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October 19 & 20, 2017

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ACIC Private Notes                                 May 2017
Welcome to the May 2017 issue of the ACIC Private Notes!  In this month's newsletter you will find a recap of 2017 "Off the Beaten Path" Spring Investment Forum held at the Four Seasons in Chicago (along with a link to an album of photos taken over the two days!), courtesy of Richard  Rejino, along with  links to summaries of significant cases from the Western and Rocky Mountain region thanks to Aaron Borden of Vedder Price, and from the Southwest courtesy of Andrew Thomison of Baker Botts L.L.P.
2017 Spring Investment Forum Highlights
Melody Cross of Schiff Hardin LLP  and  Mary Jo Quin of Allstate Insurance Company  co-chaired an interactive and educational program at the 2017 Spring Investment Forum "Off the Beaten Path" that honored the 100th anniversary of the National Parks and the 35th  anniversary of the ACIC! For a re-cap of the nine CLE sessions and to see if you made an appearance in this year's photo album, click here.
New Case Law Summaries
Western and Rocky Mountain Legal Developments
A senior lender's claim that junior lenders' cross-complaint was the functional equivalent of an action to collect a debt in violation of a standstill provision was dismissed based upon the legal distinction between an action to rescind a contract and an action to enforce a contract.  Lesa, LLC v. Family Trust of Kimberley and Alfred Mandel, 2016 WL 6599912 (N.D. Cal. 2016)   To read more, click here.

A debtor's payment option under a settlement agreement to pay less than the principal amount owed could still be exercised by the debtor even though the debtor had defaulted under the settlement agreement. Gault v. Sass Electric, Inc., 2016 WL 5539872 (Cal. Ct. App. 2016). To read more, click here.

The application of UCC Article 9 to an unperfected and avoidable security interest in a secured obligation was not affected by the fact that such obligation was secured by a trust deed.  Huffman v. Gollersrud (In re Westby), 2017 Bankr. LEXIS 423 (Bankr. D. Ore. 2017). To read more, click here.

An assignee of a debtor's accounts receivable was not entitled to receive payments made to such debtor on invoices that did not reasonably identify the rights assigned. Nw. Bus. Fin., LLC v. Able Contractor, Inc., 383 P.3d 1074 (Wash. App. 2016). To read more, click here.

Southwestern Legal Developments
private sale of partnership interest was found to violate the UCC.   Bruce v. Cauthen, 2017 WL 455578 (Tex. App. -- Houston [14th Dist.] February 2, 2017).  To read more, click here.
A lender's security interest in life insurance proceeds was found enforceable against named a beneficiary that declared bankruptcy. Banco Popular, North America v. Kanning, 638 Fed.Appx. 328 (5th Cir. 2016). To  read more, click here.
A fixture filing was found to not create a lien against the underlying real property Carmel Financial Corporation, Inc. v. Castro , 2016 WL 7478048 (Tex. App. -- Houston [14th Dist.]  To read more, click here.