Secured Transactions

 

Spring 2021

 

Randal C. Picker

James Parker Hall Distinguished Service Professor of Law

The Law School, The University of Chicago

 

Learning Outcomes Include:

·       Be familiar with the general approaches to the study of law and legal reasoning.

·       Demonstrate the ability to identify and understand key concepts in substantive law, legal theory, and procedure.

·       Demonstrate an understanding of the interdisciplinary nature of law and the contributions that other disciplines can make to the study of law.

 

Other Materials: Exam 08; Rubric 08; Exam 14; Rubric 14; Exam 15; Rubric 15; Illinois UCC 9

 

Date

#

Topics/Issues

Cases/Materials

Pages

Statutes

Slides

M, 3/29

1

What is a Security Interest?

Clark

(Background: 1-4, 15-33), 34-41

1-201(b)(35), 9-101, 9-102(a)(12,28,73,74), 9-109(a), 9-201, 9-202, 9-203(a,b), 9-408(c); 9-108, 9-203(a,b)

Slides

W, 3/31

2

Attachment: Authenticated Security Agreement; Description of the Obligation Secured

Bollinger, Caterpillar Financial Duckworth

41-60

9-102(a)(28), 9-108, 9-204(a)

Slides

Th, 4/1

3

Attachment: Description of the Collateral

Baldwin, Shelby County, Helms

61-78

 

Slides

M, 4/5

4

Attachment: Rights in the Collateral

Bryan Bros. Cattle, Moglia

79-95

Slides

W, 4/7

5

Perfection:  Collateral Categorization

Bean Timberland, 11 East 36th, Commercial Money Center I

97-117

9-308(a,c), 9-310, 9-312(a,b), 9-313(a,c)

Slides

Th, 4/8

6

Perfection: Debtor’s Name

Tyringham Holdings, Jim Ross Tires, PTM Technologies, ISC, Bryan Bros. Cattle, Nay

118-142

9-502, 9-503, 9-506

Slides

M, 4/12

7

Perfection: Creditor’s Name

Copper King, Oak Rock Financial

143-62

9-108, 9-504

Slides

W, 4/14

8

Perfection: Description Requirement

Thorp Commercial, ProGrowth, I80 Equipment,

162-184

9-312(a,b))

Slides

Th, 4/15

9

Perfection: Possession and Control

Commercial Money Center II, Benedict, Counceller, Fewell

184-213

9-104, 9-203(b)(3)(D), 9-312(b)(1), 9-313(a,c), 9-314

Slides

M, 4/19

10

Priority: Introduction, Theory and Mechanics

Foos, Caterpillar Financial, Hilyard

219-234

9-308(a,c), 9-317, 9-322, 9-339, 9-515(a,c,d)

Slides

W, 4/21

11

Priority: Mechanics/Its Nature and Its Limits

The Computer Room, Mudge, Grede

234-257

9-317, 9-339, 9-401, 9-610

Slides

Th, 4/22

12

Priority: Purchase Money Security Interests

MBank Alamo, Billings

258-276

9-102(a)(24), 9-103, 9-317(e), 9-324

Slides

M, 4/26

13

Proceeds: Introduction

Karle, 1st Source Bank

287-300

9-102(a)(9,12,58, 64), 9-203(f), 9-315, 9-322(c –f), 11 USC 552(a, b(1))

Slides

W, 4/28

14

Cont.

Tracy

311-322

 

Slides

Th, 4/29

15

Transfers of Property

Diamond Walnut, Tusa, Bean Timberland

322-344

9-322(c – f), 9-327, 9-332, 9-320, 9-321, 9-325

Slides

M, 5/3

16

Changes: Location and Choice of Law Issues

SemCrude

347-364

1-301 & 302, 9-301, 9-304, 9-307, 9-316

Slides

W, 5/5

17

Changes: Debts and Debtors

Zartman, Bryan Bros., Fretz

365-384

9-102(a)(72), 9-204, 9-310(c), 9-323, 9-502(a)(2), 9-503(d), 9-514

Slides

Th, 5/6

18

Changes: Names and Entity Structure

Patriot Electric, Summit Staffing, Kupperman

385-405

9-102(a)(56,60), 9-203(d,e), 9-325, 9-326, 9-507, 9-508

Slides

M, 5/10

19

Changes: Financing Statements

Motors Liquidation (x3)

405-422

9-512, 9-513

Slides

W, 5/12

20

Default and its Consequences

Williams, Salisbury, Harley-Davidson

423-440, 449-461

9-601 to 9-603, 9-609, 9-607 to 9-611, 9-615, 9-617, 9-620, 9-623, 9-625 to 9-628

Slides

Th, 5/13

21

The Limits of Article 9: Intellectual Property

Cybernetic Services, Aerocon

469-497

9-109(c)(1), 9-311

Slides

M, 15/17

22

The Limits of Article 9: Characterization Problems

Kentucky Highlands, CMC

507-530

9-109(a)(3), 9-109(d)(10), 9-309(3,4), 9-318, 9-332, 9-340, 9-341

Slides

W, 5/19

23

Security Interests Near and In Bankruptcy

614-629

BC 544, 547, 550, 551

Slides

Th, 5/20

24

Review

All Slides

Slides