Secured Transactions (LAW-840-001)
Assessment: In-class exam, essay questions,In-class exam, multiple-choice questions,In-class exam, open book,Class Participation
This course introduces you to the law governing the relations between borrowers and lenders in the context of secured lending and overlaps into bankruptcy law, collections, consumer and corporate areas of law. Students will be introduced to the creation, perfection, priority, and enforcement of security interests under the Uniform Commercial Code (UCC). Students will gain practical experience and exposure to reading and understanding Code provisions, reading and understanding forms (related to security agreements) and how to handle basic secured transactions for consumer clients, corporate clients and financial institutions. Secured Transactions law involves both individuals and large corporations. The course will cover basic consumer loans and million dollar corporate financing. The topic also is covered in many state bar exams.
As you will learn, the course has two major parts: creditors’ rights against debtors, and creditors’ rights against other creditors’. No matter what your post?law school goals happen to be, this course will make you a more effective professional. The textbook emphasizes a systems approach. An effective lawyer understands how secured transactions fit into the broader financial system. Certainly, Article 9 of the Uniform Commercial Code (UCC) will play a central role in our studies, but we will cover all sorts of transactions. Also, you will see how commercial law overlaps into bankruptcy law. In practice, a creditor’s legal rights often only become important during insolvency proceedings and if one wants to know the practical consequences of the creditor’s power one must know the results in bankruptcy court.No prior knowledge of business, finance, economics, or bankruptcy is required.
The exam will be two parts – 1 part multiple choice and 1 part fact pattern essay. We will review in class and review sample questions and fact patterns. The exam will test your basic understanding of the major UCC provisions and test your ability to apply your learning to a basic client fact pattern/essay. The final exam will be open book. I will provide a review session and we will go over in class some sample multiple choice and a sample essay so you will have an idea of how to prepare for the Final Exam.This course is designed to be an introduction. A survey course cannot achieve the depth of knowledge or the level of detail that more time would allow. Nevertheless, this survey is meant to provide a thorough grounding for further learning, either in school or in practice.
Textbooks and Other Materials
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First Class Readings
Not available at this time.
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