COURSE DESCRIPTION
Secured transactions are the most common form of commercial transaction and help finance businesses of every size. They are governed by the complex provisions of UCC Article 9. Getting every detail in financing statements, security agreements, and perfection of credits is essential. Agreements can be costly and time consuming to draft, and full of risk. Failure to comply with UCC Article 9 in drafting security agreements, perfecting a creditor’s interest, or foreclosing a lien can easily cause the value of the underlying transaction to be lost. This program will provide you with a real-world guide UCC Article 9 practice.
Day 1:
- Lifecycle of UCC Article 9 secured transactions
- Drafting cost-effective and enforceable security agreements
- What to do when something about the debtor changes – e.g., name, location, ownership
- Accounts receivable, inventory, equipment, intellectual property
- Anti-assignment provisions regarding collateral
- Enhancing enforceability of security agreements and reduce risks in foreclosure
Day 2:
- Framework for the foreclosure of personal property under UCC Article 9
- Foreclosing on equipment, inventory, intellectual property, and accounts receivable
- Duties of junior creditors to senior creditors on foreclosure
- Rights to proceeds of foreclosure sales and reducing foreclosure costs
- Rights of guarantors
- Debtor remedies in the event of a secured party default
- Cost-efficient alternatives to foreclosures and circumstances when these alternatives are available
Speaker:
Steven O. Weise is a partner in the Los Angeles office Proskauer Rose, LLP, where his practice encompasses all areas of commercial law. He has extensive experience in financings, particularly those secured by personal property. He also handles matters involving real property anti-deficiency laws, workouts, guarantees, sales of goods, letters of credit, commercial paper and checks, and investment securities. Mr. Weise formerly served as chair of the ABA Business Law Section. He has also served as a member of the Permanent Editorial Board of the UCC and as an Advisor to the UCC Code Article 9 Drafting Committee.