Commercial Law Commons^™

Some Suggestions For Nonurgent Reforms In The Ucc's Treatment Of Accommodation Parties, James A. Martin

University of Michigan Journal of Law Reform

Anyone who has studied those provisions of the Uniform Commercial Code (UCC or Code) that deal with accommodation parties-chiefly Sections 3-415, 3-416, and 3-606-knows a certain amount of despair at trying to decipher the meaning of these provisions. Fortunately, most of the problems raised are fairly narrow, and few of them have yet posed significant problems for the courts, either because they have not yet arisen or (more often) because the courts have cut through ambiguous language to reach desirable and justifiable results. Thus, most of the problems discussed below do not cry out for immediate legislative attention. The position …

A Synopsis Of The Major Revisions To Article 9 Of The Uniform Commercial Code Adopted By Virginia, John W. Edmonds Iii

University of Richmond Law Review

When the Uniform Commercial Code became effective in Mississippi and South Carolina on January 1, 1968, it reached its goal of near uniform enactment. Maintaining this achievement of uniform adoption, however, has proven to be most difficult with regard to the Code's treatment of "secured transactions" in Article 9. In 1966, the Permanent Editorial Board 2 noted that there had been 337 non-uniform, non-official amendments to Article 9 of the Code. Accordingly, the Board established a Review Committee to restudy Article 9 in depth and report its findings. The study culminated in the Final Report of the Permanent Editorial Board …

The Abolition Of Self-Help Repossession: The Poor Pay Even More, James J. White

Articles

In this paper I propose to identify possible ways in which a court could uphold the constitutionality of section 9-503 without an explicit rejection of Fuentes v. Shevin. It is my thesis that Fuentes v. Shevin is probably an undesirable outcome, and that the application of the same doctrine to self-help repossession is certainly undesirable and would constitute due process gone berserk. My arguments will not be novel; each has been suggested by the courts that have considered this matter, or by the briefs of the lawyers who have argued these cases. I cannot even claim to have collected the …

Recent Developments Under Article 9 Of The Uniform Commercial Code, Roy L. Steinheimer, Jr.

Legal Scholarship by Dean Steinheimer

No abstract provided.

Enforcing Security Interests In Consumer Goods: Some Notes On The Vicious Cycle, Richard E. Speidel

University of Richmond Law Review

The Uniform Commercial Code (UCC), now effective everywhere except Louisiana, is conspicuously neutral on consumer protection issues, leaving these matters to other laws, if any, in the adopting state. In the past few years, considerable pressure for reform of the consumer credit transaction has been manifested. One example of proposed re- form is the Uniform Consumer Credit Code (UCCC), approved by the National Conference of Commissioners on Uniform State Laws and the American Bar Association, and recommended for adoption by the several states.

Uniform Commercial Code- Breach Of Warranty- Applicable Statute Of Limitations For Personal Injury

University of Richmond Law Review

Statutes of limitation are statutes of repose, the object of which is to compel the exercise of a right of action within a reasonable time. They are designed to suppress fraudulent and stale claims from being asserted after a great lapse of time, to the surprise of the parties, when the evidence may have been lost, the facts may have become obscure because of defective memory, or the witnesses have died or dis- appeared.

Uniform Commercial Code--Sales--Sections 2-508 And 2-608--Limitations On The Perfect-Tender Rule, Michigan Law Review

Michigan Law Review

Section 2-601 of the UCC gives a buyer of goods a right to reject for any nonconformity to the contract specifications. While this section essentially codifies the "perfect tender" rule of pre-Code sales law, it expressly limits that rule by referring to section 2-612, which pertains to installment contracts, and sections 2-718 and 2-719, which allow contractual limitations on remedies. Moreover, other provisions in the Code have the effect of restricting the perfect-tender concept. This Note will examine how the courts have applied two such sections-2-508 and 2-608-to protect the interests of buyers and sellers after tender.

Enforcement Of A Promise In Modern American Law (Gendai Amerikaho Ni Okeru Yakusoku No Kyosei), Whitmore Gray

Articles

A series of seminar lectures given by Whitmore Gray in Tokyo, Japan during October 1968. Six articles were subsequently published in “Kaigai Shojihomu” (The International Business Law Bulletin) between July 1969 and May 1970.

The sixth and final installment describes the history of contractual enforcement in the U.S. and highlights changes introduced through adoption of the UCC.

