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Replacing Strict Liability With A Contract-Based Products Liability Regime, Richard C. Ausness
Replacing Strict Liability With A Contract-Based Products Liability Regime, Richard C. Ausness
Law Faculty Scholarly Articles
When strict products liability first appeared on the scene some thirty-five years ago, it was heralded as a boon to consumers whose claims to compensation had hitherto been frustrated by the law of sales. Warranty law, it was said, worked fairly well in purely "commercial" transactions, but tort law did a better job in cases where ordinary consumers suffered personal injuries or property damage from defective products. To be sure, defenders of warranty law pointed out that the newly-drafted Uniform Commercial Code (the "Code" or "U.C.C.") was much more consumer friendly than the old Uniform Sales Act. Nevertheless, the proponents …
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 …