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Secured transactions are the most common form of commercial transaction and help finance businesses of every size. They are governed by the complex provisions of UCC Article 9. Getting every detail in financing statements, security agreements, and perfection of credits is essential.
Agreements can be costly and time consuming to draft, and full of risk. Failure to comply with UCC Article 9 in drafting security agreements, perfecting a creditor's interest, or foreclosing a lien can easily cause the value of the underlying transaction to be lost.
This program provides a real-world guide UCC Article 9 practice.
Part 2 topics include:
- Framework for the foreclosure of personal property under UCC Article 9
- Foreclosing on equipment, inventory, intellectual property, and accounts receivable
- Duties of junior creditors to senior creditors on foreclosure
- Rights to proceeds of foreclosure sales and reducing foreclosure costs
- Rights of guarantors
- Debtor remedies in the event of a secured party default
- Cost-efficient alternatives to foreclosures and circumstances when these alternatives are available