In Parts 1 and 2 of this series, we discussed the circumstances that led to the planned phase-out of the London Inter-bank Offered Rate, commonly referred to as “LIBOR” and the proposed replacement rate known as the Secured Overnight Financing Rate (“SOFR”). In this last part of the series, we will present the proposed language recommended by the Alternative Reference Rate Committee (“ARRC”) to be used in new contracts that reference LIBOR.

Ineffective legal oversight during and after a senior lien foreclosure can lead to mistakes and delays in the process to recover surplus funds. To minimize these delays, it is important to have a plan of action that spans through the many legal steps from sheriff’s sale to receipt of funds.