UCC Secured Transactions: Avoiding Pitfalls in Perfecting Security Interests

Protecting Collateral in Bankruptcy and Enforcement Actions

Recording of a 90-minute CLE webinar with Q&A

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Conducted on Tuesday, June 30, 2009

Course Materials

This seminar will examine unexpected traps in perfecting security interests and analyze the often confusing perfection rules for different types of collateral, enforcement actions and disputes, The panel will outline best practices for protecting security interests in the event of default or bankruptcy.

Description

Secured transactions under Article 9 of the UCC is one of the most heavily litigated areas of commercial law. With a record number of loan defaults and bankruptcies, the law of secured transactions takes on a new significance.

Mistakes in perfection are costly in enforcing a secured interest under Article 9. In bankruptcy, as trustees and unsecured creditors closely scrutinize the secured status of creditors, such mistakes can be fatal.

As loan defaults and bankruptcies skyrocket, lenders must exercise extreme due diligence to ensure that their security interests are fully protected and free of even minor defects.

Listen as our authoritative panel of attorneys analyzes the pitfalls in perfecting security interests and offers best practices to ensure security interests are enforceable upon default and will survive bankruptcy.

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Outline

  1. Security Agreements and Financing Statements
    1. Due diligence searches
    2. Name of debtor
    3. Description of collateral
    4. Filing jurisdiction
    5. Renewals
    6. Maintaining perfection
    7. Default provisions
  2. Perfection Rules for Different Types of Collateral
    1. Equipment
    2. Accounts receivable
    3. Inventory
    4. Promissory notes
    5. Chattel paper
    6. Deposit and securities accounts
    7. Partnerships and LLC interests

Benefits

The panel will review these and other key questions:

  • How can counsel ensure that the debtor's correct name is used for filing and searching — and why are even minor mistakes potentially deadly?
  • What are the best practices for the collateral description in the security agreement and financing statement?
  • What are the key steps for lenders and counsel to avoid the most common pitfalls in perfecting security interests in payment intangibles and chattel paper?

Faculty

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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