Official Committee of Unsecured Creditors of Motors Liquidation Co. v. JP Morgan Chase Bank, N.A.

WESLEY, Circuit Judge:

In October 2001, General Motors entered into a synthetic lease financing transaction (the “Synthetic Lease”), by which it obtained approximately $300 million in financing from a syndicate of financial institutions. The proceeds were used to acquire and construct facilities on several properties. General Motors’ obligation to repay the Synthetic Lease was secured by hens on twelve pieces of real estate. The lenders’ security interests in General Motors’ properties were perfected by filing UCC-1 financing statements in the counties in which the properties were located and…