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Program Details

Effective Loan Documentation for Lenders: How to Deter and Prevent Litigation through Proven Loan Documentation Safeguards

Content Partner:  West LegalEdcenter and Westlaw GC
Price: $195.00*
This program is no longer available.

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A recent decision by the United States Court of Appeals for the Third Circuit suggests steps that lenders who accept the assets of a borrower's wholly-owned subsidiary as collateral should consider taking to reduce the likelihood of litigation in the event the lender must pursue the collateral. In Wachovia Bank National Association v. WL Homes LLC (In re: WL Homes), borrower WL Homes pledged the bank account of JLH, its wholly-owned subsidiary, to Wachovia as collateral on a loan. When WL Homes later filed a bankruptcy petition, Wachovia brought an action in the bankruptcy court for a declaration that its security interest in JLH's bank account was enforceable. The bankruptcy court ruled in Wachovia's favor because it concluded that JLH had consented to WL Homes' pledge of its bank account, and the district court affirmed that part of the bankruptcy court's holding.
Although the result in the WL Homes case is not surprising, the case suggests steps that lenders can take to reduce the potential for litigation when accepting a pledge of non-owned assets from a borrower. This engaging webcast will highlight the use of express consent to dissuade opponents from litigating the enforceability of a lender's security interest, thereby potentially sparing lenders from the expense of litigating the issue of consent.


Melissa S. Blanton serves as vice chair of the Firm's Corporate and Finance Practice Group and is also a member of the Real Estate Practice Group. Ms. Blanton represents financial institutions in various types of residential, retail, and office development projects, in syndicated secured real estate credit facilities, and in the structuring, drafting, and negotiation of workout and forbearance agreements. She also represents investors and institutional clients in complex real estate sales and acquisitions. In addition, Ms. Blanton has significant experience representing landlords and tenants in commercial leasing transactions.

Stephen J. Shapiro, co-chair of Schnader’s Financial Services Litigation Practice Group, defends industry-leading financial services companies in contract disputes and matters involving allegations of fraudulent conduct and breaches of fiduciary duty.  Among his representative cases, Mr. Shapiro obtained a complete defense verdict after an eight day jury trial on behalf of a Fortune 100 bank arising out of allegations that bank personnel made fraudulent statements to a customer of the bank.  Mr. Shapiro also defended a lender against an action brought by the bankruptcy trustee  of a former bank customer seeking the return of millions in loan repayments.  He also represents professional services providers in malpractice actions, and handles trademark/trade name infringement, theft of trade secret and unfair competition claims for a wide variety of clients.

Practice Areas: Banking & Finance Law, Real Estate Law
Online Media Type: Audio
Production Date: 11/19/2013 12:00 PM EST
Level: Intermediate
Category: Standard
Duration: 1 Hours, 0 Minutes
Online Format: Live
Course Type: Public

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Purchase of this product provides online access for 180 days. If you are purchasing a live webcast, you will receive complimentary access to the on demand version for 180 days once it becomes available. Please note that the on demand and podcast versions may, or may not be accredited in your state.

If you intend to take a course for CLE credit, please make sure your state is listed in the "Accreditation" section to the upper right of the program description. Accreditation displayed is unique to the purchased program format (live conference, live webcast, on demand, podcast). Credit totals listed for live conferences are the maximum credits available. Credits issued will be based upon actual time in attendance.  Credit totals for other formats are for complete programs.  Partial credit is not available for any online or downloadable format. 


West LegalEdcenter will not provide accreditation for states not listed. 

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This product is intended for individual use by the named purchaser. Group viewings for online programs may be arranged for five or more attorneys within the same organization prior to viewing by emailing west.wlec-sales@thomson.com.

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Credit Eligibility:
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Total Credits: 1
Specialty Credits: 
Status: Reciprocal Credit Available
Expiration: N/A
Training Type: Online

West LegalEdcenter provides accreditation as described here. You may be able to self apply for credits in states not listed.

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Stephen J. Shapiro - Partner - Schnader Harrison Segal & Lewis LLP, Philadelphia
Melissa S. Blanton - Partner - Schnader Harrison Segal & Lewis LLP, Philadelphia
This product is designed to provide information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought.

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