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Rusch's Black Letter Outline on Secured Transactions

By Linda J. Rusch

ISBN-13: 9780314158604

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Series: Black Letter Outline

Brand: West Law School

Pages: 632

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Description

This text defines the legal nature of debt, comprehensively explains the scope of UCC Article 9 including its exclusions, and provides an in-depth description of the rules regarding security interests and agricultural liens with many examples of exceptions.

Features

Practice exam
Review questions and answers
Table of statutes

Summary Of Contents

Capsule Summary
Perspective
Chapter I. Introduction to Secured Transactions
1. Debt Defined
  1. Contingent or Fixed
  2. Liquidated or Unliquidated
  3. Mature or Unmature
  4. Disputed or Undisputed
  5. Secured or Unsecured
2. How Debt is Created
  1. Contracts Create Debt
  2. Tort Liability Creates Debt
  3. Statutes May Create Debt
3. Regulation of Debt Creation
  1. Usury
  2. Consumer Protection Law
  3. Prohibiting Discrimination
4. Collecting Debt Through Informal Methods
  1. Repeated Requests for Payment
  2. Withholding Needed Goods or Services
  3. Setoff
  4. Obtaining the Debtor’s Property to Satisfy the Debt
5. Collecting Debt Through Judicial Process
  1. Obtaining a Judgment
  2. Executing on Judgments
  3. Prejudgment Remedies
6. Constitutional Issues
  1. Violation of Procedural Due Process
  2. Improper Search and Seizure
  3. Private Creditor’s Liability for Violation of Constitutional Rights
7. Regulation of the Debt Collection Process
  1. Prohibited Collection Terms or Practices
  2. The Fair Debt Collection Practices Act
  3. Fair Credit Reporting Act
  4. Tort Law
8. Lender Liability Issues in Debt Collection
9. Fraudulent Transfers
  1. Actual Intent to Hinder, Defraud, or Delay Creditors
  2. Constructive Fraud
  3. Effect of Finding a Fraudulent Transfer
10. Effect of Debtor's Bankruptcy on Debt Collection
  1. Filing a Bankruptcy Petition
  2. The Bankruptcy Estate
  3. The Automatic Stay
  4. Discharge of Debts
11. Reduction of Risk in Debt Collection
  1. Guarantees
  2. Obtaining Liens by Contract
12. Overview of the Uniform Commercial Code
  1. History
  2. Enactment
  3. Overview of Each Article of the UCC
13. Overview of UCC Article 9
14. Review Questions for Chapter I
Chapter II. The Scope of UCC Article 9
1. Consensual Security Interests
  1. Security Interest
  2. Created by Contract
  3. Form of the Transaction
2. True Consignments
  1. Consignment Defined
  2. Effect of Inclusion
  3. Effect of Exclusion
3. Sales of Certain Types of Assets
  1. Secured Party and Debtor
  2. Definitions
  3. Why Include
  4. Effect of Including
  5. Sale or Security Interest
4. Security Interest Arising Under Other Articles of the UCC 188
  1. Article 2 and 2A
  2. Collecting Bank Security Interest in Items and Documents
  3. Documents in Possession or Control of Issuer of Letter of Credit or Nominated Person
5. Agricultural Liens
  1. Statutory Liens Generally
  2. Agricultural Lien Defined
  3. Effect of Including
6. Exclusions from Article 9
  1. Federal Law Preemption
  2. State Governmental Units and Foreign Countries as Debtors
  3. Transferee Beneficiary of a Letter of Credit
  4. Non-Consensual Liens Other Than Agricultural Liens
  5. Wage Assignments
  6. Assignments of Certain Rights to Payment
  7. Assignments of Rights Under Insurance Policies
  8. Assignment of a Judgment
  9. Recoupment or Setoff
  10. Real Estate Interests
  11. Assignment of Tort Claims
  12. Assignment of Deposit Accounts in Consumer Transactions
  13. Security Interests in Secured Obligations
7. Importance of Definitions
  1. Collateral Types
  2. Transaction Types
  3. Actor Types
8. Review Questions for Chapter II
Chapter III. Attachment of a Security Interest or Agricultural Lien
1. Attachment and Enforceability
