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The Non-Uniform Commercial Code: The Creeping, Problematic Application Of Article 9 To Determine Outcomes In Foreclosure Cases, Morgan L. Weinstein
The Non-Uniform Commercial Code: The Creeping, Problematic Application Of Article 9 To Determine Outcomes In Foreclosure Cases, Morgan L. Weinstein
The University of New Hampshire Law Review
[Excerpt] “This article will discuss the operation of two portions of the Uniform Commercial Code (“U.C.C.”) on mortgage foreclosure law. Article 3 of the U.C.C. governs negotiable instruments, whereas Article 9 governs secured transactions. For decades, courts have utilized Article 3 to determine the rights of lenders and their assigns to enforce mortgage promissory notes and to foreclose mortgages thereon. However, certain jurisdictions do not utilize the U.C.C. in foreclosure cases, whereas other jurisdictions have recently begun to look to Article 9 instead. This article argues that the Uniform Commercial Code should receive more uniform application, with Article 3 as …
Mission Impracticable: The Impossibility Of Commercial Impracticability, Jennifer Camero
Mission Impracticable: The Impossibility Of Commercial Impracticability, Jennifer Camero
The University of New Hampshire Law Review
[Excerpt] “Residents of Chicago’s Streeterville neighborhood certainly cannot forget the recent financial crisis thanks to a gaping hole in their midst. That hole is to be the home of the Spire, the tallest building in the Northern Hemisphere, at 2,000 feet high with 1,194 residences ranging in price from $750,000 for a studio to $40 million for the penthouse. The developer, Shelbourne Development Group, Inc., began construction in 2007 using its own funds. It also obtained “starter” funds from Bank of America via a loan agreement that required Shelbourne to demonstrate proof of a construction loan by November 1, 2008. …