filings Federal Tax Liens State Tax Liens
Judgment Liens
AK State County County County CountyAL State County State & County State & County CountyAR State County State & County County CountyAZ State County State & County State & County CountyCA State County State & County State & County State & CountyCO State County State & County County CountyCT State Town State & Town State & Town State & TownDC District District District District DistrictDE State County State & County County CountyFL State County State & County County State & CountyGA County (Central Index) County County State & County CountyHI State State State State StateIA State County State & County County CountyID State County State & County State CountyIL State County State & County State (Central Index) CountyIN State County County County CountyKS State County County State & County CountyKY State County County County CountyLA Parish (Central Index) Parish Parish Parish ParishMA State County USDC Boston & County State & County CountyMD State County County County CountyME State County State & County State & County State & CountyMI State County State & County State & County CountyMN State County State & County State & County CountyMO State County County County CountyMS State County State & County State & County CountyMT State County State & County County CountyNC State County State & County County CountyND State County State & County State & County CountyNE State County State & County State & County CountyNH State County State & County State & County State & CountyNJ State County County Superior Court & County Superior Court & CountyNM State County County County CountyNV State County State & County County CountyNY State County State & County State & County CountyOH State County County County CountyOK State County State & County County CountyOR State County State & County State & County CountyPA State County Prothonotary Prothonotary ProthonotaryRI State County Town/City State & County Town/CitySC State County County County CountySD State County State & County County CountyTN State County County County CountyTX State County State & County County CountyUT State County County County CountyVA State County State & County County CountyVT State County Town Town TownWA State County State & County County CountyWI State County State & County County CountyWV State County County County CountyWY State County State & County County County
Below is where to file for common lien types.
LIEN LOCATOR SMART CHART from CT Corporation