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Secured Transactions Practice: Security Agreements to Foreclosures, Part 1 &2, 2 CLE hours
1:00 p.m. E.T. each day(60 minutes)
Secured transactions – taking a security interest in collateral in exchange for a loan of money– are the most common form of commercial transaction and help finance most businesses in the United States. Because of their scale and importance, immense attention is paid to and often enormous pressure placed on every minute detail of secured transactions – from financing statements, security agreements and perfection to seizure and sale of property on foreclosure. These secured transactions are governed by the UCC Article 9, which can make them more costly, difficult to draft, and introduce risks into enforcement and foreclosures. Failure to comply with UCC Article 9 in drafting security agreements, perfecting a creditor’s interest, or on the foreclosure of a lien can easily cause the value of the transaction to be lost. This program will provide you with a real-world guide to drafting the most important components of a security agreement, perfecting the interest, and cost-effective enforcement of liens.
Day 1 – November 15, 2016:
- Lifecycle of UCC Article 9 secured transactions
- Drafting cost-effective and enforceable security agreements
- What to do when something about the debtor changes – e.g., name, location, ownership
- Guidance on different types of collateral – accounts receivable, inventory, equipment, intellectual property
- Anti-assignment provisions regarding collateral
- Practical techniques to increase the enforceability of security agreements and reduce risks in foreclosure
Day 2 – November 16, 2016:
- Legal and practical framework for the foreclosure of personal property under UCC Article 9
- Foreclosing on equipment, inventory, intellectual property, accounts receivable, and other asset classes
- Duties of junior creditors to senior creditors on foreclosure
- Rights to proceeds of foreclosure sales and reducing foreclosure costs
- Rights of guarantors
- Debtor remedies in the event of a secured party default
- Cost-efficient alternatives to foreclosures and circumstances when these alternatives are available
Steven O. Weise is a partner in the Los Angeles office Proskauer Rose, LLP, where his practice encompasses all areas of commercial law. He has extensive experience in financings, particularly those secured by personal property. He also handles matters involving real property anti-deficiency laws, workouts, guarantees, sales of goods, letters of credit, commercial paper and checks, and investment securities. Mr. Weise formerly served as chair of the ABA Business Law Section. He has also served as a member of the Permanent Editorial Board of the UCC and as an Advisor to the UCC Code Article 9 Drafting Committee. Mr. Weise received his B.A. from Yale University and his J.D. from the University of California, Berkeley, Boalt Hall School of Law.