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

Documenting and Perfecting a PMSI; Statutory, Contractual and Other Exclusions

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


Conducted on Tuesday, January 30, 2018

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 grant a security interest in all of their assets. These so-called liens have many exclusions, however. 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.

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.

Listen as our authoritative panel of finance practitioners discusses purchase money security interests and how they trump existing blanket liens. The panel will also discuss 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.

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Outline

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

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

Schulwolf, James
James C. Schulwolf

Partner
Shipman & Goodwin

Mr. Schulwolf represents senior and mezzanine lenders, venture capital investors (including SBIC’s), private...  |  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

Kirby, Dean
Dean T. Kirby, Jr.

Principal
Kirby & McGuinn

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

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