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The Implicit "Takings" Jurisprudence Of Article 9 Of The Uniform Commercial Code, David Frisch
The Implicit "Takings" Jurisprudence Of Article 9 Of The Uniform Commercial Code, David Frisch
Law Faculty Publications
Part I of this Article begins by reasserting that central to the idea of property rights is the legal entitlement to remedies that permits a person to exercise dominion over the specific asset or to exclude the exercise of dominion by others. Next, part I examines the essence of a security interest and demonstrates that it is a protected property interest. Part II sets forth a model of priorities that suggests that although property interests should ordinarily be protected by a property rule, there is something special about a security interest, implying the need for greater contingency and justifying a …
The Priority Secured Party/Subordinate Lien Creditor Conflict: Is "Lien-Two" Out In The Cold?, David Frisch
The Priority Secured Party/Subordinate Lien Creditor Conflict: Is "Lien-Two" Out In The Cold?, David Frisch
Law Faculty Publications
The coexistence of secured and unsecured creditors leads inevitably to conflicts between the two. How these conflicts are resolved depends to a great extent on the context in which they arise. It is not the purpose of this Article to examine the ways in which these conflicting interests are handled in insolvency proceedings, whether common law or statutory. Instead, its focus will be on the clash which occurs when an unsecured creditor armed with a judgment attempts to satisfy that judgment by resort to property of the debtor which is already subject to a perfected security interest. Assuming the priority …