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


Conducted on Wednesday, August 12, 2020

Recorded event now available

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Program Materials

This CLE webinar will provide attorneys dealing with defaulted loans secured by personal property with a review of when an Article 9 foreclosure will 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 review alternatives to Article 9 foreclosures as a method of transferring 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 transaction 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

Kirby, Dean
Dean T. Kirby, Jr.

Principal
Kirby & McGuinn

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

Mercado, M. Reed
M. Reed Mercado

Senior Counsel
Buchalter

Mr. Mercado is a member of the firm’s Commercial Finance Practice Group. He represents a wide range of...  |  Read More

Selbst, Stephen
Stephen B. Selbst

Partner
Herrick, Feinstein

Mr. Selbst has more than 30 years of experience representing debtors, creditors, official committees, distressed...  |  Read More

Other Formats
— Anytime, Anywhere

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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