Recent Court Decision: What the Texas Ruling Means for Factors
IFA Webinar: Recent Court Decision:
What the Texas Ruling Means for Factors
A recent Texas bankruptcy court decision failed to apply the statutory “True Sale” presumption under Article 9 section 9-109(e), as enacted in Texas’s version of the UCC – and elected to recharacterize an MCA transaction as a usurious loan -rather than a true sale of future receivables under Article 9 of the UCC. This webinar analyzes the decision and how the factoring community should be prepared to address these issues if raised by a factoring client in a recourse factoring relationship.
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Speakers:
Jared Ullman, Esq. – Principal, Ullman & Ullman, P.A.
Jared Ullman is a principal with the law firm Ullman & Ullman, P.A., located in Boca Raton, Florida. Ullman & Ullman has been co-counsel to the International Factoring Association for more than 20 years and has been advising and counseling factors and lenders for more than 45 years. Jared has represented factors, forfaiting companies, and various asset-based lenders, including purchase order, equipment, and inventory finance companies, in a host of areas, including, among others, transactions, due diligence issues, regulatory matters, workouts, Chapter 11 bankruptcy matters (including post-petition debtor-in-possession financing), and litigation in state and federal courts, as well as complex domestic and international commercial arbitration.
Michael Ullman, Esq. – Principal, Ullman & Ullman, P.A.
As principal of the firm, Michael Ullman has served as counsel and trusted advisor to over 200 factoring companies throughout the United States and abroad. He also serves numerous other business clients in a range of industries. He started Ullman & Ullman in 1980. Ullman & Ullman, P.A. specializes in all forms of commercial transactions and litigation, including domestic, international and complex arbitration proceedings, entity formation and drafting of contracts and agreements. Because of his more than 35 years of experience and significant involvement with factoring, forfaiting and asset-based lending, Mr. Ullman has extensive familiarity with business operations in a diverse range of industries. Mr. Ullman serves as co-counsel for the International Factoring Association, a position he has held for over 10 years, and lectures frequently at IFA events as well as publishing frequently in the organization’s journal.