Representing The Low Income Consumer In Repossessions, Resales And Deficiency Judgment Cases, James J. White

Articles

The goal of this article is to lend a helping hand to the debtor's lawyer in his job of defending deficiency judgment suits brought following the repossession and resale of a debtor's encumbered personal property. Although some of the following discussion is relevant to the defense of any creditor's suit, and some applies to representation of the debtor prior to repossession or resale, the focal point of the discussion is the low-income consumer who has lost his automobile, television or some other "hard good" and has become a defendant in a suit brought by his secured creditor for a deficiency …

The Priority Conflict Between A Purchase Money Security Interest And A Prior Security Interest In Future Accounts Receivable, Howell J. Reeves

Vanderbilt Law Review

Article 9 of the Uniform Commercial Code established an exhaustive scheme for the determination and control of security interest in personal property and fixtures' which is now the law of all but one of the states and the District of Columbia Not the least momentous of the provisions in Article 9 are those that govern priorities among conflicting security interests in the same collateral. The purpose of this inquiry is to examine the rules of priority that the U.C.C. provides for a conflict between the holder of a purchase money security interest in inventory and proceeds and a holder of …

Contracts--Consideration--Inadequacy Of Consideration As A Factor In Determining Unconscionability Under Section 2-302 Of The Uniform Commercial Code, Michigan Law Review

Michigan Law Review

Section 2-302 of the Uniform Commercial Code (Code) provides that a court may refuse to enforce all or part of a contract if it finds that the contract, or any part of it, was unconscionable when made. In American Home Improvement, Inc. v. MacIver the Supreme Court of New Hampshire apparently held that a price substantially in excess of the value of the goods and services sold was sufficient in itself to constitute unconscionability under this provision of the Code. The high price was at least in part attributable to high time-credit charges, and, as noted by the court, the …

Sales--The Uniform Commercial Code And Implied Warranties Of Quality In Sales-Service Transactions, John Campbell Palmer Iv

West Virginia Law Review

No abstract provided.

Defective Automobiles And The U.C.C., William T. Stanley Jr.

Cleveland State Law Review

The automobile warranty disclaimer today is the subject of much controversy and abuse, often with good reason. The automobile purchaser has long suffered from being on the sticky end of a contract of adhesion. Those who own automobiles have all too often had unpleasant experiences with patent flaws, latent defects and shoddy repairs. But sympathy is generally coming to lie with the "aggrieved" buyer, and the warranty disclaimer is now under siege. Two interrelated topics will be covered in this discussion: warranty disclaimers under Henningsen v. Bloomfield Motors and under the Uniform Commercial Code (hereinafter referred to as "Code"); and …

Remedies For Breach Under The Uniform Commercial Code (Ucc Ni Okeru Keiyaku Furiko Ni Taisuru Kyusai), Whitmore Gray

Articles

A series of seminar lectures given by Whitmore Gray in Tokyo, Japan during October 1968. Six articles were subsequently published in “Kaigai Shojihomu” (The International Business Law Bulletin) between July 1969 and May 1970. The fifth installment discusses the difficulty of remedies and various methods of enforcement.

Contract Formation Under The Uniform Commercial Code (Ucc Ni Okeru Keiyaku No Seiritsu), Whitmore Gray

Articles

A series of seminar lectures given by Whitmore Gray in Tokyo, Japan during October 1968. Six articles were subsequently published in “Kaigai Shojihomu” (The International Business Law Bulletin) between July 1969 and May 1970.

The second installment discusses issues related to requirements compelling completion of a contract or pushing the issue to court.

The Role Of The Uniform Commercial Code In American Law (Beikokuho Ni Okeru Ucc No Ichi), Whitmore Gray

Articles

A series of seminar lectures given by Whitmore Gray in Tokyo, Japan during October 1968. Six articles were subsequently published in “Kaigai Shojihomu” (The International Business Law Bulletin) between July 1969 and May 1970.

The first installment provides a basic introduction to the UCC and its implementation into the U.S. legal system.

Contract Interpretation And The Uniform Commercial Code (Ucc Ni Okeru Keiyaku No Kaishaku), Whitmore Gray

Articles

A series of seminar lectures given by Whitmore Gray in Tokyo, Japan during October 1968. Six articles were subsequently published in “Kaigai Shojihomu” (The International Business Law Bulletin) between July 1969 and May 1970. The third installment introduces the basic principles of contract interpretation.

Contract Interpretation Under The Uniform Commercial Code (Ucc Ni Okeru Keiyaku No Kaishaku), Whitmore Gray

Articles

A series of seminar lectures given by Whitmore Gray in Tokyo, Japan during October 1968. Six articles were subsequently published in “Kaigai Shojihomu” (The International Business Law Bulletin) between July 1969 and May 1970.

The fourth installment discusses further considerations and principles that impact contract interpretation.

