Secured Transactions Commons^™

Introducing Revised Article 9 Of The Uniform Commercial Code, John L. Mccabe, Arthur H. Travers

Publications

No abstract provided.

Impact Of The Capital Markets On Real Estate Law And Practice, 32 J. Marshall L. Rev. 269 (1999), Michael H. Schill

UIC Law Review

No abstract provided.

International Secured Transactions And Revised Ucc Articles 9, Neil B. Cohen, Edwin E. Smith

Faculty Scholarship

No abstract provided.

A Central Filing System For Financing Statements, Arthur H. Travers Jr., John L. Mccabe

Publications

No abstract provided.

Predicting When The Uniform Law Process Will Fall: Article 9, Capture And The Race To The Bottom, Edward J. Janger

Faculty Scholarship

No abstract provided.

Harmonizing The Law Governing Secured Credit: The Next Frontier, Neil B. Cohen

Faculty Scholarship

No abstract provided.

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 …

Suretyship Principles In The New Articles 3: Clarifications And Substantive Changes, Neil B. Cohen

Faculty Scholarship

No abstract provided.

What You See Is Not Always What You Get: The Enforceability Of Loan Prepayment Penalties, 23 J. Marshall L. Rev. 65 (1989), Thomas C. Homburger, Matthew K. Phillips

UIC Law Review

No abstract provided.

Preserving Purchase Money Security Interests And Allocating Payments, Lynda Kay Chandler

University of Michigan Journal of Law Reform

This Note explores the rationale underlying the courts' conflicting decisions in light of the purposes of the UCC. It concludes that the language of the UCC and its goals of uniformity and simplification require that a PMSI should not be entirely destroyed because a creditor also has a security interest in items the debtor acquired after the purchase money transaction or because a creditor extends additional credit. The best solution is to permit the creditor to retain a PMSI, to the extent of the purchase money loan, in those goods that the creditor's loan helped to purchase.

Part I is …

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 …

Financing Florida's Future: Revenue Bond Law In Florida, R. William Ide, Iii, Donald P. Ubell

Florida State University Law Review

No abstract provided.

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 …

Standards For Insecurity Acceleration Under Section 1-208 Of The Uniform Commercial Code: A Proposal For Reform, Darlene M. Nowak

University of Michigan Journal of Law Reform

This article examines in Part I how insecurity clauses function under the common law and the U.C.C .. Part II discusses the areas of controversy under section 1-208, the definition of good faith, the need for notice to the debtor, and the debtor's burden of proof. The article will evaluate the need for substantive reform in each area of controversy. A two-tier test of the creditor's insecurity is proposed wherein although the creditor has no responsibility to check the truth of his information, he may accelerate only if the information is true and is such as to make a reasonable …

Securities Commentary, Roberta S. Karmel, John P. Ketels

Faculty Scholarship

No abstract provided.

Taking Stock Of The Court's Jurisdiction In A Sipa Liquidation, Roberta S. Karmel, Jeffery M. Weissman

Faculty Scholarship

No abstract provided.

The Federal Priority In Insolvency: Proposals For Reform, William T. Plumb Jr.

Michigan Law Review

In 1970, the ABA approved a revised version of its insolvency priority recommendation which is now before the Senate Judiciary Committee as S. 2197, having been introduced by Senator Quentin N. Burdick. "by request," for the purpose of inviting public comment. The suggestions and criticisms made in the following analysis of the proposal are meant to detract nothing from the great desirability of the reform, for which I have worked for many years, but are intended to facilitate the kind of accommodation to the legitimate interests of the Government that ultimately paved the way for the adoption of the Federal …

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, …

Choice Of Law In Secured Personal Property Transactions: The Impact Of Article 9 Of The Uniform Commercial Code, Russell J. Weintraub

Michigan Law Review

It is likely that, in view of the adoption in forty-nine states of the Uniform Commercial Code (Code), particularly of article 9 dealing with secured transactions, the incidence of interstate conflict-of- laws problems concerning commercial transactions in personal property will be greatly reduced. The reason for this anticipated reduction is that the Code creates uniformity in the applicable law governing the rights and duties both between the secured creditor and the debtor and between the secured creditor and third parties who challenge the secured creditor's right to enjoy his security interest.

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 …

Conflicting Perfected Security Interests In Proceeds Under Article 9 Of The Uniform Commercial Code, Michigan Law Review

Michigan Law Review

Section 9-306 gives the inventory financer a "continuously perfected" security interest in the proceeds of the inventory if the security interest in the original collateral was perfected. "Proceeds" is defined as including "whatever is received when collateral or proceeds is sold, exchanged, collected or otherwise disposed of." Thus, the inventory financer may have a security interest in the proceeds of the original collateral or the proceeds of the proceeds. The security interest in the proceeds may be perfected in either of two ways: (1) under section 9-306(3)(a) the security interest is perfected by filing a financing statement that expressly covers …

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 …

Bills And Notes - Acceptance - Payment By Drawee Of Raised Check Precludes Recovery Under Section 62 Of The Uniform Negotiable Instruments Law, Louis A. Kwiker

Michigan Law Review

Defendant, collection bank and presenter, paid the face amount of a raised check, executed its unqualified indorsement thereon, transmitted the check through regular banking channels, and received payment from drawee bank. Upon discovery of the overpayment plaintiff, surety, reimbursed the drawee and sought recovery from the defendant. The trial court sustained defendant's demurrer. On appeal, held, affirmed. Under section 621 of the Uniform Negotiable Instruments Law, a drawee bank which pays a raised but otherwise genuine check to a non-negligent holder in due course cannot recover the amount by which the instrument was raised because payment constitutes an acceptance …