- Reports and Resources
“To Lien or Not To Lien”
Forthcoming report covering the subject of security interests in collateral for municipal bond issues and public finance projects.
The paper will identify the means by which security interests can be created in the various kinds of collateral that serve as security for bondholders, the different legal regimes that exist under state law for the creation of such security interest and how such security interests would be treated in a municipal bankruptcy.
Call for Volunteers
While the NABL lien project white paper is currently underway, project leadership needs volunteers to assist in:
- Confirming the applicability of Article 9 of the Uniform Commercial Code (UCC) to pledges, liens and security interests by governmental entities;
- Researching and identifying any other statutes or legal provisions that govern the attachment, perfection, or priority of such security interests generally—whether by superseding the UCC, preempting its provisions, or operating in parallel; and/or
- Researching and identifying statutes specific to a particular issuer or category of issuers (e.g., a state agency or public authority) that govern how their security interests are created, perfected, or prioritized.
This interesting project explores security interests in collateral for municipal bonds and will provide a state-by-state survey of those interests. NABL members interested in participating should email Glenn Weinstein of Miller Canfield and Juliet Huang of Chapman and Cutler for details.