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The End Of Notice: Secrets And Liens In Commercial Finance Law, Jonathan C. Lipson

ExpressO

This article explores important recent changes in the way that we treat personal property in commercial finance transactions. Among other things, these changes reduce or eliminate the obligation to give notice of interests in personal property when it is used in commercial finance transactions (as, e.g., collateral for a loan).

A principal purpose of notice-filing has been to deter the creation of secret liens, interests in property that are neither recorded nor otherwise readily observable. Secret liens are universally castigated as abhorrent.

Yet, two recent sets of legislative developments suggest that we may care much less about the problem of …

Secrets And Liens: Verification And Measurement In Commercial Finance Law, Jonathan C. Lipson

ExpressO

This article argues that commercial finance law increasingly uses contract rules to displace property rules, especially as these rules pertain to verifying and measuring property interests. In this context, verification simply means confirming the existence of a property interest, such as a lien or security interest. Measurement means determining the relationships of various property interests to one another (i.e., the priority of interests).

Historically, commercial finance law – in particular the Uniform Commercial Code, which governs loans secured by personal property – provided that something would be treated as “property” only if its property character was fairly easy to discover. …

Valuation Averaging: A New Procedure For Resolving Valuation Disputes, Keith Sharfman

Rutgers Law School (Newark) Faculty Papers

In this Article, Professor Sharfman addresses the problem of "discretionary valuation": that courts resolve valuation disputes arbitrarily and unpredictably, thus harming litigants and society. As a solution, he proposes the enactment of "valuation averaging," a new procedure for resolving valuation disputes modeled on the algorithmic valuation processes often agreed to by sophisticated private firms in advance of any dispute. He argues that by replacing the discretion of judges and juries with a mechanical valuation process, valuation averaging would cause litigants to introduce more plausible and conciliatory valuations into evidence and thereby reduce the cost of valuation litigation and increase the …

Developments In Trading Claims And Taking Control Of Corporations In Chapter 11, Chaim J. Fortgang, Thomas Moers Mayer

Cardozo Law Review

No abstract provided.

Claims And Control In Chapter 11 Cases: A Call For Neutrality, Herbert P. Minkel Jr., Cynthia A. Baker

Cardozo Law Review

No abstract provided.

Involuntary Fraudulent Transfers, Frank R. Kennedy

Cardozo Law Review

No abstract provided.

Intragroup (Upstream, Cross-Stream, And Downstream) Guaranties Under The Uniform Fraudulent Transfer Act, Phillip I. Blumberg

Cardozo Law Review

No abstract provided.

Timing Of Payments By Check Under Section 547 Of The Bankruptcy Code, Azita Gorton

Cardozo Law Review

No abstract provided.

Standby Letters Of Credit And Fraud (Is The Standby Only Another Invention Of The Goldsmiths In Lombard Street?), John F. Dolan

Cardozo Law Review

No abstract provided.

Judicial Lien Priorities Under Article 9 Of The Uniform Commercial Code: Part I, David G. Carlson, Paul M. Shupack

Cardozo Law Review

No abstract provided.

Article 9 Security Interests As Voidable Preferences: Part Ii The Floating Lien, Irving A. Breitowitz

Cardozo Law Review

No abstract provided.

Secured Transactions - What Floats Can Be Sunk, Jack B. Justice

Villanova Law Review (1956 - )

No abstract provided.