Category: Legal

Retail Relief: Amend the UCC to End the Filing Requirement to Perfect Consignment Interests

Placing goods on consignment is a common occurrence in retail, but to perfect those goods, consignors are required to file with the UCC and give notice to other secured parties. Many consignors fail to follow this procedure and end up as unsecured creditors if the retailer files for Chapter 11. Stephen Selbst argues it is time to change the law.

Interested in a Better Mousetrap? Arbitration: It’s About Time!

Jeffrey Wurst observes federal judges currently spend most of their time handling criminal and discrimination cases rather than commercial finance. As a result, the judges are not as knowledgeable about this area, and the cases take longer to resolve. Looking to build a better mousetrap, Wurst has hit on arbitration to resolve commercial disputes in a fair and timely manner.

When Is a Consignment Not a Consignment? A Look at the Ongoing Sports Authority Bankruptcy Case

In the world of bankruptcy, the definition of “consignment” is not as simple as it would seem. In the ongoing Sports Authority bankruptcy case, the company is trying to remain afloat by selling merchandise it obtained on consignment. The consigners, of course, want to be paid, as do the company’s lenders. Judge Cyganowski reviews the case, which has not yet been resolved, and explains the complexities of consignment.

Financing Government Receivables: State Governments Subject to Notification Like Other Account Debtors

Assigning payment rights is a basic concept that enables borrowers to obtain working capital. However, matters can be more complex when working with government departments. Jeffrey Wurst explains a recent decision in a Florida appellate court that requires state government departments to make payments when the debt has been reassigned to a factor if proper procedures have been followed.