Secured Transactions Commons^™

203 N. Lasalle Five Years Later: Answers To The Open Questions, 38 J. Marshall L. Rev. 61 (2004), Paul B. Lewis

UIC Law Review

No abstract provided.

Treatment Of Real Property Liens In Bankruptcy Cases, 38 J. Marshall L. Rev. 171 (2004), Gerald F. Munitz

UIC Law Review

No abstract provided.

Remembering Pine Gate, 38 J. Marshall L. Rev. 5 (2004), Douglas G. Baird

UIC Law Review

No abstract provided.

Creditors' Rights Risk: A Title Insurer's Perspective, 38 J. Marshall L. Rev. 223 (2004), Paul L. Hammann, John C. Murray

UIC Law Review

No abstract provided.

Death And Resurrection Of Secured Credit, James J. White

Articles

The Bankruptcy Reform Act of 1978 (the Code) posed palpable threats to secured creditors. It was drafted by a commission that was at least as concerned with the rights of debtors as with the rights of creditors. It was modified and adopted by a Congress that might have been the most liberal since World War II and signed into law by President Carter at the apogee of the left's power, two years before the Reagan election that marked the rise of the right and the beginning of the left's decline. The power of the left was exerted most forcefully on …

Impossible, Impracticable, Or Just Expensive? Allocation Of Expense Of Ancillary Risk In The Cmbs Market, 36 J. Marshall L. Rev. 653 (2003), Georgette Chapman Poindexter

UIC Law Review

No abstract provided.

A Day In The Life Of A Residential Mortgage Defendant, 36 J. Marshall L. Rev. 687 (2003), Harold L. Levine

UIC Law Review

No abstract provided.

Is Revised Ucc Article 9 An Anti-Bankruptcy Act? Yes, G. Ray Warner

Faculty Publications

(Excerpt)

Professor Harrell's article is an excellent addition to the discussion that I hoped to stimulate with my article on the bankruptcy implications of the Article 9 revision. I will not attempt here to respond to each specific point he has made, as I believe that my original article adequately sets forth my views.

I was, and I remain, convinced that the Article 9 revision project had as an agenda changing bankruptcy law and I believe that, as a result, the drafters exceeded the proper role of a non-governmental, state-based, supposedly neutral, law reform institution. My earlier anti-bankruptcy article was …

Secured Credit And Insolvency Law In Argentina And The U.S.: Gaining Insight From A Comparative Perspective, Guillermo A. Moglia Claps, Julian B. Mcdonnell

Scholarly Works

It is not the purpose of this study to argue for or against changes in the secured credit or insolvency law of Argentina or the U.S. The perpetual clash of interested noted by James Madison and the contemporary pressures of the global economy are likely to assure that these areas of law will be subject to continuing scrutiny in both countries. Instead, we first urge that the law governing the creation and enforcement of security devices and the way in which insolvency laws impact these devices be considered together as part of one system of financing. The power which secured …

Reorganizations And Stochastic Collateral Value, Royce De R. Barondes

Faculty Publications

Bebchuk and Fried propose using a series of auctions to implement a market-based methodology for valuing secured claims in a reorganization. This Article demonstrates their procedure can result in a secured creditor receiving more than its ex ante bargain, and that the probability distribution of possible collateral values can be relevant to fulfilling the ex ante bargain. This Article further develops and examines a refinement of the Bebchuk and Fried procedure that provides an approximate solution to the overcompensation of secured creditors. This refinement reconceptualizes collateral as comprising two components: (i) a call option on that property, exercisable at the …

The Anti-Bankruptcy Act: Revised Article 9 And Bankruptcy, G. Ray Warner

Faculty Publications

(Excerpt)

The articles in this symposium issue of the American Bankruptcy Institute Law Review attempt to analyze some of the major effects that the 1999 revision of Article 9 of the Uniform Commercial Code will have on bankruptcy law and bankruptcy practice. It is a hazardous activity to attempt to predict in advance the impact of new legislation. That problem is exacerbated when the new law is as extensive and complicated as the revised Article 9. At this early pre-effective date stage, only the more obvious intersections between Article 9 and the bankruptcy laws are easy to anticipate and examine. …

