UCC Security Interests in Proceeds of Collateral: Perfection, Priority, and Impact of Debtor's Bankruptcy

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


Conducted on Wednesday, September 1, 2021

Recorded event now available

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Course Materials

This CLE course will provide finance counsel with a thorough understanding of UCC and Bankruptcy Code treatment of security interests in the proceeds of original collateral. In addition, the panel will discuss recent legal developments and special issues concerning attachment, perfection, and the priority of security interests in proceeds.

Description

Security interests in proceeds of collateral raise complex issues under UCC Article 9 (pre-and post-petition) and the Bankruptcy Code. A secured party may claim an Article 9 security interest in post-petition proceeds of collateral when the collateral existed pre-petition subject to a perfected security interest. There are specific considerations to create and perfect a security interest in the proceeds of collateral.

Counsel advising secured parties and debtors must understand how the proceeds of collateral are treated under the UCC and Bankruptcy Code to protect their clients' interests adequately. Counsel must stay on top of developments impacting security interests in proceeds of collateral, including recent case law, tracing rules, and unique types of collateral/proceeds.

Listen as our panel of finance attorneys provides best practices for advising clients holding security interests in the proceeds of original collateral in commercial loans. The panelists will also offer their perspectives and experiences navigating the complex and unique issues that arise under Article 9 and the Bankruptcy Code.

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Outline

  1. Treatment/restrictions on proceeds of collateral under the UCC and Bankruptcy Code
  2. Legal trends and developments affecting attachment, perfection, and priority of proceeds of collateral
  3. Special issues with unique types of collateral/proceeds

Benefits

The panel will review these and other key issues:

  • How broad is the scope of "proceeds" defined in UCC Article 9? What are the limits on proceeds?
  • How has recent case law addressed the treatment of proceeds of collateral when there are competing claims?
  • What are the potential pitfalls for secured parties seeking attachment, perfection, and priority of secured interests in the proceeds of collateral?

Faculty

Nadile, Janet
Janet M. Nadile

Special Counsel
Milbank

Ms. Nadile  is a member of the firm’s Leveraged Finance Group. She practices in the areas of banking and...  |  Read More

Smith, Edwin
Edwin E. Smith

Partner
Morgan, Lewis & Bockius

Mr. Smith concentrates his practice in commercial law, debt financings, structured financings, workouts, bankruptcies,...  |  Read More

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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