Secured Transactions Commons^™

Having One's Property And Eating It Too: When The Article 9 Security Interest Becomes A Nuisance, Lawrence Ponoroff, F. Stephen Knippenberg

Faculty Articles

No abstract provided.

Taking The Stand: The Lessons Of The Three Men Who Took The Japanese American Internment To Court, Lorraine K. Bannai

Seattle Journal for Social Justice

No abstract provided.

Breaking The Bank: Revisiting Central Bank Of Denver After Enron And Sarbanes-Oxley, Celia Taylor

ExpressO

No abstract provided.

What Makes Asset Securitization "Inefficient"?, Kenji Yamazaki

ExpressO

Despite the damage caused by the recent Enron scandal , the asset securitization market has been vibrant and has become a popular financing alternative . A number of academics emphasize its merits and suggest that it is a more favorable way of financing, and Congress’s proposal to make sales of asset in securitization immune from characterization as secured transactions under the Bankruptcy Reform Act of 2001 (the “Reform Act”) almost materialized when the Enron scandal hit the scene. Conversely, there have been accusations that securitization is not a legitimate way of financing because, for example, it fosters fraudulent transactions.

Why …

Mortgage Foreclosure For Secondary Breaches: A Practitioner's Guide To Defining "Security Impairment", Michael Giusto

Cardozo Law Review

No abstract provided.

Nasd Regulation Of Ipo Conflicts Of Interest - Does Gatekeeping Work?, Royce De R. Barondes

Faculty Publications

This Article contributes to the debate on the efficacy of third party gatekeeping in regulating the capital markets, by presenting empirical evidence of the efficacy of one kind of gatekeeper, a qualified independent underwriter (QIU). Under NASD rules, when an investment bank participating in a securities offering has one of several enumerated conflicts of interest, the securities cannot be sold at a price higher than that recommended by a QIU. Examining 1,188 IPOs from 1997 through 2000 discloses a negative, statistically significant relationship between IPO initial returns and each of (i) the fact that participating NASD members (or their affiliates) …

Mutual Funds, Pension Funds, Hedge Funds And Stock Market Volatility: What Regulation By The Securities And Exchange Commission Is Appropriate?, Roberta S. Karmel

Faculty Scholarship

No abstract provided.

Follow The Money: Erisa Plan Investments In Mutual Funds And Insurance, 38 J. Marshall L. Rev. 867 (2005), Nell Hennessy

UIC Law Review

No abstract provided.

Correcting The Empirical Foundations Of Ipo-Pricing Regulation, Royce De R. Barondes

Faculty Publications

Recent events are replete with stories of fraudulent or opportunistic behavior in the initial public offering (IPO) process - behavior that extended to the highest-reputation investment banks. Curiously, notwithstanding this evidence, recent financial economics literature asserts investment bank conflicts of interest certify IPO issuers. This Article develops new empirical evidence that casts doubt on this certification hypothesis by examining the pre-IPO price adjustment of IPOs involving qualified independent underwriters (QIUs), particularly IPOs in which more than ten percent of the net proceeds are being directed to participating investment banks (e.g., to repay a prior extension of credit). These offerings have …

Is The Contractor More Secure With A Priority Right? A Functional Analysis Of Article 286 Of Prc Contract Law, Wei Zhang

Research Collection Yong Pung How School Of Law

In recent years, China’s economic boom has drawn considerable attention all around the world. Real estate development is among the strongest pillars that support the fast growing GDP of this country. When fascinated by the shining residential buildings, office towers and public facilities sprouting across the country, however, we are also surprised at the mountains of the outstanding debts that Chinese contractors are not able to collect. Statistics shows that the aggregate amount of overdue payment to contractors has increased steadily during the past 15 years nationwide, with about $440 million in 1990, $2.4 billion in 1992, $3.7 billion in …

Bankruptcy Law And Inefficient Entitlements, Irit Haviv-Segal

ExpressO

The question as to the justification of bankruptcy law remains unanswered. The literature tends to emphasize the conflict and inability to compromise between the different normative outlooks of the insolvency law system. A deeper reflection on the existing theories of bankruptcy law reveals, however, that all theories share the same starting point: All theories share the understanding that efficiency considerations justify the enforcement of contractual bankruptcy arrangements. When the social theories call for increased levels of coercion and redistribution, these theories rely on normative considerations of distributive justice and rehabilitation values. They by no means rely on efficiency grounds. This …

The End Of Notice: Secrets And Liens In Commercial Finance Law, Jonathan C. Lipson

ExpressO

This article explores important recent changes in the way that we treat personal property in commercial finance transactions. Among other things, these changes reduce or eliminate the obligation to give notice of interests in personal property when it is used in commercial finance transactions (as, e.g., collateral for a loan).