  1. Attachment of an Agricultural Lien
  2. Attachment of a Security Interest
2. Three Requirements for Attachment and Enforceability of a Security Interest
  1. Debtor Agreement to Grant a Security Interest
  2. Value Has Been Given
  3. Rights in Collateral or Power to Transfer Rights in Collateral
  4. The Time of Attachment of the Security Interest
3. Exceptions to the Three Requirements for Attachment and Enforceability
  1. Exceptions to the Rule Regarding Collateral Description
  2. Attachment of a Security Interest Through Operation of Law Contained in Another Article of the UCC
  3. Attachment of a Security Interest Through Operation of Law Under Article 9
  4. Attachment of a Security Interest in Cases of Successor Liability
4. After-Acquired Property and Future Advances Clauses in the Security Agreement
  1. After-Acquired Property Clause
  2. Future Advances Clause
  3. Cross Collateralization
5. Effect of Dispositions of Collateral on Attachment of a Security Interest or Agricultural Lien
6. Ability to Stop Attachment of a Security Interest
  1. Contractual Agreements Not to Create a Security Interest or Transfer Rights in the Property
  2. Legal Rules Prohibiting Assignment
7. Obligations of Secured Party Regarding Collateral
  1. Secured Party in Possession of Collateral
  2. Secured Party in Control of Collateral
  3. Secured Party That Has Notified Account Debtor of Its Interest in Accounts, Chattel Paper, or Payment Intangibles
  4. Debtor’s Request for Statements of Collateral and for an Accounting of the Secured Obligation
8. Effect of Attachment and Enforceability of Security Interest and Agricultural Lien
9. Effect of Debtor's Bankruptcy on Attachment of Security Interest and Agricultural Lien
  1. Automatic Stay
  2. Collateral Part of Bankruptcy Estate
  3. Effect on Security Interest in After-Acquired Property Including Proceeds
  4. Debtor Use, Sale, or Lease of Collateral
  5. Adequate Protection
  6. Right to Post-Petition Interest as Part of a Secured Claim
10. Review Questions for Chapter III
Chapter IV. Perfection of a Security Interest or Agricultural Lien
1. Perfection Overview
  1. Types of Perfection Methods
  2. Perfection Methods and Collateral Types
  3. Continuous Perfection
  4. Choice of Law Issues in Determining Compliance With a Perfection Method
  5. Post-Initial Perfection Events That May “Unperfect” a Security Interest or Agricultural Lien
2. Filing a Financing Statement as a Perfection Method
  1. Agricultural Liens
  2. Timing of Filing a Financing Statement
  3. Collateral Types Where Filing a Financing Statement is Not an Allowed Perfection Step
  4. The Requirements of the Financing Statement
  5. Authority to File
  6. The Process of Filing
  7. Time a Filed Financing Statement is Effective
  8. Lapse and Continuation of Period of Effectiveness of a Financing Statement
  9. Duties of Filing Officers
  10. Amendments of an Initial Financing Statement
  11. Correction Statements
3. Possession of Collateral as a Perfection Method
  1. Collateral Types
  2. Possession Defined
  3. Effectiveness of Possession as a Perfection Method
  4. Delivery of a Certificated Security
  5. Possession by a Third Party of Goods Covered by a Document of Title
  6. Obligations While in Possession
4. Control of Collateral as a Perfection Method
  1. Control Defined
  2. Effect of Control on Perfection
  3. Obligations While in Control
5. Compliance with Other Law as a Method of Perfection
  1. Effect of Compliance
  2. Exception for Collateral Covered by Certificate of Title Law That is Held for Sale or Lease by a Person in the Business of Selling Goods of the Kind
6. Automatic Perfection
  1. Purchase Money Security Interest in Consumer Goods Not Covered by a Certificate of Title
  2. Insignificant Assignments of Accounts and Payment Intangibles
  3. Sales of Payment Intangibles and Promissory Notes
  4. Assignment of Health-Care-Insurance Receivable to the Health Care Provider
