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 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.
Outline
- Comparing UCC Article 9 foreclosure to other options
- Loan workouts, assignment for the 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
- Notice
- Commercial reasonableness
- Successor liability
- 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
Dean T. Kirby, Jr.
Principal
Kirby & McGuinn
Mr. Kirby represents lenders, creditors and fiduciaries in bankruptcy, foreclosure commercial collection,... | Read More
Mr. Kirby represents lenders, creditors and fiduciaries in bankruptcy, foreclosure commercial collection, receiverships, workouts and lending transactions. He is certified by the American Board of Certification in the field of Creditors' Rights and by the Board of Specialization of the State Bar of California in the field of Bankruptcy. He is the only San Diego lawyer to have achieved certification in both Creditor Rights and Bankruptcy.
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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
Mr. Mercado is a member of the firm’s Commercial Finance Practice Group. He represents a wide range of traditional and non-traditional lenders, as well as borrowers, in complex financing transactions. Mr. Mercado has structured, negotiated and documented a wide variety of financing arrangements, including working capital financing, real estate secured financing, debtor-in-possession financing and bridge financing. These arrangements often include multi-facility secured credit arrangements. Mr. Mercado also has extensive experience negotiating and documenting of intercreditor agreements. Additionally, he has significant experience with problem loan workouts and restructurings, as well as bankruptcy, foreclosures and enforcement of other creditor’s rights.
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Stephen B. Selbst
Partner
Herrick, Feinstein
Mr. Selbst has more than 30 years of experience representing debtors, creditors, official committees, distressed... | Read More
Mr. Selbst has more than 30 years of experience representing debtors, creditors, official committees, distressed investors and asset purchasers in bankruptcies and out-of-court restructurings. He is a frequent lecturer on bankruptcy and restructuring topics and has published articles and book chapters on bankruptcy-related topics. He has been frequently quoted in newspaper articles on insolvency related topics and has appeared on CNBC.
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