Secured Transactions (LAW-840-001)
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In ordinary language, this course is about the law of lending and borrowing money, especially when there is collateral involved. More precisely, the course covers the law of secured lending, focusing on loans secured by personal property as governed by Article 9 of the Uniform Commercial Code. Students are introduced to the creation, perfection, priority, and enforcement of security interests, and to the policies underlying the system of secured credit. Some attention is given to loans secured by real property (mortgages), as well as to basic principles of finance and business. The course also covers some general principles of bankruptcy law as they relate to security interests. No prior knowledge of business, finance, economics, or bankruptcy is required. Assessment is by a closed-book final examination.
Textbooks and Other Materials
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1. Students are required to use Lynn M. LoPucki, Elizabeth Warren & Robert M. Lawless, Secured Transactions: A Systems Approach (8th ed. 2016), part of the Aspen Casebook Series published by Wolters Kluwer. The ISBN for the course book by itself is 9781454857938.
2. You will also need a statutory supplement. Probably the best is again from Aspen Publishers, 2016 Comprehensive Commercial Law Statutory Supplement (Ronald Mann, Elizabeth Warren & Jay Westbrook eds. 2016). The ISBN for the statutory supplement by itself is 9781454875383.
Notes: (a) Aspen has a deal so that if you buy the course book (which is required), you can get the supplement for about $15. The ISBN for the bundle is 9781454883272. (b) Other reasonably new commercial law statutory supplements from Aspen or other publishers (e.g., West and Foundation Press) are likely to work too, perhaps with occasional exceptions that can be remedied with a bit of photocopying. Regardless of publisher, you will need a reasonably recent supplement because you will need the 2010 amendments to UCC Article 9. Probably 2011 editions will work; older editions probably will not. Note that there are supplements that are not meant to be comprehensive and are instead designed for other classes (e.g., Sales). These supplements may not work very well. The main statute you will need is Article 9 of the UCC. You will also need the Bankruptcy Code with some frequency, and you will occasionally need the key provisions of other UCC articles (primarily Article 1 and sometimes Article 2), the Federal Tax Lien Act, and the Uniform Motor Vehicle Certificate of Title Act.
First Class ReadingsFor the first class, read the introduction (pp. xxxi-xxxvii) and the epigraph (p. xxxix) and prepare all of Assignment 1 (pp. 3-21). To prepare an assignment, at a minimum, read the text in the course book and any necessary materials in the statutory supplement, and then work the assigned problems so you can answer fluidly when I call on you. You are not required to brief each case for class, but you will need to know the facts, holding, and reasoning so you can apply the case law. For the second class, prepare Assignment 2 (pp. 22-39), skipping Problems 2.3, 2.6, 2.7, and 2.8.
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