Secured Transactions Commons^™

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 …

Posting Of Checks: Final Payment And The Four Legals, Ralph J. Rohner

Scholarly Articles

A drew a check to B who deposited it in his account in X Bank. The check was presented to the drawee-payor, Y Bank, on Friday morning through the local clearing house, was sorted, encoded, run through the electronic computer, and stamped "Paid." On Monday morning exception reports were reviewed, the check was photographed, cancelled, and filed away in A's account. On Monday afternoon A stopped payment on ,the check. Y Bank removed the check from A's file and notified X Bank the check was being returned in accordance with the local clearing house rule. In an action by X …

Sales--Warranties Under The Uniform Commercial Code, Peter Thomas Denny, Martin Joseph Glasser, John Charles Lobert

West Virginia Law Review

No abstract provided.

Secured Transactions-Insurance-A Security Interest In The "Proceeds" Of Secured Collateral Does Not Include Insurance Proceeds-Universal C.I.T. Corp. V. Prudential Investment Corp., Michigan Law Review

Michigan Law Review

In return for a loan, a debtor executed a promissory note to codefendant, Prudential Investment Corporation, and entered into a written agreement to secure this note, designating as collateral a semi-tractor and the proceeds therefrom. Under this type of arrangement, Prudential's security interest would attach automatically to any property received from a sale, exchange, or other disposition of the tractor. Petitioner, Universal C.I.T. Corp., held the conditional sales contract which was executed in financing the purchase of the tractor and was named as loss payee in the insurance contract covering the tractor. When the tractor was totally destroyed, petitioner collected …

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 …

Sales - Warranties, Daniel W. Cooper

Duquesne Law Review

Conforming tender by adjustment or minor repair- Under the Uniform Commercial Code, where the seller was denied access and a reasonable opportunity to conform a defective tender by adjustment or minor repair rather than by substituting new merchandise, the buyer failed to show a breach of warranty entitling him to either new merchandise or rescission.

Wilson v. Scampoli, 228 A.2d 848 (D.C. Ct. App. 1967).

Security Interests In Personal Property, By Grant Gilmore (1965), Warren L. Shattuck

Washington Law Review

No abstract provided.

Bootstraps And Capital Gain--A Participant's View Of Commissioner V. Clay Brown, William H. Kinsey

Michigan Law Review

A closely held corporation may be sold in a variety of ways. At one end of the spectrum is an all-cash sale. In such a transaction, the seller receives the purchase price and has no further concern with the economic well-being of the business. The difficulty with this method, of course, is finding a purchaser with sufficient cash who is willing to pay a fair price.

At the other end of the spectrum is a full-fledged bootstrap sale, where there is no down payment other than from the underlying assets of the sold corporation, and the purchaser's obligation to pay …

Secured Transactions In The Philippines, Estelito P. Mendoza

Washington Law Review

Philippine law on secured transactions is primarily statutory. Special laws dealing with chattel mortgages have been in effect since August 1, 1906. Title XV of the Philippine Civil Code deals with guaranty transactions and title XVI covers pledges and mortgages, with its major emphasis on pledges. The Chattel Mortgage Law was enacted by the Philippine Commission and is, thus, American in nature, while the Civil Code provisions are largely Spanish in origin.

Sales - Uniform Commercial Code, Frank A. Mysliwiec

Duquesne Law Review

The Pennsylvania Supreme Court completely ignored the Uniform Commercial Code in a case where the Code was applicable.

C.I.T. Corp. v. lonnet, 419 Pa. 435, 214 A.2d 620 (1965).

Personal Property As Collateral In Japan And The United States, Kazuaki Sono, Warren L. Shattuck

Washington Law Review

It is our purpose to compare Japanese and United States law and practice in the area of personal property security. Since it is not possible to find a precise common terminology for different types of security transactions, it seems desirable to arrange the discussion in terms of possessory and non-possessory security, and to use as subheads in the latter category the names of the American security devices. Security transfers of intangibles, chattel paper, and title documents are discussed under the possessory-security classification. An appendix includes English translations of cited Japanese statutes and pertinent Civil and Commercial Code as well as …

Tennessee Law And The Secured Transactions Article Of The Uniform Commercial Code, Charles H. White

Vanderbilt Law Review

The Uniform Commercial Code in its treatment of personal property security represents a sincere and conscious effort on the part of its draftsmen, authors and sponsors to update and modernize commercial law so as to be able to keep abreast of today's space-age economy. It is submitted that once a familiarity with the new terms,concepts, and theories is acquired, the average practitioner should not encounter any serious difficulty operating under the Uniform Commercial Code and will, in all probability, discover that in most instances the ideas are the same, although perhaps a little hard to recognize at first examination.

Uniform Commercial Code Article 9 Filing Procedures For Railroad, Utility, And Other Corporate Debtors: Some Suggestions, Daniel R. Elliott Jr.

