Security interests in personal property : cases, problems, and materials / by Steven L. Harris, Charles W. Mooney, Jr.
2011
KF1050 .H37 2011 (Map It)
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Details
Author
Title
Security interests in personal property : cases, problems, and materials / by Steven L. Harris, Charles W. Mooney, Jr.
Published
New York, NY : Foundation Press, 2011.
Call Number
KF1050 .H37 2011
Edition
Fifth edition.
ISBN
9781599417127
159941712X
9781599417134 (pbk. ; teacher's manual)
1599417138 (pbk. ; teacher's manual)
159941712X
9781599417134 (pbk. ; teacher's manual)
1599417138 (pbk. ; teacher's manual)
Description
xxvii, 715 pages : illustrations, forms ; 27 cm + teacher's manual.
System Control No.
(OCoLC)748813062
Series
Record Appears in
Local Note
Library lacks teacher's manual.
Added Author
Table of Contents
Preface
v
Note on Sources and Citations Conventions
vii
Table of Cases
xxiii
General Introduction
1
A.
Scope
1
B.
Development of Commercial Law
1
C.
The Uniform Commercial Code
4
D.
Commercial Law Outside the UCC
7
E.
Uniform Laws for International Transactions
9
F.
Interpretation of the Uniform Commercial Code
11
ch. 1
Rights of Creditors, Owners, and Purchasers
15
1.
Credit
15
Introductory Note
15
A.
The Rights of Unsecured Creditors
16
B.
Introduction to Credit Transactions
20
2.
Seller's Power Over the Goods as Against Buyer
21
A.
The Right to Withhold Delivery
22
B.
The Right to Stop Delivery
22
C.
The Right to Recover Delivered Goods
23
Note on the Defrauded Seller's Right to Reclaim
23
Note on the Cash Seller's Right to Reclaim
25
3.
Seller's Power Over the Goods as Against Third Parties
27
A.
Transfer of Interests in Goods: The Basic Rules
27
Introductory Note
27
Notes on the Basic Conveyancing Rules
29
Oswego Starch Factory v. Lendrum
37
Notes on Reliance and Nonreliance Parties
38
B.
The Basic Conveyancing Rules in Other Settings
41
Notes on Entrustment
44
4.
Good Faith Purchase of Rights to Payment
46
Notes on Competing Claims to Negotiable Instruments and Certificated Securities
47
Notes on Defenses to Payment Obligations
52
5.
Good Faith Purchase of Documents of Title
58
Introductory Note
58
Note on Authority and Power of Disposition
67
Notes on the Scope of the Warehouse's Responsibility
68
ch. 2
Introduction to Secured Financing
72
1.
Financing in Context
72
A.
Unsecured and Secured Credit
72
B.
Patterns of Financing
76
C.
Real Property Collateral, Guaranties of Payment, and Other Credit Enhancements
88
2.
A Roadmap to Secured Transactions Under Uniform Commercial Code Article 9
88
A.
Background
88
B.
Scope of Article 9; Security Interests in Collateral
89
C.
The Cast of Characters
91
D.
Creation of a Security Interest: Attachment
91
E.
Types of Collateral
92
F.
Perfection and Priority
92
G.
Enforcement
94
3.
The Roles of Lawyers in Secured Transactions
95
ch. 3
Establishment and Perfection of Security Interests
97
1.
Financing Automobiles: A Prototype
97
A.
Financing the Dealer's Inventory: The Setting
97
B.
Creating and Perfecting Firstbank's Security Interest
98
C.
Delivery of Automobiles: Assuring the Manufacturer of Payment
112
D.
Diagram of Automobile Dealer Inventory Financing
114
E.
Sales to Consumers
115
F.
Perfecting the Security Interest in the New Car; The Certificate of Title
121
G.
Repayment of Inventory Loan and Assignment of Consumer Paper; Notification of Assignment and Payment Instructions
126
H.
Diagram of Automobile Instalment Sale Contract Financing
129
I.
The Consumer Fails to Pay
129
2.
Attachment of Security Interests
132
In re Cheqnet Systems, Inc.
134
Notes on Attachment
137
Note on Obligations (Including Future Advances) Covered by Security Agreements
145
3.
Perfection of Security Interests
148
A.
Perfection by Filing.
148
Notes on Perfection by Filing
150
Notes on the Adequacy of Financing Statements
163
Note on Filing Systems
178
Note on Post-Filing Changes
181
B.
