Livingston on Unauthorized Filing of Termination Statements under U.C.C. Article 9 (PDF)
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In a recent bankruptcy case, the secured creditors, to their horror, found that they erroneously allowed the debtor to file a termination statement although the debtor still owed millions of dollars on the associated transaction. A sympathetic court, however, applying traditional common law principles of agency, held that the filing of the termination statement was unauthorized and therefore legally ineffective.
Margit Livingston is Professor of Law, DePaul University College of Law.
Professor Livingston's primary areas of specialization are intellectual property, commercial law, animal law, and remedies. She has co-authored a book on tidal and coastal law and published numerous articles and book chapters on various subjects, including secured transactions, public rights in coastal properties, professional ethics, copyright, animal welfare, and criminal and civil contempt. She has been a visiting professor of law at William and Mary, Fordham, and the University of Illinois, and she is a graduate of the renowned Second City Training Program for Improvisational Comedy. She has received several awards for her teaching and scholarship, including the University Excellence in Teaching Award (2008) and the College of Law Faculty Achievement Award (2010). She earned her M.A. (Theatre Arts) and J.D. from the University of Minnesota and her LL.M. from the University of Illinois.
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