White Paper

2 Pages
  • 2 Pages

Bank Loses Collateral Due to Typographical Error

 

What a Difference Two Days Makes

When a bank loses over $1 million worth of collateral the biggest question is simply … How? The answer can’t be due to a petty typographical error, could it? But it’s true! Due to a typo of the date in the loan document, the collateral was lost. This white paper discusses how this happened and reviews how when a bankruptcy trustee acts as a hypothetical secured creditor they can ignore the realities of the facts.