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Full-Text Articles in Commercial Law
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 …
Revising Article 9 To Reduce Wasteful Litigation, James J. White
Revising Article 9 To Reduce Wasteful Litigation, James J. White
Articles
For reasons that are unclear to me, the committees reviewing the articles of the Uniform Commercial Code and drafting revisions are congenitally conservative. Perhaps these committees take their charge too seriously, namely, to revise, not to revolutionize. Perhaps their intimate knowledge of the subject matter exaggerates the importance of each section and consequently magnifies the apparent size of every change. In any case, my own experience with two such committees tells me that the members quickly become focused on revisions and amendments that any outsider would describe as modest. To the extent that the revision of any of the articles …
Efficiency Justifications For Personal Property Security, James J. White
Efficiency Justifications For Personal Property Security, James J. White
Articles
In February of 1983 Pan American World Airways issued 100 million dollars of convertible secured notes. As security for these notes it put up three Boeing 747 SP aircraft, two 747-100 aircraft, and one McDonnell Douglas DC10-30. The appraised value of these aircraft was 157 million dollars. To the extent possible under the law, Pan American made these aircraft subject to the claims of the owners of the new notes. On default, the note holders would have the first claim on these aircraft, would have the right to repossess them outside of bankruptcy, and would have the right to the …
The Recent Erosion Of The Secured Creditor's Rights Through Cases, Rules And Statutory Changes In Bankruptcy Law, James J. White
The Recent Erosion Of The Secured Creditor's Rights Through Cases, Rules And Statutory Changes In Bankruptcy Law, James J. White
Articles
One can view the law of creditors' rights as a series of cyclesin which alternatively the rights of the creditor and then those of the debtor are in ascendancy. Looking back through Americanlegislative history, one sees both the state legislatures and the Congress intervening on behalf of debtors in a variety of ways onmany occasions. An early example of such intervention was the enactment, particularly in the Midwest and West, of generous exemption laws that removed a variety of property beyond the reach of general creditors. A second example is the enactment of usury laws, which continue to be a …
Bankruptcy Preferences-Secured Transactions-Security Interest In After-Acquired Property Is Voidable Preference If Received Within Four Months Of Bankruptcy-In Re Portland Newspaper Publishing Co., Michigan Law Review
Michigan Law Review
In an effort to provide employment for several hundred workers who had lost their jobs in an unsuccessful strike against Portland's two largest newspapers, the local printers' unions and several civic leaders organized the Portland Reporter Publishing Co. (Reporter) to publish a rival newspaper. The unions also formed the Rose City Development Co. (Rose City), which leased facilities and equipment to Reporter and subsequently made several emergency operating loans to it. These loans were secured by an agreement designating as collateral all of Reporter's previously unsecured accounts receivable, both present and after-accruing. This type of agreement -securing after-acquired property of …
Reclamation Of Goods From A Fradulent Buyer, Robert Braucher
Reclamation Of Goods From A Fradulent Buyer, Robert Braucher
Michigan Law Review
Sections 2-702(2) and (3) of the Uniform Commercial Code (Code), defining the right of a seller to reclaim goods from an insolvent buyer, have for years been the subject of controversy. The sponsors of the Code have stood firm on the basic policy of these sections for more than twenty-five years, but, in its 1966 Official Recommendations for Amendment of the Uniform Commercial Code, the Permanent Editorial Board includes an amendment striking the words "or lien creditor" from section 2-702(3). That change has already been made in six states: California, Illinois, Maine, New Jersey, New Mexico, and New York. In …
The Trustee In Bankruptcy As A Secured Creditor Under The Uniform Commercial Code, Frank R. Kennedy
The Trustee In Bankruptcy As A Secured Creditor Under The Uniform Commercial Code, Frank R. Kennedy
Michigan Law Review
The thesis of this article is that a trustee cannot exploit the advantage of the lien or security of any creditor unless he can avoid it and displace a creditor. Moreover, when he can and does avoid a lien and displace a creditor, he can enforce the rights of that creditor as against any lien or interest otherwise indefeasible in bankruptcy only to the extent of the lien or security of the creditor he displaces.