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Commercial Law: Secured Transactions

Enforcing deals: what happens when the music stops? Security: reserving seats in advance ... Copyrights Mobile homes Lottery tickets. Crops Automobiles Fixtures ...

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Commercial Law: Secured Transactions

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    1. Commercial Law: Secured Transactions

    2. Some Preliminary Matters See Syllabus posted on website. First assignment: Introduction to Secured Credit PowerPoint will be posted after class periodically Questions?

    3. What you will learn in this course Common forms for business transactions. Lending, asset securitization, sales of businesses, accounts receivable, motor vehicles, intellectual property Governing law (application of codes) Legal strategy: What lawyers do with problems Skill: playing the game

    4. What you will learn in this course

    5. What you will learn in this course Common forms for business transactions. Lending, asset securitization, sales of businesses, accounts receivable, motor vehicles, intellectual property Governing law (application of codes) Legal strategy: What lawyers do with problems Skill: playing the game Enforcing deals: what happens when the music stops?

    6. What you will learn in this course Common forms for business transactions. Lending, asset securitization, sales of businesses, accounts receivable, motor vehicles, intellectual property Governing law (application of codes) Legal strategy: What lawyers do with problems Skill: playing the game Enforcing deals: what happens when the music stops? Security: reserving seats in advance

    7. What you will learn in this course Common forms for business transactions. Lending, asset securitization, sales of businesses, accounts receivable, motor vehicles, intellectual property Governing law (application of codes) Legal strategy: What lawyers do with problems Skill: playing the game Enforcing deals: what happens when the music stops? Security: reserving seats in advance Game: You must play to learn

    8. What you will learn in this course Common forms for business transactions. Lending, asset securitization, sales of businesses, accounts receivable, motor vehicles, intellectual property Governing law (application of codes) Legal strategy: What lawyers do with problems Skill: playing the game Enforcing deals: what happens when the music stops? Security: reserving seats in advance Game: You must play to learn

    10. A relationship between an asset and a debt:

    11. A relationship between an asset and a debt:

    12. A relationship between an asset and a debt:

    13. A relationship between an asset and a debt: If the debt is not paid when due, the secured creditor can require that the property be sold and the proceeds applied to payment

    14. A relationship between an asset and a debt: If the debt is not paid when due, the secured creditor can require that the property be sold and the proceeds applied to payment (“foreclosure”)

    15. A relationship between an asset and a debt: If the debt is not paid when due, the secured creditor can require that the property be sold and the proceeds applied to payment (“foreclosure”) 2. An interest in property, contingent on the non-payment of a debt

    16. A relationship between an asset and a debt: If the debt is not paid when due, the secured creditor can require that the property be sold and the proceeds applied to payment (“foreclosure”) 2. An interest in property, contingent on the non-payment of a debt

    17. A relationship between an asset and a debt: If the debt is not paid when due, the secured creditor can require that the property be sold and the proceeds applied to payment (“foreclosure”) 2. An interest in property, contingent on the non-payment of a debt

    19. Real estate Livestock Warehouse receipts Equipment Bank Accounts Stock Accounts Chattel paper Leases Inventory Realty paper Certificate of deposit Patents Aircraft Instruments Trademarks Ships Software Copyrights Mobile homes Lottery tickets Crops Automobiles Fixtures

    20. Real estate Livestock Warehouse receipts Equipment Bank Accounts Stock Accounts Chattel paper Leases Inventory Realty paper Certificate of deposit Patents Aircraft Instruments Trademarks Ships Software Copyrights Mobile homes Lottery tickets Crops Automobiles Fixtures

    21. Real estate Livestock Warehouse receipts Equipment Bank Accounts Stock Accounts Chattel paper Leases Inventory Realty paper Certificate of deposit Patents Aircraft Instruments Trademarks Ships Software Copyrights Mobile homes Lottery tickets Crops Automobiles Fixtures

    22. Real estate Livestock Warehouse receipts Equipment Bank Accounts Stock Accounts Chattel paper Leases Inventory Realty paper Certificate of deposit Patents Aircraft Instruments Trademarks Ships Software Copyrights Mobile homes Lottery tickets Crops Automobiles Fixtures

    23. Real estate Livestock Warehouse receipts Equipment Bank Accounts Stock Accounts Chattel paper Leases Inventory Realty paper Certificate of deposit Patents Aircraft Instruments Trademarks Ships Software Copyrights Mobile homes Lottery tickets Crops Automobiles Fixtures

    24. Real estate Livestock Warehouse receipts Equipment Bank Accounts Stock Accounts Chattel paper Leases Inventory Realty paper Certificate of deposit Patents Aircraft Instruments Trademarks Ships Software Copyrights Mobile homes Lottery tickets Crops Automobiles Fixtures

    25. Real estate Livestock Warehouse receipts Equipment Bank Accounts Stock Accounts Chattel paper Leases Inventory Realty paper Certificate of deposit Patents Aircraft Instruments Trademarks Ships Software Copyrights Mobile homes Lottery tickets Crops Automobiles Fixtures

    26. Real estate Livestock Warehouse receipts Equipment Bank Accounts Stock Accounts Chattel paper Leases Inventory Realty paper Certificate of deposit Patents Aircraft Instruments Trademarks Ships Software Copyrights Mobile homes Lottery tickets Crops Automobiles Fixtures Each of these categories has different rules!

