News & Resources

Success Stories

Closing the Loophole

Quarles & Brady filed on the lead amicus brief for the Arizona Bankers Association in a case related to protecting secured lenders’ rights and collateral. There had been a failure to properly document the assignment of the rights and collateral of a loan to a bank that had assumed the debt, leading to an argument that it had forfeited those rights. Quarles & Brady prepared an argument that recording the transfer of the loan to the new entity conveyed the rights and collateral as well, regardless of the failure to include a document formally transferring them, and the court agreed. In essence, Quarles & Brady wrote the amicus brief on behalf of the entire banking industry of Arizona, protecting the creditor’s rights of the state’s entire financial services sector.

We have updated our Privacy Policy. Please click here to view our new policy.