  5. Security Interests Arising Under Other UCC Articles
  6. Security Interest Created When Delivery of a Financial Asset
  7. Security Interest in Investment Property Created by Broker or Securities Intermediary
  8. Security Interest in Commodity Contracts or Commodity Account Created by Commodity Intermediary
  9. Assignments for Benefit of Creditors
  10. Assignment of Beneficial Interest in Decedent’s Estate
  11. Sale of Right to Payment From Game of Chance
  12. Perfection in One Type of Collateral Results in Perfection in Related Type of Collateral
  13. Periods of Temporary Perfection
7. Choice of Law Rules
  1. Choice of Law Regarding Perfection of the Security Interest or Agricultural Lien
  2. Choice of Law Regarding Priority and the Effect of Perfection and Non Perfection
8. Post Closing Issues and Effect on Perfection
  1. Passage of Time
  2. Loss of Possession or Control
  3. Change in Use or Characterization of Goods
  4. Loss of Purchase Money Status
  5. Sale or Disposition of Collateral
  6. Perfection in Proceeds
  7. Debtor Name Change: Security Interest
  8. Debtor Name Change: Agricultural Lien
  9. Debtor Structural Changes
  10. Secured Party Name Change, Structural Change, or Change in Location
  11. Assignment of Security Interest or Agricultural Lien
  12. Change in Governing Law
  13. Effect of Bankruptcy on Perfection of Security Interest or Agricultural Lien
9. Review Questions for Chapter IV
Chapter V. Priority of Security Interests and Agricultural Liens
1. Basic Concepts of Priority
  1. Fundamental Priority Principle
  2. Security Agreement Effective Against Third Parties
  3. Priority is Determined by Asset
  4. Priority is Determined by Type of Creditor
  5. Priority May Be Determined by the Method of Perfection
  6. Methodology
  7. Subordination
2. Security Interests and Agricultural Lien as Against Lien Creditors
  1. Basic Rule
  2. Exception to the General Lien Creditor v. Security Interest Priority Rule: No Value as the Only Missing Step to Perfection of a Security Interest
  3. Exception to the General Lien Creditor v. Security Interest Priority Rule: Purchase Money Security Interests
  4. Treatment of Future Advances
3. Security Interests as Against Possessory Statutory or Common Law Liens Other Than Agricultural Liens
4. Security Interests and Agricultural Liens as Against Other Agricultural Liens and Security Interests
  1. General Rules
  2. Exceptions
5. Priority of Security Interests Against Real Estate Claimants Regarding Fixtures
  1. Real Estate Interests
  2. Fixtures
  3. Perfection of a Security Interest in Fixtures
  4. Basic Rule
  5. Exception for Purchase Money Security Interests in Fixtures
  6. Exception to Purchase Money Priority Rule for Construction Mortgages
  7. Exception for First Filed Interest
  8. Exception for Security Interests in Particular Types of Fixtures
  9. Exception for Legal or Equitable Liens
  10. Exception for Manufactured Home Transactions Governed by Certificate of Title Law
  11. Exception Based Upon Consent of Real Estate Claimant
  12. Exception Based Upon Debtor’s Right to Remove the Goods
  13. Exception for Crops
6. Priority of a Security Interest as Against Transferees Other Than Secured Parties
  1. General Rule
  2. Exception Based Upon Secured Party’s Consent
  3. Exception for Transferees in Ordinary Course of Business
  4. Exception for Transferees When the Security Interest or Agricultural Lien is Unperfected
  5. Exception for Consumer Buyers of Consumer Goods
  6. Exception for Buyer of Certificate of Title Goods When Certificate Does Not Note Security Interest
  7. Exception for Purchasers of Collateral in Reliance on Certain Incorrect Information on a Financing Statement
  8. Exception for Certain Transferees of Investment Property
  9. Exception for Transferee of Funds From Deposit Account
  10. Exception for Transferees of Money
