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Rethinking Proceeds: The History, Misinterpretation And Revision Of U.C.C. Section 9-306, R. Wilson Freyermuth
Rethinking Proceeds: The History, Misinterpretation And Revision Of U.C.C. Section 9-306, R. Wilson Freyermuth
Faculty Publications
This article provides a careful analysis of the proper scope of the term “proceeds” under Section 9-306. Parts II and III develop a coherent conception of the term “proceeds” by focusing upon the proper interpretation of Section 9-306 in its current form. Part II evaluates the passage of title conception of proceeds in light of the 1972 and 1987 amendments to Article 9 and demonstrates that this conception is fundamentally inconsistent with the economic, value-based conception of proceeds that emerges from those amendments. Using this emerging conception of proceeds, which focuses upon the occurrence of an event that exhausts or …
Rethinking Future Advance Mortgages: A Brief For The Restatement Approach, Dale A. Whitman, Grant S. Nelson
Rethinking Future Advance Mortgages: A Brief For The Restatement Approach, Dale A. Whitman, Grant S. Nelson
Faculty Publications
The advantages of such arrangements, under which the mortgagor takes none or only a portion of the loan at the outset but receives the balance in the future, are substantial. The mortgagor saves interest on the unadvanced portion until it is needed and avoids the need to invest this portion at an interest rate that at least equals the rate being paid to the lender. Moreover, both parties avoid the expense and paperwork inherent in refinancing the initial loan or in executing a series of junior mortgages to secure each advance. Finally, in the construction loan context, before committing large …