LAW 414 - Secured Transactions.

This course addresses the use of a debtor’s personal property, both tangible and intangible, to secure the promise to repay money borrowed from a creditor. Unlike a creditor who asserts a common law contract claim only, the secured creditor potentially has a right to seek payment on the contract claim by directly seizing certain agreed upon items of the debtor’s property that serve as collateral for the creditor’s loan. These “secured transactions” are largely governed by Article 9 of the Uniform Commercial Code. Among the issues covered in this course are how creditors receive security interests in the debtor’s property and how creditors obtain priority over competing creditors asserting interests in the same collateral. The course will also examine the creditor’s rights when the debtor defaults on the underlying debt, and the extent to which an Article 9 security interest can withstand attack in the debtor’s bankruptcy. This is a basic business course that will be of value to those whose clients include either secured creditors (bank, finance companies, credit unions and equipment lessors) or debtors (consumers and business entities of all kinds)-in short, to general practitioners as well as commercial law and bankruptcy specialists. Three hours. Bowden No prerequisites.