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Secured transactions -- interests in specific collateral granted by the debtor in conjunction with the debtor’s promise to pay -- are governed by Article 9 of the Uniform Commercial Code. Understanding UCC Article 9 and how to properly secure collateral is fundamental for attorneys at all levels of their banking, commercial, corporate, and transactional practice.
This program will provide an overview of the fundamentals of acquiring a security interest, including how to attach, to perfect (filing and non-filing methods), and to gain (and maintain) priority in the collateral of your choice. Experienced practitioners will share their best practices on how to secure the most common forms of collateral, as well as how to perfect a security interest in some uncommon forms of collateral.
There will also be an in-depth discussion on UCC considerations when things go wrong, and a review of common default and enforcement issues, including protecting your security interest from the bankruptcy trustee. Throughout the program, the faculty will feature relevant new case law as well.
What You Will Learn
- Techniques for drafting the security agreement
- Is perfection by filing the best method?
- How to describe the collateral
- Determining the debtor’s name
- How to categorize collateral
- How do you know that the security interest has attached?
- How to perfect in assets commonly held by individuals, including bitcoins and PayPal accounts
- How to comply with the default enforcement rules
- What is the difference between a public and private sale?
- When can the secured creditor buy-in at the sale?
- How bankruptcy can affect your lien
Program Level: Basic
Intended Audience: This program is aimed at corporate, banking, commercial and transactional attorneys (both newly admitted and experienced).
Prerequisites: An interest in understanding UCC Article 9 and how to properly secure collateral.
Advanced Prep: None