UCC Article 9 / Foreclosure of Personal Property, Part 1 and Part 2
November 2011
UCC Article 9 / Foreclosure of Personal Property, Part 1 and Part 2
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Three years after the credit crisis began, foreclosures of personal property - capital equipment, inventory, fixtures and more - and other assets classes continue to accelerate. When a borrower cannot access new credit to refinance property or triggers a “credit event,” lenders often have few alternatives but to foreclosure. Foreclosing personal property is unlike foreclosing real estate and is governed by complex rules under the Uniform Commercial Code. This program will provide you with a real-world guide to understanding the economics of foreclosing personal property and other asset classes, including intellectual property; provide you with a practical and legal framework for initiating and completing foreclosures in a timely and cost-conscious manner, highlight common traps for creditors in the process, and discuss alternatives to foreclosure.
Day 1: November 15, 2011
-Legal and practical framework for the foreclosure of personal property under UCC Article 9
-Understanding the economics of foreclosing personal property
-Impact of continuing credit freeze on foreclosures of secured property
-Duties of junior creditors to senior creditors on foreclosure
-Guidance on foreclosing on equipment, inventory, intellectual property, accounts receivable, and other asset classes
Day 2: November 16, 2011
-Common traps for creditors when trying to foreclose collateral under the UCC
-Practical guidance on increasing enforceability of security agreements to provide for efficient foreclosures
-Reducing foreclosure costs
-Use of online auctions to sell foreclosure property
-Cost-efficient alternatives to foreclosures and circumstances when these alternatives are available
Faculty:
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. Mr. Weise received his B.A. from Yale University and his J.D. from the University of California, Berkeley, Boalt Hall School of Law.
Registration Fees
| Non Member | $139.00 |
| CBA | $109.00 |
- General Credits: 2.00
- Ethics Credits:
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