UCC Secured Transactions: Documenting and Perfecting Security Interests, Navigating Competing and Hidden Liens
Recording of a 90-minute premium CLE webinar with Q&A
This CLE webinar will discuss requirements for security documentation, UCC rules for perfecting the security interest, and the pitfalls encountered with competing liens and hidden liens that may trump the lender’s lien priority.
- Security documents
- Security agreement: Relevant language
- Description of the collateral
- Perfection of the security interest
- Perfection by filing
- UCC-1 financing statement, Article 9 requirements
- UCC 3 amendment or termination statement: Lessons from In re Motors Liquidation
- Rules for trusts
- Perfection by filing
- Priority and other liens
- Competing liens: PMSIs and contractual subordination
- Hidden liens
The panel will review these and other key issues:
- What were the key changes in the UCC Article 9 amended rules related to filing financing statements?
- What are the rules for perfecting a security interest and what pitfalls can the lender encounter?
- What lessons can be derived from the lender’s loss of priority regarding the UCC-3 termination statement in In re Motors Liquidation?
- What due diligence can counsel for senior secured lenders conduct to help identify the presence of existing secret or competing liens?
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
Jeffrey A. Wurst
Ruskin Moscou Faltischek
Mr. Wurst is the chairman of the firm’s Financial Services, Banking, & Bankruptcy Department. He has... | Read More
Mr. Wurst is the chairman of the firm’s Financial Services, Banking, & Bankruptcy Department. He has significant expertise in asset-based lending, factoring, and all other areas of commercial finance, bankruptcy matters, workouts and turnaround situations. He is actively involved in the documentation of commercial finance and leasing transactions, as well as litigation that may arise out of or in connection with such transactions.Close