Perfection by Means Other Than Filing
182
Note on Classification of Goods
183
In re Copeland
188
Notes on In re Copeland
194
Notes on Perfection by Possession
194
Note on Receivables-Related Definitions
200
4.
Multiple-State Transactions: Law Governing Perfection and Priority
201
A.
Where to File a Financing Statement
201
Notes on Choice of Law
201
Note on the Prospects for a Nationwide Filing System
206
B.
Motor Vehicles and Certificates of Title
207
Introductory Note
207
5.
Proceeds of Collateral
210
Introductory Note
210
Notes on Security Interests in Proceeds
211
Note on What Constitutes Proceeds: Exchange and Replacement; Property Closely Associated With Original Collateral
214
General Electric Capital Corporation v. Union Planters Bank, NA
217
Notes on Cash Proceeds
226
Note on Supporting Obligations
229
ch. 4
Conflicting Claims to Collateral
231
1.
Competing Security Interests
231
Introductory Note
231
A.
The First--to--File--or--Perfect Rule
232
Notes on the First--to--File--or--Perfect Rule
233
Note on Conflicting Security Interests of Accounts Lenders and Inventory Lenders
237
Shallcross v. Community State Bank & Trust Co
241
General Insurance Co. v. Lowry
245
Notes on the Role of Knowledge in Priority Contests
250
B.
Purchase-Money Security Interests
254
Notes on Purchase-Money Priority and the Definition of "Purchase-Money Security Interest"
256
Note on "Cross-Collateralization" and Purchase-Money Financing of Inventory
264
Americredit Financial Services, Inc. u. Penrod
266
Notes on Purchase-Money Security Interests in the Consumer Context
271
Note on Debtor's Receipt of Possession of Collateral
277
2.
Buyers of Goods
279
Introductory Note
279
A.
Perfected Security Interests and Buyers of Goods
279
National Livestock Credit Corp. v. Schultz
281
Notes on Authorized and Unauthorized Dispositions
286
Note on the "Buyer's Seller" Rule and the Interplay Between
UCC 2--403(1) and UCC 9--320(a)
295
Notes on Buyers Who Do Not Take Possession
296
Notes on Bulk Sales
303
Note on the "Financing Buyer"
306
B.
Unperfected Security Interests and Buyers of Goods
308
Notes on Unperfected Security Interests and Buyers of Collateral
309
3.
Lien Creditors
310
4.
Reclaiming Sellers
311
Note on the Priority of a Reclaiming Seller
312
ch. 5
The Scope of Article 9
314
1.
Bailments
315
Introductory Note
315
A.
Leases
316
Introductory Notes
316
In re Pillowtex, Inc.
320
Notes on Distinguishing Leases From Secured Transactions
331
Note on Leases and "Ostensible Ownership"
337
B.
Consignments
338
Introductory Note
338
In re Zwagerman
340
Notes on Consignments
350
C.
Bailments for Processing
356
Note on Bailments for Processing
358
2.
Sales of Rights to Payment
360
3.
Agricultural Liens and UCC Liens
361
4.
Exclusions From Article 9 or its Filing Provisions
361
ch. 6
Security Interests in Rights to Payment, Investment Property, and Other Intangibles
368
1.
Financing Receivables
369
A.
Background
369
Kupfer, Accounts Receivable Financing: A Legal and Practical Look-See
369
B.
Financing Receivables: A Prototype
373
C.
Problem Under the Prototype
396
D.
Sales of Receivables
397
Notes on Sales of Receivables
399
E.
Public Notice of Security Interests in Receivables
405
In re Vigil Bros. Construction, Inc.
406
Notes on Public Notice of Transfers of Receivables
411
F.
Collection of Receivables
413
Notes on Rights and Obligations of Account Debtors and Persons Obligated on Promissory Notes
414
2.
Purchasers of Chattel Paper, Instruments, and Documents
421
Introductory Note
421
Notes on Purchasers of Instruments
424
Notes on Purchasers of Chattel Paper
429
3.
Security Interests in Investment Property
436
Introductory Note
436
Notes on Security Interests in Investment Property
439
4.
Security Interests in Deposit Accounts
446
Introductory Note
446
Notes on Security Interests in Deposit Accounts
448
5.
Non-Temporal Priority in Proceeds
454
Introductory Note
454
6.
Financing Other Intangibles
456
ch. 7
Security Interests (Including the "Floating Lien") in Bankruptcy
459
1.
Overview of Bankruptcy
459
Note on Relief From the Automatic Stay
463
2.
The Bankruptcy Trustee's Avoiding Powers
466
Introductory Note
466
A.
