In Re: MOTORS LIQUIDATION COMPANY, et al., Debtor,OFFICIAL COMMITTEE OF UNSECURED CREDITORS OF MOTORS LIQUIDATION COMPANY, Plaintiff-Appellant, -v.- JP MORGAN CHASE BANK, N.A., individually and as Administrative Agent for various lenders party to the Term Loan Agreement described herein, Defendant-Appellee., 777 F.3d 100

Summary

HOLDINGS: [1]-For a termination statement to become effective under Del. Code Ann. tit. 6, § 9-509 and thus to have the effect specified in Del. Code Ann. tit. 6, § 9-513, it was enough that the secured party authorized the filing to be made, which was all that Del. Code Ann. tit. 6, § 9-510 required; [2]-Although the lender never intended to terminate the main term loan, it authorized the filing of a UCC-3 termination statement that had that effect because the evidence showed that the lender and its counsel knew that, upon the closing of the synthetic lease transaction, the debtor's counsel was going to file the termination statement that identified the main term loan for termination and that the lender reviewed and assented to the filing of that statement.