The Texas Attorney Checklist Concerning Motions and Orders Pertaining to Use of Cash Collateral and Post-Petition Financing (Which Are in Excess of 10 Pages) is a comprehensive tool that guides attorneys through the entire process of filing motions and orders related to the use of cash collateral and post-petition financing in excess of 10 pages. This checklist includes items such as the preparation of the motion and order, the filing of the motion, the service of the motion, and the entry of the order. It also includes various items related to the proper use of cash collateral and post-petition financing, such as the valuation of assets, the rights of secured parties, and the selection of appropriate forms. In addition, the checklist also provides guidance on the interpretation of the applicable rules and regulations, as well as the preparation of any necessary affidavits and other documents. There are two types of Texas Attorney Checklist Concerning Motions and Orders Pertaining to Use of Cash Collateral and Post-Petition Financing (Which Are in Excess of 10 Pages): the first is for attorneys filing motions and orders in Texas state courts, and the second is for attorneys filing motions and orders in federal courts.
Texas Attorney Checklist Concerning Motions and Orders Pertaining to Use of Cash Collateral and Post-Petition Financing (Which Are in Excess of 10 Pages)
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FAQ
A motion to prohibit use of cash collateral arises most frequently in a Chapter 11 case. "Cash collateral" is defined in 11 U.S.C. 363(a) as property on which one or more creditors has a lien. Before using that cash collateral, the debtor is supposed to get Court approval.
Understanding Cash Collateral For example, a buyer secures a mortgage loan from a bank using their house as collateral. When a bank or other lender provides a business loan, the business may have to pledge its inventory and accounts receivable as collateral to secure the loan.
The motion for cash collateral use is ordinarily made on the notion that the cash represents a source of ?emergency liquidity? ? hence, the Court frequently grants and authorizes the debtor to use the cash for non-discretionary expenditures determined to be necessary for operations.
Ingly, all cash collateral shall be recorded as an asset by the party receiving it (the secured party), together with a liability for the obligation to return it to the payer (obligor), whose asset is a receivable.
Non-cash collateral is often favoured for its lack of balance sheet impact and ease of return if the value of the loaned securities decreases. However, cash collateral may be preferred for its liquidity or when the lender wants to avoid the need for frequent revaluation.
Cash collateral is cash and equivalents collected and held for the benefit of creditors during Chapter 11 bankruptcy proceedings. Cash and cash equivalents include negotiable instruments, documents of title, securities, and deposit accounts.