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Email On November 3, 2023, the Court in the Chapter 9 bankruptcy case of the City of Chester, Pennsylvania issued its ruling in an adversary proceeding challenging the perfection of the liens securing certain revenue bonds issued by the City. Confirming the municipal bond market’s longstanding understanding, the Court concluded that the liens on revenues were properly perfected by the filing of UCC financing statements. https://www.cadwalader.com/resources/clients-friends-memos/chester-pa-chapter-9-court-confirms-certain-municipal-financing-techniques-raises-concerns-about-others