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Delaware Supreme Court Rules that a Mistaken Filing Can Terminate Security Interest

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November 5, 2014
Client Alert

The Delaware Supreme Court ruled recently that a secured party’s security interest in collateral can be terminated upon the filing of a UCC termination statement even though there was a mistake in the document. The ruling arises out of a dispute in the GM bankruptcy case involving the secured status of lenders and could result in a $1.5 billion loan being rendered unsecured.

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