When Your Commercial Borrower Defaults: A Proactive Guide to Collateral Realization

May 12, 2010
Sills Cummis & Gross P.C.
The Legal Center, One Riverfront Plaza, Newark, New Jersey
Sills Cummis & Gross P.C.

This presentation to the members of the New Jersey Bankers Association focuses on time and cost-effective methods by which a secured lender may address defaulted secured commercial loans. Topics to be discussed from both a business and legal perspective:

  • Structuring forbearance agreements to provide for the sale or surrender of collateral;
  • Rights upon default under the Uniform Commercial Code;
  • What it means and when its makes sense to become a mortgagee in possession;
  • The proper use of statutory receivers, rent receivers and fiscal agents (including to sell collateral prior to judgment); and
  • The pros and cons of selling property through bankruptcy proceedings.