id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
cblr-9115	Matthew Digirolamo	Foreclosure Sales Under the UCC During the Covid-19 Pandemic: What Is Commercially Reasonable?	2022	63	.pdf	application/pdf	21191	1010	52	Crucially, the absence of a market for mezzanine loan collateral means that lenders must dispose of their collateral at a public foreclosure auction to participate in the sale.267 Part III examined the case law addressing the commercial reasonableness of mezzanine loan foreclosure sales during the COVID-19 pandemic. Unlike mortgage loans, in which a lender exchanges loan proceeds for a security interest in real property, mezzanine loans are secured by a specialized form of collateral—a pledge of equity interests in the borrower entity itself.12 Consequently, mezzanine loans are governed by the Uniform Commercial Code (UCC) rather than state real property law, allowing mezzanine lenders to hold foreclosure sales despite mortgage foreclosure restrictions.13 Such foreclosures provide lenders with a unique opportunity to acquire control over the underlying property at prices far less than fair market value.14 As a result, mezzanine loan foreclosures proliferated after March 2020.15 Mezzanine lenders customarily foreclose by conducting a public foreclosure sale of the collateral.16 Section 11 See Goldstein, supra note 7.	cache/cblr-9115.pdf	txt/cblr-9115.txt