UCC Foreclosures: Overcoming Obstacles to the Sale and Evaluating Receivership and Bankruptcy Alternatives

Protecting Lender and Borrower Interests

A live 90-minute CLE webinar with interactive Q&A


Thursday, November 21, 2019

1:00pm-2:30pm EST, 10:00am-11:30am PST

Early Registration Discount Deadline, Friday, October 25, 2019

or call 1-800-926-7926

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.

Description

Secured creditors face challenges protecting their interests if a loan defaults. Practitioners must evaluate loan workouts and other pre-bankruptcy solutions to determine whether they are adequate to protect the lender's interests.

While secured creditors may often prefer bankruptcy, a foreclosure under UCC Article 9 is better in certain situations. When appropriate, foreclosure under Article 9 is quicker, less expensive, and more predictable than a 363 sale.

The Article 9 foreclosure process contains pitfalls and obstacles for creditors, but with careful planning, counsel can overcome these issues and minimize the risks.

Listen as our authoritative panel of secured transactions specialists offers its perspective on foreclosure under UCC Article 9, including how to avoid unexpected difficulties that arise with such sales. They will also compare UCC sales to other alternatives, including assignments for the benefit of creditors and bankruptcies.

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Outline

  1. Comparing UCC Article 9 foreclosure to other options
    1. Loan workouts, assignment for the benefit of creditors and receivership
    2. Section 363 bankruptcy sale
  2. Effectuating a UCC Article 9 sale
    1. Evaluating default
    2. Adequate lien search
    3. Strict foreclosure
    4. Public vs. private sale
  3. Obstacles to Article 9 proceeding
    1. Notice
    2. Commercial reasonableness
    3. Successor liability
    4. Clear title

Benefits

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?

Faculty

Cochran, James S.
James S. Cochran

Partner
O'Connor Cochran

Mr. Cochran has extensive experience advising clients in workouts and restructurings involving complex collateral...  |  Read More

Gibson, Bradley
Bradley N. (Brad) Gibson

General Counsel of the UCC Division and Division Underwriting Counsel
First American Title Insurance Company

Mr. Gibson is General Counsel of the UCC Division and Division Underwriting Counsel at First American Title Company.

 |  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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Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:

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48 hours after event

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10 business days after event

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