Public Finance Advisory: Impact of Revised Article 9 on Municipal Bonds
6/1/2001
This issue is intended to alert bondholders that Revised Article 9 of the Uniform Commercial Code (with an effective date of July 1, 2001), though highly technical, may have a dramatic dollar impact on the recovery value of certain outstanding bonds unless bondholders are vigilant and take the initiative to ensure all necessary steps are being taken to protect their security interests. This advisory also is intended to alert bond trustees, issuers and underwriters as to the concerns that may be raised by holders of outstanding bonds impacted by Revised Article 9 of the Uniform Commercial Code.
