UCC Article 9 Blanket Asset Lien Exclusions and Purchase Money Security Interests

Navigating Statutory, Contractual and Other Exclusions to All Asset Collateral Liens and Perfecting a PMSI

Recording of a 90-minute CLE webinar with Q&A


Conducted on Tuesday, December 15, 2015

Recorded event now available

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Program Materials

This CLE webinar will provide commercial finance counsel with a discussion of items commonly carved out of Article 9 blanket liens, either by operation of law or by market practice. The panel will also review purchase money security interests, which are “super liens” that trump existing blanket liens.

Description

When structuring secured loans, many lenders require that borrowers and any guarantors must grant a security interest in all of their assets. These so-called liens have many exclusions to consider, however.

There are many types of personal property outside the scope of Article 9, including insurance, tort claims, and judgments as original collateral. Other commonly excluded collateral is carved out as a matter of market practice.

Purchase money security interests are super liens that can take priority over blanket liens when the transaction involves the purchase of goods. The rules of perfection can be tricky and full of traps for the unprepared.

Listen as our authoritative panel of finance practitioners discusses the categories of collateral that are generally excluded from all asset collateral liens as outside the scope of Article 9 or those commonly excluded by virtue of contract. The panel will also discuss purchase money security interests and how they trump existing blanket liens.

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Outline

  1. Obtaining all assets collateral liens
  2. Collateral excluded under the UCC
  3. Legal or contractual restrictions
  4. Other exclusions
  5. Obtaining purchase money security interests

Benefits

The panel will review these and other key issues:

  • What personal property is outside the scope of Article 9 and thus not covered by a blanket lien?
  • What type of borrower deposit accounts are typically excluded from blanket liens?
  • What are the perfection requirements for a PMSI?

Faculty

Kirby, Dean
Dean T. Kirby, Jr.

Principal
Kirby & McGuinn

Mr. Kirby represents lenders, creditors and fiduciaries in bankruptcy, foreclosure commercial collection,...  |  Read More

Sandra Shippey
Sandra Shippey

Partner
Procopio Cory Hargreaves & Savitch

Ms. Shippey has over 25 years of experience representing finance companies, banks and other asset-based lenders...  |  Read More

Weise, Steven
Steven O. Weise

Partner
Proskauer Rose

Mr. Weise practices in all areas of commercial law and has extensive experience in financing, especially in those...  |  Read More

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