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Full-Text Articles in Law

Untangling Attorney Retainers From Creditor Claims, Cassandra Burke Robertson, Jesse T. Wynn Jan 2022

Untangling Attorney Retainers From Creditor Claims, Cassandra Burke Robertson, Jesse T. Wynn

St. Mary's Journal on Legal Malpractice & Ethics

Clients will often use a retainer to secure an attorney’s representation. But clients in economic distress may have creditors that are eager to access the client’s funds in the attorney’s hands. Attorneys, clients, courts, and regulators have struggled to understand who has the best claim to such retainer funds. In this Article, we attempt to untangle the most common areas of confusion. We conclude that Article 9 of the Uniform Commercial Code (UCC) offers strong protection for an attorney’s interest in client retainers through security interests, even though some courts have misapplied the UCC in this ...


Creating Cryptolaw For The Uniform Commercial Code, Carla L. Reyes Oct 2021

Creating Cryptolaw For The Uniform Commercial Code, Carla L. Reyes

Washington and Lee Law Review

A contract generally only binds its parties. Security agreements, which create a security interest in specific personal property, stand out as a glaring exception to this rule. Under certain conditions, security interests not only bind the creditor and debtor, but also third-party creditors seeking to lend against the same collateral. To receive this extraordinary benefit, creditors must put the world on notice, usually by filing a financing statement with the state in which the debtor is located. Unfortunately, the Uniform Commercial Code (U.C.C.) Article 9 filing system fails to provide actual notice to interested parties and introduces risk ...


Law Library Blog (October 2021): Legal Beagle's Blog Archive, Roger Williams University School Of Law Sep 2021

Law Library Blog (October 2021): Legal Beagle's Blog Archive, Roger Williams University School Of Law

Law Library Newsletters/Blog

No abstract provided.


Secured Transactions Law Reform In Japan: Japan Business Credit Project Assessment Of Interviews And Tentative Policy Proposals, Megumi Hara, Kumiko Koens, Charles W. Mooney Jr. Apr 2021

Secured Transactions Law Reform In Japan: Japan Business Credit Project Assessment Of Interviews And Tentative Policy Proposals, Megumi Hara, Kumiko Koens, Charles W. Mooney Jr.

Faculty Scholarship at Penn Law

This article summarizes key findings from the Japan Business Credit Project (JBCP), which involved more than 30 semi-structured interviews conducted in Japan from 2016 through 2018. It was inspired by important and previously unexplored questions concerning secured financing of movables (business equipment and inventory) and claims (receivables)—“asset-based lending” or “ABL.” Why is the use of ABL in Japan so limited? What are the principal obstacles and disincentives to the use of ABL in Japan? The interviews were primarily with staff of banks, but also included those of government officials and regulators, academics, and law practitioners. The article proposes reforms ...


The Uniform Commercial Code Survey: Introduction, Colin P. Marks Jan 2021

The Uniform Commercial Code Survey: Introduction, Colin P. Marks

Faculty Articles

The survey that follows highlights the most important developments of 2020 dealing with domestic and international sales of goods, personal property leases, payments letters of credit, documents of title, investment securities, and secured transactions.


When Is A Warranty Not A Warranty?: Deconstructing The Magnuson-Moss Warranty Act’S Narrow Definition Of “Warranty”, Colin P. Marks Jan 2021

When Is A Warranty Not A Warranty?: Deconstructing The Magnuson-Moss Warranty Act’S Narrow Definition Of “Warranty”, Colin P. Marks

Faculty Articles

Prior to the adoption of the Uniform Commercial Code (“UCC”), warranties of goods required reliance on the affirmation or promise relating to the goods for liability to attach. The UCC changed this standard from a reliance standard to a “basis of the bargain” standard. This shift has caused much confusion as to whether the new standard was meant to completely eliminate reliance as a relevant factor, or if reliance still plays a primary role in warranty analysis. Adding to this area of law is the Magnuson-Moss Warranty Act (“MMWA” or “the Act”), which was enacted to address concerns that sellers ...


