Equity Interests as Collateral in Commercial Lending
Enforcing Security Interests in Stocks, Partnerships and LLCs Upon Borrower Default
Recording of a 90-minute CLE webinar/teleconference with Q&A
Conducted on Wednesday, April 4, 2012
Recorded event now available
This CLE webinar will prepare counsel who advise lenders holding equity interests as collateral in commercial loans to properly perfect the security interests and to evaluate and pursue enforcement remedies in the event a borrower defaults.
Description
Equity interests—including stock, partnership interests and LLC interests—are a common form of collateral in commercial loan transactions.
Using equity interests as collateral is challenging because they involve unique planning and documentation issues, including consideration of securities laws and entity statutes, as well as UCC provisions specific to investment property.
In addition, enforcing security interests in equity interests can be difficult, particularly where pre-closing diligence and the terms of the transaction documents did not accommodate these unique issues.
Listen as our panel of finance practitioners provides best practices for advising lenders holding equity interests as collateral in commercial loans. The panelists will offer their perspectives and experiences on the potential pitfalls involved in creating and perfecting the security interests and will provide strategies for pursuing strict foreclosure, public or private foreclosure sales, or other possible remedies.
Outline
- Common types of equity interests
- Stock
- Partnership and LLC interests
- Perfecting security interests in equity interests
- Lender remedies upon default
- Strict foreclosure
- UCC Section 9-610 sale
- Other options
Benefits
The panel will review these and other key questions:
- What challenges may arise when borrowers seek to use equity interests as collateral for commercial loans?
- What steps should lenders' counsel take to avoid common pitfalls in creating and perfecting security interests in stock, partnership interests and LLC interests?
- What remedies are available to lenders under the UCC upon default on a loan secured by equity interests?
Faculty
Steven O. Weise,
Partner
Proskauer Rose, Los Angeles
He practices in all areas of commercial law and has extensive experience in financing, especially in those secured by personal property, including structured financing. He is regarded as one of the foremost authorities on Article 9 of the UCC. He is a member of the Permanent Editorial Board for the UCC and a member of the American Law Institute’s UCC Article 9 Drafting Committee.
James D. Prendergast,
SVP, Legal Counsel-Division
First American Title Insurance Company, Santa Ana, Calif.
He is General Counsel of the Uniform Commercial Code Division of First American Title Insurance Company. Prior to joining First American in 2001, he was in private practice in the Los Angeles area for over 25 years concentrating his practice primarily in the areas of commercial and corporate finance. He is Co-Chair of the ABA Joint Task Force on Filing Office Operations and Search Logic.
James S. Cochran,
Partner
O'Connor Cochran, Los Angeles
He has extensive experience advising clients in workouts and restructurings involving complex collateral packages and multiple jurisdictions. He represents clients in secured loan restructurings, structured asset dispositions, collateral “take backs,” and note sales. He was Co-Chair of the UCC Committee of the Business Law Section and is on the Board of Governors of the Financial Lawyers Conference.
Ordering
Online CLE - Audio Recording
Includes audio streaming of full program plus handouts (available 24 hours after live seminar).
CLE:
Pre-approved for participatory or non-traditional/alternate format credit in: CA, HI*, NY*, WV*.
Pre-approved for self-study credit in: AK, AZ, MO, MT, TX*, VT, WA.
Upon request, also available in: CO, CT*, FL, GA, ID, KY, LA*, ME, NC, ND, NE, NH, NM, NV, OR*, SC, TN, UT, WI, WY. If you are applying for credit in one of these states, make sure to select those states when placing your order.
(*Indicates that Strafford must report attendance.)
Online CLE Audio $297.00
Available 24 hours after the live event
Recorded Event
Includes full event recording plus handouts (available after live seminar).
CLE: Pre-approved for self-study credit in: AK, AZ, CA, CT, HI, MO, MT, NY, TX*, VT, WA, WV. Upon request, self-study credit is also available in: CO, FL, GA, ID, KY, ME, ND, NE, NH, NM, NV, OR, UT, WI, WY. If you are applying for self-study credit in one of these states, contact Strafford CLE at 1-800-926-7926 ext. 35 or CLE@straffordpub.com. (*Indicates that Strafford needs to process the CLE — see below to purchase this option.)
Webinar Download (Slide Presentation with Audio) $297.00
Available three business days after the live event
DVD (Slide Presentation with Audio) $297.00
plus $9.45 S&H
Available ten business days after the live event
MP3 Download (Audio with Slide PDFs) $297.00
Available 24 hours after the live event
CD (Audio with Slide PDFs) $297.00
plus $9.45 S&H
Available ten business days after the live event
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Program Materials
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Program Materials
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CLE Credit
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Customer Reviews
The speakers had great knowledge in this subject area.
Kris Wigness
Katten Muchin Rosenman LLP
Strafford provided an excellent seminar on an interesting and important subject.
Joseph T. Mancuso
Hancock Estabrook, LLP
I liked the substance of the program and the ease of participating.
Paul L. Hammann
First American Title Insurance Company
Very good and concise CLE.
Anthony DiSandro
Stevens & Lee
I found the content very useful and was impressed by the high quality of each speaker's ability to articulate his presentation.
Andrew Lillie
Hogan & Hartson
Finance Law Advisory Board
Partner
Gibson Dunn & Crutcher
Partner
Nixon Peabody
Partner
Alston & Bird
Counsel
Mayer Brown
Partner
O’Melveny & Myers
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