Did Congress Improve My Rights to Reclaim Goods From Insolvent Customers?
What changes were brought about by BAPCPA?
Creditors’ reclamation rights will be expanded by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Both the Uniform Commercial Code and the Bankruptcy Code allow you to reclaim goods that have been sold to an insolvent buyer on credit in certain situations, however Congress did not change the terms of Uniform Commercial Code § 2-702. So if the insolvent customer does not file bankruptcy, you still will be required to comply with the shorter notice provisions under state law. So what is the commotion about? Well, if your buyer is insolvent and you are reclaiming goods, can a bankruptcy be far away? This white paper reviews the right to reclaim goods under UCC § 2-702, which is also recognized in the Bankruptcy Code in 11 USC § 546 (c), and how those reclamation rights have definitely been expanded.
Practice emphasizes creditors’ rights and construction issues, and also includes consulting and supervising throughout the firm’s areas of business
Includes emphasis on creditors’ rights, bankruptcy cases, general litigation, loan documentation, workouts, foreclosures and forcible detainers, as well as deficiency collection and accounts collection
Client list includes banks, mortgage companies, distributors in various industries and leasing companies
Former director of the Arizona Chapter of the National Association of Credit Managers (NACM)
Named Best Lawyer in the areas of bankruptcy and creditor debtor rights for the last 10 years by Best Lawyers in America
Ranked as a Super Lawyer by Super Lawyers
Ranked as one of Arizona’s Finest Lawyers by Arizona’s Finest Lawyers Foundation
Can be contacted at https://www.gblaw.com/professional/michael-r-king/
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