Pervasive Infancy: Reassessing The Contract Capacity Of Adults In Modern America, Michael S. Lewis Nov 2020

Pervasive Infancy: Reassessing The Contract Capacity Of Adults In Modern America, Michael S. Lewis

The University of New Hampshire Law Review

This article argues that the law of consumer contracts should permit adults to access the same protections available to children where data about adult performance indicates that the two categories of people are similarly situated within the domain of consumer contracts. In making this claim, this article relies upon a description of capacity articulated by Professor Martha Nussbaum in her important work on the subject. Professor Nussbaum explains that capacity is a function, not only of a person’s innate capabilities, but of a person’s opportunity or ability to deploy those capabilities within environmental limitations. Capacity to contract in ...


Commercial Law Intersections, Giuliano Castellano, Andrea Tosato Apr 2020

Commercial Law Intersections, Giuliano Castellano, Andrea Tosato

Faculty Scholarship at Penn Law

Commercial law is not a single, monolithic entity. It has grown into a dense thicket of subject-specific branches that govern a broad range of transactions and corporate actions. When one of these events falls concurrently within the purview of two or more of these commercial law branches - such as corporate law, intellectual property law, secured transactions law, conduct and prudential regulation - an overlap materializes. We refer to this legal phenomenon as a commercial law intersection (CLI). Some notable examples of transactions that feature CLIs include bank loans secured by shares, supply chain financing arrangements, patent cross-licensing, and blockchain-based initial coin ...


The Economics Of Leasing, Thomas W. Merrill Jan 2020

The Economics Of Leasing, Thomas W. Merrill

Faculty Scholarship

Leasing may be the most important legal institution that has received virtually no systematic scholarly attention. Real property leasing is familiar in the context of residential tenancies. But it is also widely used in commercial contexts, including office buildings and shopping centers. Personal property leasing, which was rarely encountered before World War II, has more recently exploded on a world-wide basis, with everything from autos to farm equipment to airplanes being leased. This article seeks to develop a composite picture of the defining features of leases and why leasing is such a widespread and highly successful economic institution. The reasons ...


Touching, Tapping, And Talking: The Formation Of Contracts In Cyberspace, Mark E. Budnitz Jul 2019

Touching, Tapping, And Talking: The Formation Of Contracts In Cyberspace, Mark E. Budnitz

Mark E. Budnitz

No abstract provided.


Touching, Tapping, And Talking: The Formation Of Contracts In Cyberspace, Mark E. Budnitz Jan 2019

Touching, Tapping, And Talking: The Formation Of Contracts In Cyberspace, Mark E. Budnitz

Nova Law Review

No abstract provided.


Disrupting Secured Transactions, Christopher G. Bradley Jan 2019

Disrupting Secured Transactions, Christopher G. Bradley

Law Faculty Scholarly Articles

Article 9 of the Uniform Commercial Code (UCC) governs secured transactions in personal property in all fifty states and has been lauded as “the most successful commercial statute ever.” But while Article 9 has facilitated commerce and economic growth, it remains complicated and inefficient in numerous respects. Its weaknesses are well known but have been considered necessary evils, accepted because no better approaches were available. But just as the UCC was motivated initially by the idea of streamlining the law to accommodate modern commerce, now that goal should motivate revision of the UCC itself.

This Article proposes to remove and ...


Social Justice And Deposit Return Calculations: A Study Of Success And Failure In Commercial Law Reform, William H. Widen Jan 2019

Social Justice And Deposit Return Calculations: A Study Of Success And Failure In Commercial Law Reform, William H. Widen

Articles

No abstract provided.


Fraud, Letters Of Credit, And The Uniform Commercial Code: It Is Time To Untether The Independence Principle, Richard Flint Jan 2019

Fraud, Letters Of Credit, And The Uniform Commercial Code: It Is Time To Untether The Independence Principle, Richard Flint

Faculty Articles

The purpose of this Article is to evaluate the efficacy of the fraud exception to the independence principle in letters of credit law in the case of both commercial and standby letters of credit. In doing so, a primary focus will be to identify which of the various parties to a letter of credit transaction the present fraud exception "protects" and to evaluate the policy justifications for why these persons are viewed by the law to be eligible recipients of protection.


