UCC Foreclosures: Overcoming Obstacles to the Sale and Evaluating Receivership and Bankruptcy Alternatives
Recording of a 90-minute CLE video webinar with Q&A
This CLE course 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 in exchange for payment to the secured creditor on the secured debt. Alternatives include a receivership in aid of foreclosure and an assignment for the benefit of creditors.
- Comparing UCC Article 9 foreclosure to other options
- Loan workouts, receiverships in aid of foreclosure, and assignments for the benefit of creditors
- Sale in bankruptcy
- 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 including liability exposure for the secured creditor?
Edwin E. Smith
Morgan, Lewis & Bockius
Mr. Smith concentrates his practice in commercial law, debt financings, structured financings, workouts, bankruptcies,... | Read More
Mr. Smith concentrates his practice in commercial law, debt financings, structured financings, workouts, bankruptcies, and international transactions. He is particularly knowledgeable on commercial law and insolvency matters, both domestic and cross-border. His representations have included those in major bankruptcies including Lehman and the City of Detroit. Mr. Smith often advises financial institutions on documentation and risk management issues.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