Lenders Beware: Make Sure Your Borrower’s Organizational Documents’ Blocking Director Provisions Comply With State Law
The Creditors Rights
JUNE 7, 2016
After the borrower’s default and lender’s commencement of foreclosure proceedings, the borrower’s members—with the exception of the Special Member—voted to cause the borrower to file a chapter 11 petition. If they don’t, a lack of the blocking director’s consent may not prevent the borrower from filing bankruptcy. 899 (Bankr.
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