Secured Transactions

Catalog description

Provides an understanding of consumer and business debt. In contrast to Real Estate Transactions, where real property serves as collateral, focuses on (1) unsecured debt and (2) secured debt where the collateral is personal property. Begins with a short overview of the rights and obligations of an unsecured creditor under state law. The balance of the course focuses on the rights and obligations of a secured creditor under Article 9 of the Uniform Commercial Code. Begins with a study of the relationship between the debtor and the secured creditor, applying statutory language to draft an agreement that takes a security interest in personal property and to evaluate the rights of the secured creditor upon default by the debtor. Thereafter, discussion turns to the UCC filing system for perfection of a security interest and the priority rules for resolving conflicts between the secured creditor and other creditors, including the bankruptcy trustee. Frequent discussion of current events introduces topics related to secured transactions, including sales, promissory notes, consumer lending, securitization, work-outs, and bankruptcy. Evaluation is based on the completion of short drafting assignments and a final examination.