Official Committee of Unsecured Creditors of Motors Liquidation Company, Plaintiff-Appellant v. Jpmorgan Chase…

Summary

The court answered a certified question that, under Delaware's UCC, a termination statement is effective when the secured party of record authorizes its filing, even if the secured party did not subjectively intend to terminate the particular security interest identified in the statement. The court relied on the unambiguous statutory sequence governing authorization, effectiveness, and termination of financing statements, and declined to decide the separate agency question. The opinion emphasized that parties are entitled to rely on the plain terms of authorized public filings.