Unperfected Security Interests: The Strong Arm of the Trustee
466
Notes on Bankruptcy Code Section 544(A)
467
B.
The Trustee's Power to Avoid Preferences
469
Note on Preference Law
469
Notes on Prepetition Payments to Secured Parties
473
Notes on Delayed Perfection
476
Notes on the "Floating Lien" in Bankruptcy
480
Rockmore v. Lehman
487
Note on "Prejudice of Other Creditors"
488
Note on Dean v. Davis
489
Note on Valuation of Collateral
491
Note on Proceeds Arising After Bankruptcy
492
3.
Seller's Rights in Buyer's Bankruptcy
495
Notes on the Bankruptcy Rights of Unpaid Sellers
495
ch. 8
Competing Claims to Collateral: Other Priority Rules
499
1.
Changes in Business Structure
499
Introductory Note
499
Note on "Double Debtor" Problems
500
Notes on Changes in Business Structure
506
2.
Lease Chattel Paper
510
Introductory Note
510
Note on Leasing Consultants and Lease Chattel Paper
511
3.
Real Property-Related Collateral: Receivables and Fixtures
513
A.
Real Property-Related Receivables
513
Introductory Note
513
Notes on Real Property-Related Receivables
514
B.
Fixtures
519
Notes on Security Interests in Fixtures
519
Note on Perfection by Fixture Filings and Non-Fixture Filings
524
Note on Purchase-Money Security Interests in New Equipment and the Construction Mortgage
527
4.
Nonconsensual Liens
527
A.
Landlord's Liens
527
Introductory Note
527
Universal C.I.T. Credit Corp. v. Congressional Motors, Inc.
528
Note on the Priority of Landlord's Liens
534
B.
Liens in Favor of Providers of Services and Materials
535
Notes on Non-UCC Liens for Suppliers of Materials and Services
536
C.
Agricultural Liens
538
Notes on Agricultural Liens and Production-Money Security Interests
538
D.
Rights of Setoff
540
Notes on the Conflict Between Security Interests and Setoff Rights
541
E.
Federal Tax Liens
545
Introductory Note
545
In re Spearing Tool and Manufacturing Co., Inc.
547
Notes on Federal Tax-Lien Filings
550
Plumb, Legislative Revision of the Federal Tax Lien
553
J.D. Court, Inc. v. United States
559
5.
Is Secured Credit Efficient?
563
Introductory Note
563
Scott, The Truth About Secured Financing
564
Note on the Efficiency Debate
574
ch. 9
Default; Enforcement of Security Interests
576
Introductory Note
576
Note on Rights and Duties After Default
578
1.
Taking Possession of Collateral After Default
579
A.
In General
579
Note on Self-Help Repossession Under Former and Revised Article 9
582
Stone Machinery Co. v. Kessler
583
Thrash v. Credit Acceptance Corporation
588
Wade v. Ford Motor Credit Co
595
Osborne v. Minnesota Recovery Bureau, Inc.
601
Notes on Wrongful Repossession
606
B.
Consumer Protection Legislation
612
Notes on Legislation Limiting Self-Help Repossession Against Consumers
613
2.
Dispositions of Collateral; Deficiency and Surplus; Consequences of Noncompliance
617
Introductory Note
617
General Electric Capital Corp. v. Stelmach Construction Co.
621
Vornado PS, LLC v. Primestone Investment Partners, L.P.
628
Notes on Commercially Reasonable Dispositions and Reasonable Notification
635
3.
Rights of Third-Party Claimants
654
A.
Secondary Obligors (Including Guarantors)
654
Introductory Note: The Elements of Suretyship
654
Notes on Rights of Guarantors of Secured Obligations
661
B.
Competing Secured Parties and Lienholders; Transferees of Collateral in Dispositions Under UCC 9--610
662
Notes on Duties Owed by an Enforcing Secured Party to a Competing Secured Party or Lienholder and Rights of Transferees
664
4.
Redemption
669
Introductory Note
669
Williams v. Ford Motor Credit Co
671
Dunn v. General Equities of Iowa, Ltd
674
Notes on Acceleration and Redemption of Collateral
677
5.
Collections From and Enforcement Against Account Debtors and Other Persons Obligated on Collateral
679
Introductory Note
679
Notes on Collections by Secured Parties
681
6.
Acceptance of Collateral in Satisfaction of Secured Obligations: "Strict Foreclosure"
685
Introductory Note
685
Notes on Acceptance of Collateral
686
Index
691