Senior Lienholder Loses Claim Against Junior Lienholder

November 14, 2014

For the first lien lender there are a number of traps for the unwary that may surface in intercreditor agreements.

The October 14, 2014 decision by Judge Drain of the Bankruptcy Court for the Southern District of New York in BOKF N.A. v. JPMorgan Chase Bank, N.A. provides a real life illustration of just such an occurrence.

David Morse, head of the banking and finance group at Otterbourg, discusses what the first lien lender can learn from this case here