The Slippery Slope To Bankruptcy - Should Some Claimants Get A 'Carve-Out' From Secured Credit? No: It's A Populist Craving For A Petit Bourgeois Valhalla, James J. White

Articles

In 1996, Professor Elizabeth Warren made a proposal to the American Law Institute and the Drafting Committee for Article 9 for a “20 percent set aside” for unsecured claimants. As I understand it, her proposal would amend Section 9-301 of Article 9 (the section that now implicitly subordinates a lien creditor to a prior perfected secured creditor).

The Immovable Object Versus The Irresistable Force: Rethinking The Relationship Between Secured Credit And Bankruptcy Policy, Lawrence Ponoroff, F. Stephen Knippenberg

Michigan Law Review

The last leaf in O. Henry's classic short story was hanging by a delicate thread, but it never fell. It never fell, of course, because it wasn't real; Old Behrman had painted it (and caught pneumonia for his trouble) in order to give Johnsy the will to live. The Supreme Court's decision in Dewsnup v. Timm is also hanging by a thread, following a barrage of scholarly criticism and more than four years of limiting case law and legislative incursions on the case's core conceptual rationale. But the holding in Dewsnup, unlike the last leaf, is very real. It has …

Rethinking Professor Westbrook's Two Thoughts About Insider Preferences, Peter A. Alces

Faculty Publications

No abstract provided.

Revising Article 9 To Reduce Wasteful Litigation, James J. White

Articles

For reasons that are unclear to me, the committees reviewing the articles of the Uniform Commercial Code and drafting revisions are congenitally conservative. Perhaps these committees take their charge too seriously, namely, to revise, not to revolutionize. Perhaps their intimate knowledge of the subject matter exaggerates the importance of each section and consequently magnifies the apparent size of every change. In any case, my own experience with two such committees tells me that the members quickly become focused on revisions and amendments that any outsider would describe as modest. To the extent that the revision of any of the articles …

Preference Conundrums, James J. White, Daniel Israel

Articles

Every law teacher and many law students and practitioners understand the intellectual sport to be found in Section 547 on preference law. Because the preference rules are so intricate, rigorously logical-but really not logical-they command more than their fair attention, not only in law school but also in continuing legal education and even in the courts. Our purpose in this article is not to answer any of the difficult questions or to give a global explanation of preference law. Rather it is to confront a few of the conundrums in Section 547 and to follow the paths of those conundrums …

Deferred Cash Payments To Secured Creditors In Cram Down Of Chapter 11 Plans: A Matter Of Interest, Waltraud S. Scott

Washington Law Review

What is the present value of deferred payments made to secured creditors under a Chapter 11 reorganization plan? Courts agree that the present value depends on the interest rate that is used to compute the payments' value. They cannot agree, however, on how the proper interest rate should be determined. In their attempts to set a proper interest rate, most courts travel down the dead-end road of market rate analysis. Bogged down in the intricacies of this analysis, courts frequently ignore their fundamental role in bankruptcy proceedings: Resolving the tension between giving creditors protection while giving debtors a chance to …

Deferred Cash Payments To Secured Creditors In Cram Down Of Chapter 11 Plans: A Matter Of Interest, Waltraud S. Scott

Washington Law Review

What is the present value of deferred payments made to secured creditors under a Chapter 11 reorganization plan? Courts agree that the present value depends on the interest rate that is used to compute the payments' value. They cannot agree, however, on how the proper interest rate should be determined. In their attempts to set a proper interest rate, most courts travel down the dead-end road of market rate analysis. Bogged down in the intricacies of this analysis, courts frequently ignore their fundamental role in bankruptcy proceedings: Resolving the tension between giving creditors protection while giving debtors a chance to …

Bankruptcy Code Section 547(C)(5) And The Elusive Two-Point Net Improvement Test: New Math Meets Old Law, Steven D. Cook

BYU Law Review

No abstract provided.

