UCC Foreclosures: Overcoming Obstacles to the Sale and Evaluating Receivership and Bankruptcy Alternatives
Protecting Lender and Borrower Interests
Recording of a 90-minute CLE webinar with Q&A
This CLE webinar will provide attorneys dealing with defaulted loans secured by personal property with a review of the circumstances under which an Article 9 foreclosure is preferred to maximize value for the secured creditor. The panel will discuss the Article 9 foreclosure process and outline best practices to address obstacles in Article 9 foreclosures. The panel will also discuss alternatives to Article 9 foreclosures in transfers of distressed assets.
- Comparing UCC Article 9 foreclosure to other options
- Loan workouts, assignment for benefit of creditors and receivership
- Section 363 bankruptcy sale
- Effectuating a UCC Article 9 sale
- Evaluating default
- Adequate lien search
- Strict foreclosure
- Public vs. private sale
- Obstacles to Article 9 proceeding
- Commercial reasonableness
- Successor liability
- Clear title
The panel will review these and other relevant issues:
- What key factors determine whether a UCC foreclosure is a better choice than loan workouts and other pre-bankruptcy and bankruptcy alternatives?
- How can counsel decide which type of Article 9 foreclosure sale will maximize value for the secured creditor?
- How can counsel guide clients to avoid the pitfalls presented by Article 9 foreclosure sales?
Mr. Cochran has extensive experience advising clients in workouts and restructurings involving complex collateral... | Read More
Mr. Cochran has extensive experience advising clients in workouts and restructurings involving complex collateral packages and multiple jurisdictions. He represents lenders in mezzanine loan transactions and other sophisticated commercial real estate financings, and has acted for lenders and other stakeholders in various bankruptcy matters, including DIP financings, section 363(f) sales and claims transfers.Close
James D. Prendergast
SVP, Legal Counsel-UCC Division
First American Title Insurance Company
Mr. Prendergast is General Counsel of the Uniform Commercial Code Division of First American Title Insurance... | Read More
Mr. Prendergast 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.Close
Steven O. Weise
Mr. Weise practices in all areas of commercial law and has extensive experience in financing, especially in those... | Read More
Mr. Weise 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. Mr. Weise is also the past chair of the American Bar Association’s Business Law Section Legal Opinions Committee.Close