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- Title
FIFTH CIRCUIT PROVIDES A REMINDER THAT LANGUAGE PROVIDING FOR A PREPAYMENT PREMIUM MUST BE UNAMBIGUOUS.
- Authors
HAHN, RICHARD F.; MY CHI TO; SELDEN, SHANNON ROSE
- Abstract
The article discusses the U.S. Court of Appeals for the Fifth Circuit's determination in the 2014 case Bank of New York Mellon v. GC Merchandise Mart LLC, et al. (In re Denver Merchandise Mart Inc.) that the acceleration of a promissory note based on a payment default did not trigger a prepayment premium. Debtors' bankruptcy cases in America, state laws in Colorado, and bankruptcy reorganizations are examined. It states that the language providing for a prepayment premium must be unambiguous.
- Subjects
UNITED States; PREPAYMENT of debts; UNITED States. Court of Appeals (5th Circuit); DENVER Merchandise Mart Inc.; STATE laws; DEFAULT (Finance); LOAN laws; DEBTOR &; creditor; BANK of New York Mellon Corp.; LAW; ACTIONS &; defenses (Law)
- Publication
Banking Law Journal, 2014, Vol 131, Issue 5, p443
- ISSN
0005-5506
- Publication type
Article