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Secured Transactions Keyed to Lopucki
In re Motors Liquidation Co.
Citation:777 F.3d 100 (2d Cir. 2015)
In October 2001, General Motors entered into a synthetic lease financing transaction, by which it obtained approximately $300 million in financing from a syndicate of lenders including JPMorgan Chase Bank. General Motors’ obligation to repay the Synthetic Lease was secured by liens on twelve pieces of real estate as well as fixtures and personal property. Give years later, General Motors entered into a separate term loan facility, entirely unrelated to the Synthetic Lease. In September 2008, as the Synthetic Lease was nearing maturity, General Motors contacted Mayer Brown LLP, and explained that it planned to repay the amount due. When Mayer Brown prepared a closing checklist of the actions required to unwind the Synthetic Lease, it identified the main term lease UCC-1 for termination. No one at General Motors, Mayer Brown, JPMorgan, or its counsel noticed the error. On October 30, 2008, General Motors repaid the amount due on the Synthetic Lease. All three UCC-3s were filed.
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