Bank of N.Y. Mellon v. Jefferson County (In re Jefferson County)

Ruling: 
Subordination of consensual lien on specific revenues was inapplicable to pledge and distributive scheme under indenture agreement for sewer system operating expenses.
Procedural posture: 
An indenture trustee and other banks filed a complaint against a county that sought bankruptcy relief under chapter 9, based on a dispute over what expenditures for the county's sewer system were payable ahead of payments to those lenders who/which secured payment of interest and principal owed on the county's sewer system's warrants by obtaining a consensual lien against some revenues of the sewer system.
Issue: 
ABI Membership is required to access the full summary of Bank of N.Y. Mellon v. Jefferson County (In re Jefferson County). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on June 29,2012, LexisNexis #0213-019