Secured Transactions Commons^™

Seller Alone Is Liable For Failure To Make 'Credit-Sale' Disclosures, Douglas W. Smith

Mercer Law Review

In Manning v. Princeton Consumer Discount Co., the U.S. Court of Appeals for the Third Circuit held that in a credit sale, only the dealer is responsible for making the required credit sale disclosures, even though both a finance company and an automobile dealer are creditors under the Truth in Lending Act.

The Status Of A Creditor As A 'Controlling Person', Joseph W. Bartlett, Philip S. Lapatin

Mercer Law Review

The growing ingenuity of plaintiffs' counsel in security regulation matters and the current legal trend toward redistributing the burden of loss to those best able to absorb it have together reopened the frontiers of legal liability and introduced much uncertainty to areas which were once securely governed by the individualistic philosophy of the early common law. One of the liveliest and most troublesome questions to appear in this regard concerns the obligations of a creditor to protect the public from his debtor's misconduct. The nature of this problem can usefully be illustrated by the following hypothetical situation:'

Secured Lending, Ken L. Lott, Robert G. Myers

Mercer Law Review

This article makes an attempt to reduce the broad and diverse subject matter of secured lending into some of its simplest common denominators and, from these, to develop some practical guidelines that can be applied to most secured transactions. The following topic will be discussed at some length: loans secured by inventory, accounts receivable, and stocks, bonds and similar collateral. Loans secured by cash value of life insurance, petroleum, ship mortgages and aircraft will be discussed briefly.

The Description Of Collateral In Security Agreements And Financing Statements, Joseph J. Beard

Mercer Law Review

Perhaps the Bard of Avon was correct in his assertion that misdescription of a rose dims its fragrance not one whit; but a misdescription in a security agreement or financing statement may have the most profound consequences, mostly unpleasant, for the "secured" party. The purpose of this article is to explore what constitutes an adequate description of collateral under the Uniform Commercial Code and the judicial decisions interpreting the description requirements of the Code. The discussion is organized by type of collateral as defined in Article 9: inventory, accounts receivable, equipment and consumer goods, as well as an all-encompassing discussion …

Seller Vs. Secured Party: Searching For An Intangible Something, Allen R. Kamp, Ronald L. Solove

Mercer Law Review

This article will discuss the resolution of conflicting claims to goods between an unsecured seller of goods and a creditor of a buyer claiming under an after-acquired property clause. The problem is complicated by the lack of a coherent relationship among the rules of the Uniform Commercial Code' relevant to the problem. The U.C.C. has abandoned the concept of title in personal property,2 but has failed to replace the concept with a comprehensive system that can definitively and convincingly resolve controversies arising out of conflicting claims.

The Creditor, The Debtor And The Fourteenth Amendment, Elwin Griffith

Mercer Law Review

There has been much commentary on the rights and liabilities arising out of the debtor-creditor relationship. Much of that discussion has centered on the constitutional issues related to the use of such remedies as garnishment, attachment, replevin and repossession. The controversial issue in repossession has been the propriety and constitutionality of the self-help provision of §9-503 of the Uniform Commercial Code. These remedies have provoked discussion when creditors have used them without giving notice and a hearing to debtors.

Magnuson-Moss Warranty Act: An Overview And Comparison With Ucc Coverage, Disclaimer, And Remedies In Consumer Warranties, Kurt A. Strasser

Mercer Law Review

The Magnuson-Moss Warranty-Federal Trade Commission Improvement Act addresses the warranty problems of the consumer in the market place. Recent discussions of consumer problems with warranties have focused on three areas. First, the length and complexity of a typical consumer product warranty makes it too confusing for the average consumer. This is particularly true in light of the consumer's ignorance of the existence of implied warranties. Second, the "warranty," which is expressly made to the consumer, customarily disclaims all implied warranties under the Uniform Commercial Code and, consequently, takes away a great deal more than it gives. Third, a consumer warranty …

Sales--Ucc Warranty Provisions Extended To Chattel Leases By Analogy, William D. Harrison

Mercer Law Review

In Redfern Meats, Inc. v. Hertz Corp., the Georgia Court of Appeals held that the warranty provisions of the Georgia Uniform Commercial Code are applicable to those chattel leases which are analogous to sales. Plaintiff, Redfern, entered into an indefinite leasing agreement with defendant, Hertz, to rent trucking equipment for the refrigerated transportation of its meats. The agreement required Redfern to buy the equipment according to a depreciation schedule if either party cancelled the lease within eight years of the lease date. The agreement also contained a disclaimer which purported to relieve Hertz of any liability for damage to …

Security Transactions, Eli M. Spark

Mercer Law Review

The cases in this field during the period covered were both more numerous and more varied than in the preceding corresponding period.

Security Transactions, Eli M. Sparks

Mercer Law Review

Comparatively little litigation reached the Georgia appellate courts in this field, especially when one considers the extensive and continual use of the various security devices in real estate, business and legal activities. The cases will be classified and treated under descriptive headings.

Sales, Oliver A. Rice

Mercer Law Review

Although this field has not been prolific of cases this year, and although few developments of law have been attained through the presentation of points novel to Georgia, yet it is thought that an indication of them here may form some sort of ready reference for the practicing attorney.

First to be considered are the Georgia cases dealing with the problem of when title to chattels can be passed to a bona fide purchaser by one other than the owner of the chattels.