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On September 1, 1997, the Texas Uniform Commercial Code was amended to provide that in any transaction involving "accounts" or "chattel paper" under the Texas UCC, the parties'' characterization of a transaction as a sale - not the extent of recourse against the seller or any other factors - will be conclusive as to whether such transaction will, under Texas law, be treated as a sale or grant of security interest. taxes online Tax-liens. (See Texas UCC ' 9. 102(d)). Also, in September 1999, the FDIC (which has jurisdiction over the insolvency of federally insured depository institutions as opposed to the federal judiciary which has jurisdiction over "debtors" (which do not include such institutions) under the Bankruptcy Code) issued a proposed rule that would apply to insured depository institutions that states that "the FDIC shall not. taxes online Turbo-tax-online. . . reclaim, recover or recharacterize as property of the [institution]. taxes online Efile taxes. . . any financial asset transferred by [the institution] in connection with a securitization. . . provided that such transfer meets all conditions for sale accounting under generally accepted accounting principles, other than the legal isolation condition, which is covered by this section. " (See Proposed Amendment to 12 CFR 360. )2. Both the House and Senate versions of the bill state the effective date to be the date of enactment (i. e. , approval by President Clinton or an override of his veto) and that all the amendments in the bill will apply to cases commenced or appointments made under federal or state law after the date of enactment of the amendments. Accordingly, it would appear that, in addition to structuring transactions going forward in order to qualify under the securitization amendment, it makes sense to review existing securitizations to determine whether they could be easily amended so as to qualify under new Section 541(b). 3. See PEB Commentary No.
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