Michigan Law Review

After a brief discussion of the provisions of Article 9 peculiarly applicable to the long-term mortgage, a portion of this comment will review the relevant statutes and case authority in force prior to the effective date of the Code in various states and still applicable in others. More specifically, it will examine the special treatment accorded certain types of corporate indentures, particularly those securing the debt of railroads and other public utilities. Second, an attempt will be made to explain the probable solutions to the problems raised by the filing requirements of Article 9 as promulgated in each jurisdiction and …

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.

A Prospectus On The Maryland Securities Act, Decatur H. Miller

Maryland Law Review

No abstract provided.

Security-Chattel Mortgages-Mortgage Recorded Under Federal Aviation Act Of 1958s As Affected By State Laws, William C. Brashares

Michigan Law Review

Defendant, a Michigan corporation, ordered a new airplane from Air-O-Fleet, a retailer. Air-O-Fleet financed its purchase from the manufacturer through a loan from plaintiff, a Texas corporation, who took a chattel mortgage on the airplane. One day after Air-O-Fleet had made delivery to defendant and received full payment, plaintiff recorded the chattel mortgage with the Federal Aviation Authority in accordance with the Federal Aviation Act of 1958, section 1403, which provides that "no conveyance or instrument ... shall be valid ... against any person other than the person by whom the conveyance or other instrument is made or given, ... …

Secured Transactions Under The Uniform Commercial Code, Robert S. Summers

Cornell Law Faculty Publications

No abstract provided.

Mechanics' Liens-Improvements Outside Building--Lien Allowed For The Clearing Of Land Unconnected With The Construction Of A Building, Byron Bronston S.Ed

Michigan Law Review

Plaintiff filed a bill of complaint seeking to enforce a mechanic's lien for the clearing of eighty acres of land pursuant to an agreement with the owners. The bill alleged that plaintiff's lien was superior to a mortgage which, though prior in time of execution, had been recorded subsequent to the inception of the clearing contract. Defendant mortgagee demurred on the ground that land clearance did not qualify for a lien under the pertinent mechanic's lien statute which provided that "every ... person ... who shall do or perform any work or labor upon ... any building or improvement on …

Financing The Dealer's Inventory, Robert G. Lawson

Law Faculty Scholarly Articles

The principle objective of inventory financing is to provide the dealer with a line of credit to carry on his business. To achieve this objective, it is necessary that the dealer have power to sell the collateral, and to apply the proceeds to the purchase of other goods. Since a sale of the callateral by the dealer to a bona fide purchaser destroys the creditor's security interests in those goods, he obviously will not permit such disposition unless given protection in some other way. Therefore, to satisfy the demands of both the dealer and the financier, the security instrument must …

Security Transactions—Mortgage On Shifting Stock Of Merchandise—Mortgagor's Duty To Account, John E. Iverson

Washington Law Review

Washington businessmen using mortgages on shifting stocks of merchandise as a security arrangement received encouragement from United States Rubber Co. v. Young, that more liberal agreements and procedures may be allowed. However, by failing to expressly overrule certain prior judicial restrictions on the use of this type of security, the Washington Supreme Court has left some unnecessary confusion to be resolved in the future.

Security Transactions—Priority—Federal Tax Liens And Future Advance Mortgages, Beverly J. Rosenow

Washington Law Review

In American Surety Co. v. Sundberg the Washington Supreme Court made a startling encroachment upon the sanctity of a secured mortgage. Using the United States Supreme Court's test of "choateness," the court held that the lien of a mortgage securing future advances is subordinate to federal tax liens filed subsequent to the filing of the mortgage, but prior to advances for which the lien was claimed.

Security Transactions—Survival Of Mortgage-Lien On Conditional Vendee's Interest Following Declaration Of Forfeiture, Hartley Paul

Washington Law Review

In Norlin v. Montgomery the Washington court (1) held that a mortgagee of the vendee's interest under a forfeitable real estate contract has a lien on the equity of the vendee, and (2) implied that the lien survives a default by the vendee and a subsequent declaration of forfeiture by the vendor.

The Lazy Lawyer's Guide To Secured Transactions Under The Code, Peter F. Coogan

Michigan Law Review

It is expected that few, if any, who can really qualify as "lazy lawyers" will read this paper. There is, however, an obvious need for a reasonably simple statement which a young Iawyer, for example, may find helpful in explaining article 9 of the Uniform Commercial Code to the partners in his firm, or a lender's lawyer may use in explaining the essentials of article 9 to a borrower's counsel who has only occasional contact with secured transactions-- or, in either case, vice versa.

If we could assume that our learner had absolutely no knowledge of article 9, we could …

Should Oregon Adopt The Uniform Commercial Code Concept Of The "Floating Lien"?, 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.

Sales And Secured Transactions, Douglass Boshkoff

Articles by Maurer Faculty

No abstract provided.

Security Transactions, W. L. Shattuck

Washington Law Review

Covers recent laws on conditional sales of personal property—filing; on crops—lien for supplier of fertilizer, pesticide, weed killer; and on real property mortgage foreclosure—redemption.

Secured Transactions Under The Uniform Commercial Code, Roy L. Steinheimer, Jr.

Legal Scholarship by Dean Steinheimer

No abstract provided.

Sales And Secured Transactions, Douglass Boshkoff

Articles by Maurer Faculty

No abstract provided.