Legal Opinion
Securities & Exchange Commission v. Credit Bancorp, Ltd.
Court of Appeals for the Second Circuit
Decided October 18, 2004No. Docket Nos. 03-6208(L), 03-6222(XAP)PublishedCited by 1 opinion
1Opinion of the Court
WESLEY, Circuit Judge.
A lender holding securities as collateral for a loan is protected from adverse claims to those securities if the lender “gives value, does not have notice of the adverse claim, and obtains control.” U.C.C. § 8-510(a). In this appeal, we confront two significant issues involving the extent to which a secured lender is protected from adverse claims to its security. First, we must consider whether the district court properly determined that a lender was on general notice of adverse claims to all securities it held as collateral for loans to a debtor when press releases by a…
2Cases cited11 opinions
- Goodman v. SimondsSupreme Court of the United States · 1858
- Marshall v. New YorkSupreme Court of the United States · 1920
- Balaber-Strauss v. Sixty-Five Brokers (In Re Churchill Mortgage Investment Corp.)United States Bankruptcy Court, S.D. New York · 2000
- Fed. Sec. L. Rep. P 90,286 Raizy Levitin v. Painewebber, Inc.Court of Appeals for the Second Circuit · 1998
- Securities & Exchange Commission v. Lehman Brothers, Inc.Court of Appeals for the First Circuit · 1998
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3Cited by1 opinion
- Securities And Exchange Commission, Plaintiff, v. Credit Bancorp, Ltd.Court of Appeals for the Second Circuit · 2004