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They Came From "Beyond The Pale": Security Interests In Tort Claims, Harold R. Weinberg
They Came From "Beyond The Pale": Security Interests In Tort Claims, Harold R. Weinberg
Law Faculty Scholarly Articles
"[B]eyond the pale" is how the drafters of Article Nine of the Uniform Commercial Code regarded tort claims. They considered tort claims to be noncommercial assets inappropriate for inclusion as collateral within the scope of a commercial financing statute. Tort claims may not be out-of-bounds much longer. The Article Nine Study Committee of the Permanent Editorial Board for the Uniform Commercial Code recommends expansion of the Article's scope to encompass security interests in claims arising out of tort. This recommendation is significant. Tort causes of action comprise an ever-expanding universe of civil wrongs for which courts afford redress. The owners …
Secured Party's Right To Sue Third Persons For Damage To Or Defects In Collateral, Harold R. Weinberg
Secured Party's Right To Sue Third Persons For Damage To Or Defects In Collateral, Harold R. Weinberg
Law Faculty Scholarly Articles
The proverb “there is many a slip ‘twixt the cup and the lip” might have been written with the secured creditor in mind. Many tragedies may befall him to defeat his expectations. He takes his security interest hoping for the best, but preparing for the worst—nonperformance of the obligation secured. If he does not carefully comply with the Article Nine provisions concerning the enforceability and perfection of a security interest, he may ultimately be unsecured. If his security interest is enforceable and perfected, it may turn out that some other party has priority to the collateral. Even if the secured …