  11. Exception for Purchasers of Instruments
  12. Exception for Holders of Negotiable Documents of Title
  13. Exception for Purchasers of Chattel Paper
7. Choice of Law for Priority and the Effect of Perfection or Non Perfection
  1. General Rule for Agricultural Liens
  2. General Rule for Security Interests
8. Post Closing Changes and Effect on Priority
  1. Security Interest or Agricultural Lien Perfection Lapses
  2. Security Interest or Agricultural Lien Deemed Not Perfected as Against Previous Purchasers if Failure to File Effective Continuation Statement
  3. Security Interest Deemed Not Perfected as Against Previous Purchasers if Governing Law Changes
  4. Transfers of Collateral
9. The Federal Tax Lien
  1. Attachment of the Federal Tax Lien
  2. Filing a Notice of the Tax Lien
  3. General Priority Rule
  4. Choateness Doctrine
  5. Exceptions to General Priority Rule Contained in the Federal Tax Lien Statute
10. Effect of Bankruptcy on Priority Issues
  1. Future Advances
  2. Grounds for Lien Avoidance
  3. Effect of Transfer Avoidance; Lien Avoidance
  4. Effect of Transfer Avoidance; Recovering Value From the Transferee
  5. Equitable Subordination
11. Review Questions for Chapter V
Chapter VI. Enforcement of a Security Interest or Agricultural Lien
1. General Principles of Enforcement
  1. Relationship to Scope of Article 9
  2. Relationship to Attachment of Security Interest and Agricultural Lien
  3. Relationship to Perfection and Priority
  4. Cumulative Rights and Variation by Agreement
  5. Judicial or Nonjudicial Enforcement
  6. Consignments and Sales of Accounts, Chattel Paper, Payment Intangibles, and Promissory Notes
  7. Default
  8. Deficiency and Surplus
  9. Secured Party in Possession or Control of Collateral
  10. Duties of Secured Party to Debtor, Obligor, Other Secured Party, and Lienholder
2. Real Estate Collateral
  1. Obligation Secured by Both Personal Property and Real Estate
  2. Obligation Secured by Fixtures
3. Enforcement Against Collateral
  1. Obtaining Possession or Control of the Collateral
  2. Sale Process
  3. Retention of Collateral in Full or Partial Satisfaction of Obligation Owed
  4. Title Clearing Mechanism
4. Enforcement Against Obligations Owed to Debtor
  1. Collateral Types
  2. Collection
  3. Timing of Collection From Person Obligated on Collateral
  4. Notice to Person Obligated on the Collateral
  5. Defenses of Person Obligated on the Collateral
  6. Account Debtor Discharge by Payment
  7. Effect of Notification to Other Persons Obligated on Collateral on Discharge by Payment
  8. Notice to Debtor or Other Lienholders
  9. Commercially Reasonable Collection Efforts
  10. Expenses and Fees Incurred in Collection
  11. Application of Proceeds of Collection
  12. Surplus or Deficiency
  13. Effect of the Collection Process on Junior and Senior Lien Holders
5. Redemption
  1. Full Payment to Redeem
  2. Variation by Agreement
6. Effect of Enforcement Process on Secondary Obligor
  1. Liability of Secondary Obligor on the Debt
  2. Liability of Debtor to Secondary Obligor
7. Other Law and Effect on Enforcement of Security Interest and Agricultural Lien
  1. Waiver and Estoppel
  2. Marshalling
  3. Lender Liability
  4. Bankruptcy of the Debtor
8. Review Questions for Chapter VI
Chapter VII. Liability for Violation of Article 9
1. Obtaining an Injunction
2. Additional Recovery if Collateral is Consumer Goods
3. Effect on the Recovery of a Deficiency Judgment or Entitlement to a Surplus
  1. Calculating the Deficiency in a Non-Consumer Transaction, Rebuttable Presumption Rule
  2. Obtaining a Surplus
  3. Calculation of the Deficiency in a Consumer Transaction
4. Statutory Damages
5. Protection of Secured Party
  1. Lack of Knowledge of Identity and How to Communicate
  2. Reasonable Belief That Not Subject to Consumer Based Rule
6. Review Questions for Chapter VII
Appendices
1. Answers to Review Questions
2. Practice Exam
3. Table of Statutes