Workout activity has reached a fever pitch in the wake of the COVID-19 pandemic. Jeffrey A. Wurst provides important tips, recommendations and considerations for secured lenders looking to execute successful workouts with a growing population of distressed borrowers in the current marketplace.
Jeffrey Wurst examines two standards of the UCC for collateral description. He explains why lenders must exercise caution when intending to lend against collateral that is represented not to be part of a prior lender’s collateral package.
In the third episode of ABF Journal’s COVID-19 focused podcast, Jeffrey A. Wurst said he expects an uptick in bankruptcy filings from mainstream middle market companies and a return to “old fashioned bankruptcy.”
Lenders often set a default rate of interest in a loan agreement as protection if the borrower defaults. They expect the courts to honor the rate, but it doesn’t always happen. Attorneys Jeffrey Wurst and Suzanne Mourad explain how conflicting clauses in the bankruptcy code often allow the borrower to roll back the interest rate.
Revisions in the Unified Commercial Code have made collateral descriptions on financial statements simpler. But there are times when only specific names will do. Attorney Jeffrey Wurst explains when a generic name will suffice and when a specific name is critical to ensure a security interest.
Attorneys Jeffrey Wurst and Jonathan Bodner discuss how lenders can identify and avoid lending into problem situations that involve hidden liens. The authors note that these liens come in many varieties, including tax, agricultural, materialmen and construction related.
Jeffrey A. Wurst received the Honorable Burton R. Lifland Mentor of the Year Award at this year’s NYIC Future Leaders Awards Ceremony, according to Ruskin Moscou Faltischek.