The Transformation Rule Under Section 522 Of The Bankruptcy Code Of 1978, Raymond B. Check

Michigan Law Review

This Note rejects the statutory arguments that have been advanced in favor of the transformation rule, and argues that the rule is inconsistent with both the policies motivating section 522 of the Bankruptcy Code and the overall purposes of the U.C.C. priority system. Part I examines the treatment of purchase money security in the U.C.C. scheme. It also describes the exemption provisions of the 1978 Bankruptcy Code and the legislative concerns that shaped those provisions. Part II summarizes the judicial adoption of the transformation rule and the statutory basis relied upon by courts in applying it. Part III argues that …

Efficiency Justifications For Personal Property Security, James J. White

Articles

In February of 1983 Pan American World Airways issued 100 million dollars of convertible secured notes. As security for these notes it put up three Boeing 747 SP aircraft, two 747-100 aircraft, and one McDonnell Douglas DC10-30. The appraised value of these aircraft was 157 million dollars. To the extent possible under the law, Pan American made these aircraft subject to the claims of the owners of the new notes. On default, the note holders would have the first claim on these aircraft, would have the right to repossess them outside of bankruptcy, and would have the right to the …

State Action And Statutory Liens In Arkansas–A Rejoinder To Professor Maltz, Steve H. Nickles

University of Arkansas at Little Rock Law Review

No abstract provided.

State Action And Statutory Liens In Arkansas–A Reply To Professor Nickles, Earl M. Maltz

University of Arkansas at Little Rock Law Review

No abstract provided.

Tax Superiority In Bankruptcy—A Study Of Business Bankruptcy Distributions In The Southern And Western Districts Of New York, Peter D. Wolfson

Buffalo Law Review

No abstract provided.

E. F. Corporation V. Smith: Voidable Preference And The Problems Of Antecedent Indebtedness Under § 60(A)

Washington and Lee Law Review

No abstract provided.

Perfection Of A California Tax Lien., Lewis D. Wall

St. Mary's Law Journal

Abstract Forthcoming.

The Partially Secured Creditor Under Chapter Xiii Of The Bankruptcy Act, Wayne C. Dabb Jr.

University of Michigan Journal of Law Reform

Under current bankruptcy law, a partially secured creditor can force a struggling debtor into straight bankruptcy despite the debtor's voluntary attempt to rescue himself from insolvency under a Chapter XIII wage earner plan. Since the partially secured creditor has a security interest in the debtor's personal property, though it may be one of only negligible value, he is generally treated under Chapter XIII as a wholly secured creditor. If the partially secured creditor is affected by the wage earner plan, his assent to it is required before the court can confirm the plan. He may therefore, by his single dissent, …

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 …

Bankruptcy - Uniform Trust Receipts Act - Rights Of Entruster To A Lien Interest In The General Assets Of Bankrupt Trustee, Barry I. Fredericks

Michigan Law Review

Plaintiff, a credit corporation, used a trust receipt arrangement to finance a car dealer, who thereafter sold a number of the entrusted cars (out of trust sales) without remitting the proceeds to plaintiff. In order to restore some of these proceeds, which had been dissipated in the course of running his business, the car dealer gave plaintiff a trust receipt on ten unencumbered trucks in its possession, in release of part of plaintiff's security interest under the first trust receipts. Plaintiff later sold these ten trucks. Subsequently, in the course of bankruptcy proceedings filed against the car dealer, plaintiff sought …

Creditor's Rights - Fraudulent Conveyances - Security Assignment Of Contract Payments Void If Assignor Retains Control, John A. Beach S.Ed.

Michigan Law Review

An insolvent debtor, who owed some $3,500 on plaintiff's partially-collected judgment, executed an instrument assigning to another creditor, a bank, all moneys due and to become due to the debtor under an existing contract, expressly as security for payment of the debtor's present and future indebtedness to the bank. The contract obligor was notified of the assignment, and thereafter the bank collected the amounts periodically accruing under the contract. The bank applied part of these collected amounts to the balance that the debtor owed the bank. The rest was either handed over to the debtor or credited to his general …