US Seventh Circuit Considers "What Are Collateral Proceeds?" and "What Is an Adequate Collateral Description?"
26 January 2009
Mayer Brown Legal Update
In Helms v. CPC Acquisition (2008 WL 5396852 (C.A.7 (Ill.)), decided on December 30, 2008, the United States Court of Appeals for the Seventh Circuit addressed two issues of interest to secured lenders. The first issue was the extent to which recoveries for losses due to business interruption constitute proceeds of collateral.