The Myth Of Trade Usages: A Talk, Lisa Bernstein Jun 2018

The Myth Of Trade Usages: A Talk, Lisa Bernstein

Barry Law Review

No abstract provided.


Remedies In The Ucc: Some Critical Thoughts, Victor Goldberg Jun 2018

Remedies In The Ucc: Some Critical Thoughts, Victor Goldberg

Barry Law Review

No abstract provided.


Uniform Commercial Code Article Two Revisions: The View Of The Trenches, Henry Gabriel Jun 2018

Uniform Commercial Code Article Two Revisions: The View Of The Trenches, Henry Gabriel

Barry Law Review

No abstract provided.


The Revision Of Article 2: Commercial Sellers Vs. Consumer Buyers Appendix, James J. White Jun 2018

The Revision Of Article 2: Commercial Sellers Vs. Consumer Buyers Appendix, James J. White

Barry Law Review

No abstract provided.


Foreword, Leticia Diaz Jun 2018

Foreword, Leticia Diaz

Barry Law Review

No abstract provided.


Article 2 Of The Ucc: Some Thoughts On Success Or Failure In The Twenty-First Century, Robert A. Hillman Jun 2018

Article 2 Of The Ucc: Some Thoughts On Success Or Failure In The Twenty-First Century, Robert A. Hillman

Barry Law Review

No abstract provided.


The Revision Of Article 2: Commercial Sellers Vs. Consumer Buyers, James J. White Jun 2018

The Revision Of Article 2: Commercial Sellers Vs. Consumer Buyers, James J. White

Barry Law Review

No abstract provided.


Domestic Asset Tracing And Recovery Of Hidden Assets And The Spoils Of Financial Crime, Nathan Wadlinger, Carl Pacini, Nicole Stowell, William Hopwood, Debra Sinclair Jun 2018

Domestic Asset Tracing And Recovery Of Hidden Assets And The Spoils Of Financial Crime, Nathan Wadlinger, Carl Pacini, Nicole Stowell, William Hopwood, Debra Sinclair

St. Mary's Law Journal

Abstract forthcoming


Not So Good: The Classification Of “Smart Goods” Under Ucc Article 2, Chadwick L. Williams Feb 2018

Not So Good: The Classification Of “Smart Goods” Under Ucc Article 2, Chadwick L. Williams

Georgia State University Law Review

Refrigerators can now tweet. Today, almost sixty years after the states widely adopted the Uniform Commercial Code (UCC), the line between goods and services is more blurred than ever. When the UCC was drafted, a good was the simple opposite of a service. A good was something “movable” and tangible, and a service was not. Article 2 of the UCC, which governs sales, limits its scope to goods.

However, because Article 2 was drafted long before the proliferation of so-called “smart goods,” courts continuously struggle to determine when a smart good falls within Article 2’s scope. Courts have developed ...


Commodifying Consumer Data In The Era Of The Internet Of Things, Stacy-Ann Elvy Jan 2018

Commodifying Consumer Data In The Era Of The Internet Of Things, Stacy-Ann Elvy

Articles & Chapters

Internet of Things (“IOT”) products generate a wealth of data about consumers that was never before widely and easily accessible to companies. Examples include biometric and health-related data, such as fingerprint patterns, heart rates and calories burned. This Article explores the connection between the types of data generated by the IOT and the financial frameworks of Article 9 of the Uniform Commercial Code and the Bankruptcy Code. It critiques these regimes, which enable the commodification of consumer data, as well as laws aimed at protecting consumer data, such as the Bankruptcy Abuse Prevention and Consumer Protection Act, various state biometric ...


Do We Need A Global Commercial Code?, Michael Joachim Bonell Oct 2017

Do We Need A Global Commercial Code?, Michael Joachim Bonell

Dickinson Law Review

The International Institute for the Unification of Private Law (UNIDROIT) first launched the idea of preparing a code of inter- national trade law. In 1970, the Secretariat of UNIDROIT submitted a note to the newly established United Nations Commission on International Trade Law (UNCITRAL) in justification of such an initiative and indicated some of the salient features of the project. What was proposed was a veritable code in the continental sense. The proposed code included two parts: part one dealing with the law of obligations generally, and part two relating to specific kinds of commercial transactions. However, the “Progressive codification ...


