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Ming Russell Discusses How Borrowers are Grappling with Obtaining and Filing Termination Statements Amidst Pandemic-Related Delays in Law360

March 25, 2021

Ming Russell, an associate in Goldberg Kohn's Commercial Finance Group, discusses the new reality of obtaining and filing termination statements in the March 24th Law360 article “How Borrowers May Terminate a Satisfied Loan Amid COVID.” 

Businesses that have paid off loans secured by a financing statement may discover when seeking new financing that the secured lender neglected to file a termination. These issues have been exacerbated due to several external factors related to the COVID-19 pandemic.

Given that many lenders and the SBA are overwhelmed, the filing of termination statements is not always taking place in a timely fashion. As a result, the need for debtors to authorize self-filing of termination, or at least make authenticated demand under UCC Section 9-513, has seen a significant uptick. Corporate and finance lawyers and in-house counsel can find relief in knowing that remedies exist within the Uniform Commercial Code to aid them in the process. 

To read Ms. Russell’s full article in Law360, click here.

Ming Russell concentrates her practice on the representation of banks and non-bank financial institutions in structuring, negotiating, and documenting commercial finance transactions, including first and second lien credit facilities, asset-based loans, acquisition and working capital financings, recapitalizations, refinancings, inter-creditor and subordination agreements, international, multi-jurisdictional and multi-currency facilities, and other complex financial transactions. She also has experience representing corporate borrowers in a variety of financing transactions.

Attorneys At Law

55 East Monroe Street
Suite 3300
Chicago, Illinois 60603-5792
Tel: 312.201.4000
Fax: 312.332.2196
Email: info@goldbergkohn.com

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