Secured Transactions Commons^™

Reforming Article 9 Priorities In Light Of Old Ignorance And New Filing Rules (Symposium: 'Managing The Paper Trail': Evaluating And Reforming The Article 9 Filing System), James J. White

Articles

The other papers in this Symposium demonstrate that we have the technical capacity to build a filing system that will exceed the expectations of Grant Gilmore in every dimension.1 With more thought about what is put into the system and more clever software to get it out, the most sophisticated system possible under current technology will store and produce enough information about a debtor to give the ACLU a fright. All of the issues on improving the filing system are important, but I do not concern myself with any of them directly. I am here discuss a different question. In …

The Intersections Of Articles 2 And 9: Recommendations For Clarification And Revisions, Richard E. Speidel, James J. White

Other Publications

Both Article 2, Sales and Article 9, Secured Transactions are under revision. The process of coordination is underway, but there is still much work to do. The following materials identify the major issues at the intersections and some tentative solutions. All references are to the 1990 Official Text of the Uniform Commercial Code unless otherwise stated. When stated, references are to the October, 1995 Draft of Article 2 and the July, 1995 Draft of Article 9.

A Quest For Justice In The Conversion Of Security Interests, Russell A. Hakes

Kentucky Law Journal

No abstract provided.

Work And Play In Revising Article 9 (Symposium On The Revision Of Article 9 Of The Uniform Commercial Code), James J. White

Articles

For Professors Harris and Mooney the time has come to distinguish between work and play. Debating whether security is efficient is play. Revising Article 9 is work. Even Professor Schwartz does not argue for the abolition of Article 9; he merely reiterates the "puzzle" of secured credit and argues in his playful fashion that security might not be efficient.' Were it not for the fact that this debate might give us some insights about certain priority rules (such as those having to do with purchase money), it would be pure intellectual masturbation, a game with no purpose other than to …

Article 5: Highlights Of The Proposed Revision, James J. White

Other Publications

I. The Current Status of Article 5: Drafting, Approval and Promulgation--The Most Significant Changes or Clarifications -- II. The Most Contentious Issues in the Revision of Article 5 -- III. More Subtle Questions About Revised Article 5

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 …

Contemporary Issues In Purchase Money Security Interests - Applications To Israeli Law?, Eyal S. Price

LLM Theses and Essays

This LL.M. thesis provides a comparative analysis of purchase money security interests under United States and Israeli law, tracing the doctrine's development in both America (from nineteenth-century American case law through its codification in Article 9 of the Uniform Commercial Code) and Israel (from its first recognition in Bank Leumi Ltd. v. Anglo-Palestine Bank through its adoption into section 169(d) of the Israeli Companies Ordinance in 1989). The work examines the historical emergence of purchase money priority, analyzes the economic rationales underlying the doctrine, and addresses key legal requirements including the "enabling" and "use in fact" requirements along with the …

Easing Transfer And Security Interest Transactions In Intellectual Property: An Agenda For Reform, Harold R. Weinberg, William J. Woodward Jr.

Law Faculty Scholarly Articles

Uncertainty and confusion probably always have existed bout the employment of intellectual property as collateral for a loan. Since the drafting of Article 9 of the Uniform Commercial Code, an uneasy coexistence of state and federal law has developed. Both state and federal law now arguably apply when a debtor attempts to use a patent or trademark to secure a loan. The extent to which each body of law is applicable and the interaction between the two systems was left unclear by the drafters of Article 9 and has not been clarified by Congress. The radical differences between the state …

Article Two Warranties In Commercial Transactions: An Update, Kathryn L. Moore, Debra L. Goetz, Douglas E. Perry, David S. Rabb

Law Faculty Scholarly Articles

In 1978 the Cornell Law Review published a Special Project devoted to Article Two commercial warranties. Nine years have since elapsed, and we have decided to update and reassess this important area of the law. We have discovered that although judicial treatment of many aspects of Article Two warranty law has remained stable, in some instances the courts' treatment has progressed and in other instances it has become unclear. This Special Project is our attempt to assemble these changes, interpret the progress, and suggest new lines of analysis to clarify areas of conflict.

