CVN will broadcast live from the Delaware Supreme Court Wednesday as it hears arguments striking to the heart of what’s needed to terminate a security interest under that state’s uniform commercial code. In Re Motors Liquidation Co., et al.

The case’s central question stems from two secured transactions, a synthetic lease and a $1.5 billion term loan, taken out by General Motors, with J.P. Morgan as the secured party of record. Both transactions were secured by UCC-1 financing statements. However, when the parties filed UCC-3 forms to repay the synthetic lease, one of those forms mistakenly listed the term loan.