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Commercial Law Keyed to Whaley
In re Motors Liquidation Company
Citation:
576 B.R. 325 (2017)Facts
In 2006, General Motors (GM) obtained a $1.5 billion term loan from a syndicate of lenders with JPMorgan Chase as administrative agent. The loan was secured by various GM assets, and a UCC-1 financing statement was properly filed to perfect the security interest. In 2008, while preparing to pay off an unrelated synthetic lease, GM’s counsel prepared UCC-3 termination statements, one of which mistakenly included the termination of the term loan security interest. JPMorgan and its counsel reviewed and approved the filings without noticing the error. When GM filed for bankruptcy in 2009, JPMorgan claimed it still had a perfected security interest in the term loan collateral despite the filed termination statement, arguing the termination was unauthorized and ineffective because it was filed by mistake.
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