    28. Loans Purchase price Home Corporate bonds Auto Guarantees Business Contract obligations Construction Real estate

    29. Loans Purchase price Home Corporate bonds Auto Guarantees Business Contract obligations Construction Real estate

    30. Loans Purchase price Home Corporate bonds Auto Guarantees Business Contract obligations Construction Real estate

    31. Loans Purchase price Home Corporate bonds Auto Guarantees Business Contract obligations Construction Real estate

    32. Loans Purchase price Home Corporate bonds Auto Guarantees Business Contract obligations Construction Real estate

    34. Security interests Statutory liens Judicial liens

    35. Security interests Statutory liens Judicial liens Article 9 SI Agricultural Judgment Mortgages Mechanics’ Attachment Other SI Tax Garnishment Landlord’s Equitable Charging Hospital Warehouse

    36. Security interests Statutory liens Judicial liens Article 9 SI Agricultural Judgment Mortgages Mechanics’ Attachment Other SI Tax Garnishment Landlord’s Equitable Charging Hospital Warehouse

    37. Security interests Statutory liens Judicial liens Article 9 SI Agricultural Judgment Mortgages Mechanic’s Attachment Other SI Tax Garnishment Landlord’s Equitable Charging Hospital Warehouse

    38. Security interests Statutory liens Judicial liens Article 9 SI Agricultural Judgment Mortgages Mechanic’s Attachment Other SI Tax Garnishment Landlord’s Equitable Charging Hospital Warehouse

    39. Security interests Statutory liens Judicial liens Article 9 SI Agricultural Judgment Mortgages Mechanic’s Attachment Other SI Tax Garnishment Landlord’s Equitable Charging Hospital Warehouse

    40. Security interests Statutory liens Judicial liens Article 9 SI Agricultural Judgment Mortgages Mechanic’s Attachment Other SI Tax Garnishment Landlord’s Equitable Charging Hospital Warehouse

    41. Security interests Statutory liens Judicial liens Article 9 SI Agricultural Judgment Mortgages Mechanic’s Attachment Other SI Tax Garnishment Landlord’s Equitable Charging Hospital Warehouse

    42. Security interests Statutory liens Judicial liens Article 9 SI Agricultural Judgment Mortgages Mechanic’s Attachment Other SI Tax Garnishment Landlord’s Equitable Charging Hospital Warehouse

    43. Security interests Statutory liens Judicial liens Article 9 SI Agricultural Judgment Mortgages Mechanic’s Attachment Other SI Tax Garnishment Landlord’s Equitable Charging Hospital Warehouse

    44. Security interests Statutory liens Judicial liens Article 9 SI Agricultural Judgment Mortgages Mechanic’s Execution Other SI Tax Attachment Landlord’s Garnishment Charging Equitable Hospital Warehouse

    45. Security interests Statutory liens Judicial liens Article 9 SI Agricultural Judgment Mortgages Mechanic’s Execution Other SI Tax Attachment Landlord’s Garnishment Charging Equitable Hospital Warehouse

    46. Security interests Statutory liens Judicial liens Article 9 SI Agricultural Judgment Mortgages Mechanic’s Execution Other SI Tax Attachment Landlord’s Garnishment Charging Equitable Hospital Warehouse

    47. Security interests Statutory liens Judicial liens Article 9 SI Agricultural Judgment Mortgages Mechanic’s Execution Other SI Tax Attachment Landlord’s Garnishment Charging Equitable Hospital Warehouse

    48. Part I: Debtor vs. Creditor Creditor remedies, state law. What is a SI? Foreclosure Repossession Sale Creditor remedies, bankruptcy law. Lifting the automatic stay How much do creditors get? Creation and scope. How does one get a SI? Security agreement Description of collateral and obligation Proceeds Default, Acceleration and Cure (payment structure) State law (acceleration); bankruptcy law (cure)

    49. Part II: Creditor vs. Creditor 5. Perfection: Giving notice to establish priority Filing systems (leaving a message) Contents of filings (debtor name problem) Other means of perfection (possession, control) 6. Maintaining perfection (self clearing system) Lapse and bankruptcy Changes of name, identity, use of collateral Interstate relocations Priority (State rules, bankruptcy modifications) Priority contests (not just first-come, first serve) Lots of different kinds of liens, buyers, sellers Purchase money Future advances

    50. Administrative Matters Required Books LoPucki & Warren, Secured Credit, 5th edition (2006) Warren, Bankruptcy and Article 9: 2007 Stat Supp. Recommended Book Markell & Zinnecker, Questions & Answers: Secured Transactions Selected Coverage: 40 assignments, average of one per day For first class: Assignment 1: Problems to solution Preparation/attendance policy.

    51. PowerPoint Presentations Guide discussions by displaying statutes, assumptions, questions Available after class Useless for note taking during class

    52. PowerPoint Presentations Guide discussions by displaying statutes, assumptions, questions Available after class Useless for note taking during class Multi-slide overlays make things appear and disappear PowerPoint “appear” doesn’t support complex movement

    53. PowerPoint Presentations Guide discussions by displaying statutes, assumptions, questions Available after class Useless for note taking during class Multi-slide overlays make things appear and disappear PowerPoint “appear” doesn’t support complex movement

    54. PowerPoint Presentations Guide discussions by displaying statutes, assumptions, questions Available after class Don’t want to release before class Can’t release before class Useless for note taking during class Multi-slide overlays make things appear and disappear PowerPoint “appear” doesn’t support complex movement Notes would be spread among hundreds of slides per day Page numbers on slides

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