Preferential Transfers On The Eve Of The Bankruptcy Amendments, Richard M. Kohn

University of Michigan Journal of Law Reform

While secured lenders may have been content to ride the crest of judicial legislation, the only permanent solution to the problem lie in amending either the Bankruptcy Act, the Uniform Commercial Code, or both. This at least is the view taken by the National Bankruptcy Conference's Committee on Coordination of the Uniform Commercial Code and Bankruptcy Act. Since its first meeting in June 1966, the Committee has focused its attention primarily upon the validity, in bankruptcy proceedings, of Article 9 security interests in after-acquired property. In September 1967, the Committee submitted to the Bankruptcy Conference its first draft of a …

Presumptions, Burden Of Proof And The Uniform Commercial Code, W. Harold Bigham

Vanderbilt Law Review

The Uniform Commercial Code' represents an attempt to codify,to clarify and to improve the substantive law of commercial transactions. Even a summary examination of the Code impresses one with the magnitude of this ambitious undertaking to reform so huge a body of substantive law. Inevitably, such a project must shade over into areas of adjective law and problems of proof. Whether through inadvertence or failure of the draftsmen to solicit the aid of persons whose expertise is outside the substantive law of commercial transactions, it is precisely at the points where substantive and procedural law meet in the Uniform Commercial …

"Good Faith" In General Contract Law And The Sales Provisions Of The Uniform Commercial Code, Robert S. Summers

Cornell Law Faculty Publications

No abstract provided.

Current Developments Under Ucc - Article 9, Roy L. Steinheimer, Jr.

Legal Scholarship by Dean Steinheimer

No abstract provided.

Review Of The Validity Of Sales Contracts: A Comparative Study, Whitmore Gray

Reviews

These 2 volumes are a slightly revised version of the substantive reports prepared by the Max Planck Institute in Hamburg (Director: Professor Konrad Zweigert) for the Rome Institute for the Unification of Private Law. They were designed to serve as a basis for the elaboration and discussion of a new uniform law on this subject matter, which would supplement the 1964 Hague conventions on a Uniform Law on the International Sale of Goods and Uniform Law on the Formation of Contract for the International Sale of Goods.

The Uniform Commercial Code Comes Of Age, Roy L. Steinheimer Jr.

Michigan Law Review

Once upon a time back in the elegant and well-ordered Victorian age, a new organization known as the National Conference of State Boards of Commissioners for Promoting Uniformity of Legislation in the United States undertook the task of drafting a Negotiable Instruments Law (NIL) for adoption by the legislatures of the various states. The law was finally prepared and recommended by the Commissioners for adoption in 1896, and, by December of 1900, fifteen states had adopted it. In that month, Dean Ames, of the Harvard Law School, loosed a blast at this new law in an article in the Harvard …

Secured Transactions-Insurance-A Security Interest In The "Proceeds" Of Secured Collateral Does Not Include Insurance Proceeds-Universal C.I.T. Corp. V. Prudential Investment Corp., Michigan Law Review

Michigan Law Review

In return for a loan, a debtor executed a promissory note to codefendant, Prudential Investment Corporation, and entered into a written agreement to secure this note, designating as collateral a semi-tractor and the proceeds therefrom. Under this type of arrangement, Prudential's security interest would attach automatically to any property received from a sale, exchange, or other disposition of the tractor. Petitioner, Universal C.I.T. Corp., held the conditional sales contract which was executed in financing the purchase of the tractor and was named as loss payee in the insurance contract covering the tractor. When the tractor was totally destroyed, petitioner collected …

Government Contracts-Adoption Of Uniform Commercial Code As The Applicable Federal Law In An Action For Breach Of Government Contract-United States V. Wegematic Corp., Michigan Law Review

Michigan Law Review

Appellant contracted to supply the Federal Reserve Board with a "truly revolutionary" electronic digital computing system. After twice requesting postponement of the delivery date, appellant informed the Board that delivery under the terms of the contract would be impracticable because of unforeseen engineering difficulties that would require at least one year and one million dollars to overcome. Appellant asked for cancellation of the contract, but the Board refused and brought a suit for damages. Both parties conceded that federal law governed the action; appellant, however, argued that section 2-615 of the Uniform Commercial Code (Code) should be adopted as the …

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 …

The Uniform Commercial Code Comes Of Age, Roy L. Steinheimer, Jr.

Legal Scholarship by Dean Steinheimer

No abstract provided.

Bank Statements, Cancelled Checks, And Article Four In The Electronic Age, Norman Penney

Michigan Law Review

My task was to prepare a short article dealing in some depth with specific problems which have arisen under Article Four of the Uniform Commercial Code (Code). Unfortunately for purposes of criticism, but happily for those affected by Article Four, a canvass of recent reported cases as well as bank operations people and bank counsel has revealed very few problems of any significance to either the general practitioner or even the so-called commercial law specialist. This prompts two comments: (1) Article Four seems to be working so smoothly that to develop a "problem" would be to make a mountain out …

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.