UCC Foreclosures: Protecting Creditors' and Borrowers' Interests
When is Article 9 Foreclosure the Best Option?
Recording of a 90-minute CLE webinar/teleconference with Q&A
Conducted on Tuesday, August 10, 2010
Recorded event now available
This CLE webinar will prepare counsel to analyze the circumstances under which a UCC foreclosure is the optimal choice to protect a distressed loan. The panel will review the UCC foreclosure process and outline best practices to address the inherent risks and obstacles.
Description
Defaults on commercial loans continue to increase, and secured creditors face greater challenges protecting their interests. Counsel must evaluate loan workouts and other pre-bankruptcy solutions to determine if they are adequate to protect their clients' interests.
While bankruptcy is sometimes the preferred avenue for secured creditors, a foreclosure under UCC Article 9 can be a better option for both parties. Foreclosure under Article 9 can be quicker, less expensive and more predictable than a Section 363 sale.
The UCC foreclosure process contains some unexpected traps that creditors must avoid and obstacles that should be addressed. However, with careful planning, the risks can be minimized.
Listen as our authoritative panel of legal specialists offers their perspectives and experiences on foreclosure under UCC Article 9, best practices for carrying out UCC sales, and avoiding the unexpected difficulties that arise with such sales.
Outline
- Evaluating alternatives to UCC Article 9 foreclosures
- Loan workouts, assignment for benefit of creditors and receivership
- Section 363 bankruptcy sale
- Advantages of Article 9 proceeding
- Effectuating a UCC Article 9 sale
- Evaluating default
- Adequate lien search
- Strict foreclosure
- Public v. private sale
- Obstacles to Article 9 proceeding
- Notice
- Commercial reasonableness
- Successor liability
- Clear title
Benefits
The panel will review these and other key questions:
- What are the key factors in determining whether a UCC foreclosure is a better choice than loan workouts and other pre-bankruptcy alternatives?
- What are the advantages for lenders and borrowers choosing a UCC foreclosure over a bankruptcy sale?
- How can counsel guide clients to avoid the pitfalls presented by UCC foreclosure sales?
Faculty
Theodore A. Cohen,
Special Counsel
Sheppard Mullin Richter & Hampton, Los Angeles
He specializes in creditors' rights and focuses on lender, indenture trustee, and lessor representation in bankruptcies, loan and lease workouts, defaulted bond financings and secured transactions. He also represents buyers of distressed companies in bankruptcy 363 sales and from assignees for the benefit of creditors.
William Schoenholz,
Shareholder
Buchalter Nemer, Los Angeles
He has extensive experience in complex domestic and international financing transactions, representing banks, commercial finance companies, hedge funds and other institutional investors. He often represents lenders in workouts and forbearance arrangements. In this connection, he has substantial experience in private and public foreclosure sales under the Uniform Commercial Code.
Peter S. Burke,
Partner
Paul Hastings, Los Angeles
He works in the firm's Finance and Restructuring Group and his practice focuses on commercial and corporate finance, asset-based lending, subordinated debt financings and other lending transactions. He represents numerous banks, finance companies, hedge funds and other lenders in establishing credit facilities for acquisitions, recapitalizations, restructurings and working capital facilities.
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, GA, MO, MT, TX, VT, WA.
Upon request, also available in: CO, CT*, FL, 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, GA, HI, MO, MT, NY, TX, VT, WA, WV. Upon request, self-study credit is also available in: CO, FL, 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.
MP3 Download (Audio with Slide PDFs) $297.00
Available 24 hours after the live event
Webinar Download (Slide Presentation with Audio) $297.00
Available three business days after the live event
CD (Audio with Slide PDFs) $297.00
plus $9.45 S&H
Available ten 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
CLE on Live Webinar
Continuing Legal Education credit processing is available for an additional $65 per person per state in states where webinars and teleconferences are accredited. (AL, ME and VA attorneys, please call 1-800-926-7926 ext. 10 for special instructions.)
This webinar is eligible for at least 1.5 general CLE credits, depending on state rules.
You may register for CLE credit processing before or after a program (application deadlines vary by state). Exception: PA attorneys must pre-register for CLE (please call 1-800-926-7926 ext. 10).
CLE credits are not available for DE, IN, KS, OH, and PR or for NY attorneys admitted within the last 2 years.
CLE Processing $65.00
Webinar/Teleconference
Strafford webinars/teleconferences offer several options for participation: online viewing of speaker-controlled PowerPoint presentations with audio via computer speakers or via phone; or audio only via telephone (download speaker handouts prior to the program). Please note that our webinars do not feature videos of the presenters.
Program Materials
Requires Adobe Reader 8 or later. Download Acrobat FREE.
Program Materials
Requires Adobe Reader 8 or later. Download Acrobat FREE.
CLE Credit
Strafford's live seminars qualify for CLE in every state that accredits webinars. They offer you a high quality, cost effective, and convenient CLE option, with no lost travel time or expenses.
Customer Reviews
I attend a lot of these lectures and Strafford's presentation addressed important issues I rarely hear about. I really learned something for a change.
Rebekah J. Poston
Squire, Sanders & Dempsey
The panelists covered the topic well and in depth.
Andrea Mealey
Edwards Angell Palmer & Dodge
A focused presentation offering practical information in a concise format.
Una Kang
Saiber
The speakers were very well informed and knowledgeable.
Geoffrey Peck
Morrison & Foerster
Great program. All three speakers were very knowledgeable and had smooth deliveries.
John Bowers
Fortune 100 Company
Bankruptcy Law Advisory Board
Partner
Nixon Peabody
Partner
Potter Anderson & Corroon
Of Counsel
Haynes & Boone
Shareholder
Greenberg Traurig
Partner
Dechert
Shareholder
Vedder Price
Partner
Nixon Peabody
Partner
Kaye Scholer