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American Home Mortgage Investment Corp. v. Lehman Bros. Inc.: Bankruptcy Court Broadens Repurchase Agreement Safe Harbors to Include Subordinated Notes Secured By Mortgage Loans and Limits the Application of Article 9 of the UCC |
July 11, 2008
Previously published on June 23, 2008
On May 23 2008, in American Home Mortgage Investment Corp. v. Lehman Brothers, Inc., the United States Bankruptcy Court for the District of Delaware held that a transaction involving the purchase and sale of subordinated notes secured by mortgage loans was a "repurchase agreement" and a "securities contract" entitled to the financial contract safe harbor protections of sections 559 and 555 under the Bankruptcy Code.
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The views expressed in this article are solely the views of the author and not Martindale-Hubbell. This article is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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