Purchase Of Consumer Paper And Subjection To Collateral Forces, Benjamin Geva Jun 2017

Purchase Of Consumer Paper And Subjection To Collateral Forces, Benjamin Geva

Benjamin Geva

The purchase of commercial paper issued in return for consumer goods [hereinafter referred to as consumer paper] is a common and wide-spread sales financing practice. Various judicial techniques and legislative schemes have been employed to disqualify purchasers of consumer paper from becoming holders in due course [hereinafter referred to as HDC], thus rendering these purchasers subject to defenses to the instrument based upon consumer dissatisfaction with the goods. Underlying the denial of HDC sttus to purchasers of consumer paper are the following premises: (1) the sale of consumer goods is not a commercial transaction and should not be governed by ...


Hybrid Transactions And The Internet Of Things: Goods, Services, Or Software?, Stacy-Ann Elvy Jan 2017

Hybrid Transactions And The Internet Of Things: Goods, Services, Or Software?, Stacy-Ann Elvy

Washington and Lee Law Review

The Internet of Things (IOT) has been described by the American Bar Association as “one of the fastest emerging,” potentially most “transformative and disruptive technological developments” in recent years. The security risks posed by the IOT are immense and Article 2 of the UCC should play a central role in determinations regarding liability for vulnerable IOT products. However, the lack of explicit clarity in the UCC on how to evaluate Article 2’s applicability to hybrid transactions that involve the provision of goods, services, and software has led to conflicting case law on this issue, which contradicts the UCC’s ...


Hybrid Transactions And The Internet Of Things: Goods, Services, Or Software?, Stacy-Ann Elvy Jan 2017

Hybrid Transactions And The Internet Of Things: Goods, Services, Or Software?, Stacy-Ann Elvy

Articles & Chapters

The Internet of Things (IOT) has been described by the American Bar Association as "one of the fastest emerging," potentially most "transformative and disruptive technological developments" in recent years. Thesecurity risks posed by the IOT are immense and Article 2 of the UCC should play a central role in determinations regarding liability for vulnerable IOT products. However, the lack of explicit clarity in the UCC on how to evaluate Article 2's applicability to hybrid transactions that involve the provision of goods, services, and software has led to conflicting case law on this issue, which contradicts the UCC's stated ...


Conceptualizing Cryptolaw, Carla Reyes Jan 2017

Conceptualizing Cryptolaw, Carla Reyes

Faculty Journal Articles and Book Chapters

Sweden transfers its real property recording system to the blockchain, a software protocol that enables public, cryptographically secure transaction verification without reliance upon a trusted third party. Dubai plans to issue blockchain-based government documents. The United States Department of Health and Human Services investigates blockchain-based systems for managing health data. Illinois explores blockchain-based applications for use in the Illinois government. News of governments and public-private partnerships developing blockchain-based legal applications increasingly splash across the headlines; however the law-makers using blockchain and other Distributed Ledger Technology (DLT) systems to implement legal processes do not systematically consider the broader implications of their ...


Security Interests In Book-Entry Securities In Japan: Should Japanese Law Embrace Perfection By Control Agreement And Security Interests In Securities Accounts?, Kumiko Koens, Charles W. Mooney Jr. Jan 2017

Security Interests In Book-Entry Securities In Japan: Should Japanese Law Embrace Perfection By Control Agreement And Security Interests In Securities Accounts?, Kumiko Koens, Charles W. Mooney Jr.

Faculty Scholarship at Penn Law

The paper proposes two significant modifications of Japan’s Act on Transfer of Bonds, Shares, etc. (BETA). First, it suggests the control agreement method of transferring an interest in securities that is effective against third parties. Under the BETA, the creation of an effective interest in book-entry securities requires book entries in the securities accounts of the transferor and the transferee. Under the control agreement approach, the transferor, transferee, and the transferor’s securities intermediary would agree that (i) the intermediary would act on the instructions of the transferee with respect to securities credited to the transferor’s securities account ...