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On The U.C.C. Revision Process: A Reply To Dean Scott, David Frisch
On The U.C.C. Revision Process: A Reply To Dean Scott, David Frisch
Law Faculty Publications
This Article takes account of the forces that shape revisions of the commercial law and notes the relationship between those forces and the tenor of the resulting codification; Part II peruses Scott's thesis. It responds to his criticism of the UCC drafting and revision processes and describes how uniform commercial law Jurisprudence reveals the incongruities in his analysis. Part III tests Scott's conclusions about private legislatures by considering the realist Jurisprudence of the UCC and compares the UCC's "private legislature" (PL) commercial law to the commercial- law product of a "public legislature," the Bankruptcy Code promulgated by the United States …
Harmonizing The Policy Of The Bankruptcy Code And Article 9, Edwin E. Smith, Elizabeth Warren, James J. White
Harmonizing The Policy Of The Bankruptcy Code And Article 9, Edwin E. Smith, Elizabeth Warren, James J. White
Other Publications
In a true sense bankruptcy law--at least as represented by the 1978 Code--is in conflict, not in harmony, with Article 9. To a considerable degree (perhaps more than they realize) debtors and unsecured creditors got things they wanted from Congress by the adoption of the Bankruptcy Reform Act of 1978. It is doubtful that that Act could have been passed in any Congress before or since. In many ways, the rights of the debtor and of the unsecured creditors have been cut back since the adoption of the Bankruptcy Reform Act.
Rights Of Subrogation In Letters Of Credit Transactions, James J. White
Rights Of Subrogation In Letters Of Credit Transactions, James J. White
Articles
The past twenty years have seen more than a dozen cases, in which parties to letter of credit transactions have sought subrogation to the rights of the person they have paid or to the rights of the persons on behalf of whom, they have acted.' The most obvious case arises when the issuer of a standby letter of credit pays a beneficiary on a debt that is owed to the beneficiary by a bankrupt applicant. Having failed to take 'collateral from the applicant, the issuer seeks to be subrogated to the security interest of the beneficiary. Failing subrogation, the issuer …