A principal purpose of notice-filing has been to deter the creation of secret liens, interests in property that are neither recorded nor otherwise readily observable. Secret liens are universally castigated as abhorrent.

Yet, two recent sets of legislative developments suggest that we may care much less about the problem of …

Secrets And Liens: Verification And Measurement In Commercial Finance Law, Jonathan C. Lipson

ExpressO

This article argues that commercial finance law increasingly uses contract rules to displace property rules, especially as these rules pertain to verifying and measuring property interests. In this context, verification simply means confirming the existence of a property interest, such as a lien or security interest. Measurement means determining the relationships of various property interests to one another (i.e., the priority of interests).

Historically, commercial finance law – in particular the Uniform Commercial Code, which governs loans secured by personal property – provided that something would be treated as “property” only if its property character was fairly easy to discover. …

The Reliance Interest In Insolvency Law: A Response To Harris And Mooney, Edward J. Janger

Faculty Scholarship

No abstract provided.

The Death Of Secured Lending, Edward J. Janger

Faculty Scholarship

No abstract provided.

Chuck And Steve's Peccadillo, James J. White

Cardozo Law Review

No abstract provided.

Secured Credit, Control Rights And Options, Robert K. Rasmussen

Cardozo Law Review

No abstract provided.

The Death Of Secured Lending, Edward J. Janger

Cardozo Law Review

No abstract provided.

Secured Lending And Its Uncertain Future, Douglas G. Baird

Cardozo Law Review

No abstract provided.

The Unfortunate Life And Merciful Death Of The Avoidance Powers Under Section 103 Of The Durbin-Delahunt Bill: What Were They Thinking?, Steven L. Harris, Charles W. Mooney Jr.

Cardozo Law Review

No abstract provided.

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.

Secured Transactions History: The Impact Of Southern Staple Agriculture On The First Chattel Mortgage Acts In The Anglo-American World, George Lee Flint Jr, Marie Juliet Alfaro

Faculty Articles

The development of secured transaction law in colonial America was spurred by a litigious conflict between the recognizance and the chattel mortgage. The recognizance was the admission and recording of a debt before the court in order to secure credit. However, court hearings were infrequent in the colonies and often logistically impractical to the average farmer or merchant. The chattel mortgage was a more informal and practical solution to providing lines of credit on personal property. Without a system for recording chattel mortgages, lenders could not be sure in their investments.

In the southern colonies, the emergence of staple crops, …

Secured Transactions History: The First Chattel Mortgage Acts In The Anglo-American World, George Lee Flint Jr, Marie Juliet Alfaro

Faculty Articles

The chattel mortgage acts first arose in the southern mainland English-American colony of Virginia in 1643. Other colonies followed suit over the next 100 years. The function of the earliest chattel mortgage acts was not to legalize the transaction, but to declare it void if not registered, or to provide a priority rule favoring the registered transaction. Legislatures did not pass these colonial chattel mortgage acts to legalize an otherwise fraudulent transaction because reported cases indicate that the common law upheld the nonpossessory secured transaction prior to the passage of the earliest act in the southern states.

The Northeastern States’ …

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.

Searching For Federal Tax Liens: The Typical Search For Ucc Financing Statements May Not Be Good Enough, Dennis H. Long

Articles by Maurer Faculty

No abstract provided.

Unregisterred Securities In The National Football League: Can The Securities Act Of 1933 Protect Season Ticket Holders And Personal Seat License Holders, Mark Levengood

Jeffrey S. Moorad Sports Law Journal (1994 - )

No abstract provided.

Chuck And Steve's Peccadillo (Symposium: Threats To Secured Lending And Asset Securitization), James J. White

Articles

Are investors in securitized receivables to be treated as the owners of an asset whose sale has taken it beyond the reach of the trustee in bankruptcy of their sellers? O are they to be treated as holders of a security interest in the transferred asset who have left behind an interest in the sellers' hands that would cause the asset to be subject to claims and interference by the sellers' grasping trustee? By adopting contrasting-arguably conflicting-statements in two subsections of a single section, the drafters of 1999 Article 9 have thrust this issue in the faces of courts and …

Collateralizing Internet Privacy, Xuan-Thao Nguyen

Articles

Collateralizing privacy is a pervasive conduct committed by many on-line companies. Yet most don't even realize that they are engaging in collateralizing privacy. Worse yet, governmental agencies and consumer groups are not even aware of the violation of on-line consumer privacy by the collateralization of privacy. Professor Nguyen argues that collateralizing privacy occurs under the existing privacy regime and the architecture of article 9 of the Uniform Commercial Code. Professor Nguyen critiques the violation of privacy through collateralization dilemmas and proposes a solution involving modifications of the contents of the financing statement and security agreement in secured transactions where consumer …