Kansas Supreme Court Unanimous Reversal in UCC Secured Transaction Case

James A. Walker and Shane A. Rosson have won a Kansas Supreme Court Reversal in UCC Secured Transaction Case. A unanimous published opinion was issued by the Kansas Supreme Court on June 10, 2016 in favor of TWG’s client reversing the trial and intermediate appellate courts’ judgment. The case involves secured transaction questions of first impression. The transaction was an acquisition by TWG’s client of a stone quarry business. The court concluded that the lower courts had misinterpreted the UCC provisions dealing with strict foreclosure. The Supreme Court also agreed that, due to the actions of the creditor, the debtor was not obligated to pay interest that would have otherwise accrued on the outstanding balance during the several years of litigation.

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