When 'Qualified Transferees' Can Chill UCC Foreclosures

By Joshua Wurtzel ( March 27, 2026, 2:10 PM EDT) -- What happens when an intercreditor agreement contains limitations on who may bid at a Uniform Commercial Code foreclosure auction? Does it matter if, as is always the case, the mezzanine borrower — the equity of which is being sold at the auction — had no say in these limitations? And what if those limitations no longer make economic sense at the time of the foreclosure, and will instead merely chill bidding?...

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