Seyfarth's Cameron Weil and Daniel Evans authored an article, "Mezzanine Loans and UCC Foreclosures: Recent NY Case Law on the Commercially Reasonable Standard," in the New York Law Journal on July 8. The Seyfarth attorneys discussed a recent case from the Southern District of New York, which explores certain requirements under the Uniform Commercial Code (UCC) related to the mechanism by which a secured party can dispose of its collateral upon an event of default by the borrower.
"Given that many commercial real estate finance documents are governed by New York law, mezzanine lenders, in addition to other holders of equity pledges generally, should be aware of recent developments in the law governing the exercise of remedies under the UCC in New York."
You can read the full article here.
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