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Certainty, Efficiency, And Realism: Rights In Collateral Under Article 9 Of The Uniform Commercial Code, Margit Livingston
Certainty, Efficiency, And Realism: Rights In Collateral Under Article 9 Of The Uniform Commercial Code, Margit Livingston
College of Law Faculty
Article 9 of the Uniform Commercial Code requires that the debtor have "rights in the collateral" for the attachment of a security interest. The drafters, however, left the determination of the phrase's meaning to the courts. This article argues that the requirement of "rights in the collateral" is unnecessary as it relates to tangible goods and should be deleted from Article 9. As an alternative to the uncertainty engendered by the phrase, the article proposes substituting a set of notice and priority rules that more clearly define the rights and obligations of the parties undertaking an Article 9 transaction involving …
Work And Play In Revising Article 9 (Symposium On The Revision Of Article 9 Of The Uniform Commercial Code), James J. White
Work And Play In Revising Article 9 (Symposium On The Revision Of Article 9 Of The Uniform Commercial Code), James J. White
Articles
For Professors Harris and Mooney the time has come to distinguish between work and play. Debating whether security is efficient is play. Revising Article 9 is work. Even Professor Schwartz does not argue for the abolition of Article 9; he merely reiterates the "puzzle" of secured credit and argues in his playful fashion that security might not be efficient.' Were it not for the fact that this debate might give us some insights about certain priority rules (such as those having to do with purchase money), it would be pure intellectual masturbation, a game with no purpose other than to …