Class Unique: 29630
This course covers credit transactions in which the loan is secured by an interest in personal property. These transactions are largely governed by Article 9 of the Uniform Commercial Code. The course will include coverage of loans secured by mortgages on real estate. A secured loan is one in which the debtor and lender agree that if the debtor does not pay, the lender can take specific items of property from the debtor. This property is called collateral, and the lender is said to have a security interest in the collateral. The collateral may be tangible property such as inventory, equipment, and consumer goods, or intangible property such as stocks and bonds or the debtor's right to collect from people who owe money to him. Secured credit is a very important part of both consumer and commercial lending. This course will study both contexts, examining how secured transactions are structured and why they are structured that way. The course examines the mechanics of making secured loans, the rules that govern repossessing the collateral if the debtor doesn't pay, and what can happen to security interests if the debtor goes bankrupt. It also examines the priority rules that rank competing claims to the same collateral. There may be many such claims. More than one secured lender may have a security interest in the collateral; unsecured creditors may seize the collateral to collect a judgment; customers or other third parties may buy the collateral. This is also a course in statutory construction. We will devote very careful attention to using and interpreting the Uniform Commercial Code and the Bankruptcy Code. We will progress from relatively simple statutory provisions to quite difficult ones, learning the skills that can be applied to a variety of statutes.
|Monday, Tuesday||2:15 - 3:30 pm||TNH 3.142|
|Evaluation Method||Date||Time||Alpha Range||Room|
- Course Type
Bankruptcy and Article 9 Statutory Supplement - Elizabeth WarrenAspen , edition: most current year
Secured Credit: A System's Approach - LoPucki and WarrenAspen , edition: 7th