Secured Transactions (LAW-840-002)
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Examines Uniform Commercial Code Article 9 governing secured transactions. It covers the law regarding loans that are secured by personal property and introduces students to basic principles of finance. In addition to learning rules for creation, perfection, and priority of security interests, students consider social and economic effects of secured transactions domestically and abroad and the policies embodied by UCC Article 9. The course also provides exposure to types of secured transactions that are crucial to finance and to economic development, including project financing, equipment leasing, accounts receivable financing, mezzanine lending, securitization, and purchase money security interests. The course also covers general principles of bankruptcy law relating to UCC Article 9. No prior knowledge of business, finance, or economics concepts is required or expected.
Textbooks and Other Materials
The textbook information on this page was provided by the instructor. Students should use this information when considering purchases from the AU Campus Store or other vendors. Students may check to determine if books are currently available for purchase online.
(1) The required coursebook is the *eighth edition from 2016* (not the ninth edition from 2020) of Lynn M. LoPucki et al., Secured Transactions: A Systems Approach (2016). It is part of the Aspen Casebook Series from Wolters Kluwer. The ISBN is 978-1-4548-5793-8. Be sure to get the eighth edition. Other editions will not work. (I think that using the eighth edition may save you significant money. Also, both editions are a bit out of date, so we would need to do some updating in any case. And the eighth edition format is easier to use anyway.) (2) You are also required to have a statutory supplement. Probably the best is again from Aspen Publishers, Comprehensive Commercial Law Statutory Supplement (Ronald Mann, Elizabeth Warren & Jay Westbrook eds.). Other reasonably new commercial law statutory supplements from Aspen or other publishers (e.g., West and Foundation Press) are likely to work fine, perhaps with occasional exceptions that can be remedied without undue trouble. If you can get an old supplement cheap or free, by all means do so. As long as the supplement is comprehensive (having all of the UCC and Bankruptcy Code) and was published in the last few years, it should work well enough. Note: As mentioned above, there are some post-2020 developments. You will have at least some of them if you get a brand new supplement, but I will make sure you can get anything you need if you have a supplement from the last few years.
First Class Readings
For the first class, read the introduction (pp. xxxi-xxxvii) and the epigraph (p. xxxix) and prepare all of Assignment 1 (pp. 3-21). Also read the syllabus. For the second class, prepare Assignment 2 (pp. 22-39), skipping Problems 2.3, 2.6, 2.7, and 2.8. After the second class, assume that we will cover 1½ assignments per class. Be sure to consult the preparation notes before preparing so you will know what problems to skip. The preparation notes, as well as a list of key concepts for each assignment, will be posted separately.