Hillman on Commercial Loan Documentation offers practical guidance on how to document transactions in ways that secure lenders’ interests, minimize their risks, and protect them from liability. Packed with time-saving sample forms and sample drafting language, this book allows you to craft more quickly and confidently the full range of relevant documents, including loan agreements, security agreements, financing statements, pledges, guaranties, and opinion letters. This book also illustrates how to create loan closing checklists that ensure every key step is taken to get solid deals done and how to draft agreements that protect lenders from environmental risks, resolve conflicts with creditors, and allow lenders to capitalize on lucrative financing opportunities.
The new release includes the following updates:
- Revised § 20:2.1, Evidence of Property Insurance, explains that an ordinary “loss payee” clause may not protect the lender against the borrower’s arson, insurance fraud, or negligence.
- Revised § 24:2.1, The Debtor Changes Its Name, explains that under the federal REAL ID regulations, an individual’s driver’s license must include the debtor’s full middle name, not just a middle initial, possibly making a filing “seriously misleading.”
- New § 24:9, Changes in the Means of Perfection, examines the 2022 Code amendments adding control to the perfection techniques for controllable electronic records, controllable accounts, controllable payment intangibles, and electronic money.
The following forms have also been updated:
- Form 2.1 Disclosure Letter (Authorizing Counsel to Represent Borrower Only
- Form 6.1 Certificate of Corporate Authorization for Borrowing
- Form 6.2 Certificate of Corporate Authorization for Issuing Guaranty
- Form 6.3 Limited Liability Company Credit Authorization
- Form 10.2 Security Agreement
- Form 10.3 Security Agreement Tied to Loan Agreement
- Form 10.4 Perfection Certificate (Entity Debtor)
- Form 10.5 Perfection Certificate (Individual Debtor)
- Form 10.6 Loan and Security Agreement (Accounts Receivable and Inventory Financing, with All Personal Property and Fixtures as Collateral)
- Form 20.1 Evidence of Property Insurance— ACORD 27
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