Clerical Error Equals Big Loss For JP Morgan
The devil is in the details! JP Morgan learned this valuable lesson recently when it lost its appeal against General Motors Corp. related to a clerical error made during the refinancing of a $300 million loan. The ruling means that General Motors Corp. is entitled to $1.5 billion due to the clerical error that mistakenly terminated the security interest on a $1.5 billion loan. Learn more about this unfortunate error. Also, review a recent Carlson Dash article discussing how to avoid other errors when perfecting certain security interests.