Ruthanne Hammett

A recent bankruptcy ruling from the U.S. Court of Appeals for the Eleventh Circuit  [1]demonstrated how the simple abbreviation of a debtor’s name on a UCC1 financing statement can have costly implications for creditors whereby a creditor who has timely filed an otherwise proper UCC1 financing statement can be deemed unperfected.

As we have previously reported, all London Interbank Offered Rate (LIBOR) tenors (if they haven’t already been discontinued) will no longer be available after June 30, 2023. In response to the litigation risks created by the elimination of LIBOR, President Biden signed H.R. 2471 (Consolidated Appropriations Act) into law on March 15, 2022.

In our January 22, 2021 article, we discussed that on November 30, 2020, ICE Benchmark Administration (IBA) announced that it would “consult” with its regulator (the Financial Conduct Authority (FCA)) on its intention to cease publication of the various existing LIBOR tenors (in U.S. Dollars and other currencies).