Strict Liability For Chattel Leasing, Richard C. Ausness

Law Faculty Scholarly Articles

Leasing has become an increasingly popular substitute for outright purchases as a means of acquiring products for use. Few courts and commentators, however, have addressed the question of whether the principles of strict products liability which apply to sellers also apply to lessors. In this Article, Professor Ausness reviews the historical basis for imposing strict liability in tort on sellers and applies these rationales to five basic kinds of lease transactions. He concludes that strict liability should not apply when a product defect arises after the leased product is placed in the hands of the lessee (as contrasted with the …

The U.C.C. And Franchise Act Remedies: Coast To Coast Stores, Inc. V. Gruschus, Misty Ellen Mondress

Seattle University Law Review

Coast to Coast Stores, Inc. v. Gruschus was the first Washington case to deal with the potential conflict between the Uniform Commercial Code (U.C.C.) and the Franchise Investment Protection Act (FIPA), arising when a franchisor repossesses goods after a franchisee defaults under a security agreement. The Washington Supreme Court avoided the conflict, however, by holding that because the franchisor never terminated the franchise, the FIPA protections were not triggered. The U.C.C. remedies therefore applied: the franchisor could collect the proceeds of a liquidation sale of the secured goods-in this case the franchisee's inventory and supplies-in reduction of the franchisee's indebtedness; …

Modernizing Kentucky's Uniform Commercial Code, Harold R. Weinberg, Louise Everett Graham, Thomas J. Stipanowich

Law Faculty Scholarly Articles

In 1958 Kentucky became the third state to enact the Uniform Commercial Code promulgated by the American Law Institute and the National Conference of Commissioners on Uniform State Laws. The General Assembly stated that this legislation was intended to modernize, clarify and simplify the law of commercial transactions. Enactment of the Code also evidenced the legislature's intent to make Kentucky commercial law uniform with that of the other states. Subsequent General Assemblies further implemented these policies by enacting substantially all of the uniform amendments to the Code proposed by the ALI and NCCUSL through 1964.

Unfortunately, these enactments represent our …

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 …

Contractual Disclaimer And Limitation Of Liability Under The Law Of New York, James Brook

Articles & Chapters

No abstract provided.

General Equitable Principles Under Section 1-103 Of The Uniform Commercial Code, Robert S. Summers

Cornell Law Faculty Publications

No abstract provided.

The Priority Rules Of Article Nine, Dan T. Coenen, Albert J. Givray, Deborah Mclean Quinn, Paul Hilton

Scholarly Works

Priorities. The very word sends chills down the sane lawyer's spine. But if fear and loathing of Article Nine's priority scheme served as a deterrent to undertaking this enterprise, they served as an incentive as well. The complexity of the priority rules is matched only by their importance, for as long as secured financing flourishes, priority disputes over personal property are inevitable. It is the purpose of this project to set forth and explore the body of law that resolves those disputes: the priority rules of Article Nine.

Toward Maximum Facilitation Of Intent To Create Enforceable Article Nine Security Interests, Harold R. Weinberg

Law Faculty Scholarly Articles

Article Nine of the Uniform Commercial Code generally facilitates individual autonomy in the creation of consensual security interests by imposing limited form and content requirements on security agreements. Private autonomy is subordinated, however, where the Article's draftsmen believed that certain other policies required a degree of regulation. Through the process of interpreting and applying a number of Code provisions which set forth the requirements for creating security interests, a court can effectuate what it considers to be the appropriate balance between facilitating the parties' intent to create a security interest and insuring that regulatory policies, such as protecting creditors and …

International Harvester Credit Corp. V. American National Bank, 296 So. 2d 32 (Fla. 1974), Joseph E. Issac, Iii

Florida State University Law Review

Uniform Commercial Code- SECURED TRANSACTIONS- PRIORITY OF PERFECTED SECURITY INTEREST IN AFTER-ACQUIRED PROPERTY OVER CONFLICTING PURCHASE MONEY SECURITY INTEREST NOT TIMELY FILED IS LIMITED TO DEBTOR'S EQUITY IN COLLATERAL.

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 …

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 …

New Tricks For Old Dogs, Harry L. Snead Jr.

University of Richmond Law Review

On the first day of January, 1966, Virginia practitioners will receive a bagful of .new tricks. The UNIFORM COMMERCIAL CODE becomes effective in Virginia on that day. In adopting the Code during its 1964 legislative session Virginia became the twenty-ninth state to adopt the Code; the Virginia version of the Code follows, with but few exceptions, the official version sponsored by the Commissioners on Uniform State Laws.

Security Interests In A Retail Merchant's Inventory: California Amends The Uniform Commercial Code, Robert S. Summers

Cornell Law Faculty Publications

No abstract provided.

Commercial Law And Contracts – 1961 Oregon Survey, Robert S. Summers

Cornell Law Faculty Publications

No abstract provided.

Kentucky Modernizes The Law Of Chattel Security, Homer Kripke

Kentucky Law Journal

No abstract provided.