Clarks’ The Law of Secured Transactions Under the Uniform Commercial Code
Authors: Barkley Clark, and Barbara Clark
Frequency:
2 updates annually
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Table of Cases
Highlights of Our Latest Update
Index
Table of Contents
Preface
USC Cites
UCC Cites
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Practical Advice on Shoring Up Assets, Enforcing Security Interests, and Bankruptcy Law
Secured transactions under Article 9 of the Uniform Commercial Code are the most heavily litigated area of commercial law. Many other areas of law, such as the Bankruptcy Code, the Federal Tax Lien Act, the Federal Trade Commission’s trade regulations for secured consumer lending, and federal statutes affecting intellectual property and agricultural lending, affect a lender’s security interest.
With the economy now dropping through the floor and bankruptcy filings going through the roof, the law of secured transactions assumes new significance. The crisis in the financial markets extends far beyond the mortgage meltdown, jeopardizing all kinds of secured transactions, from automobile financing to equipment leases to asset-based lending.
The Law of Secured Transactions under the Uniform Commercial Code is the place to look for answers to the key questions in these tough economic times:
- Is your security interest perfected so that it will stand up in bankruptcy?
- What are the pitfalls in the default and foreclosure rules of UCC Article 9?
- What are the best ways to keep the guarantor on the hook, given the downward spiral in the value of collateral?
- What risks do the underlying assets present for Collateralized Debt Obligations (CDOs)?
- Article 2: sales
- Article 5: letters of credit
- Article 2A: equipment leases
- Article 7: documents of title
- Articles 3 and 4: negotiable instruments
- Article 8: investment securities
The guide offers drafting tips, including suggested security agreement provisions and model financing statement descriptions and takes you through the process of secured financing from beginning to end:
- Is the transaction covered by Article 9?
- How do you perfect your security interest in different types of collateral?
- Even if you are perfected, what priority problems remain?
- If default occurs, what are the options for enforcing your security interest?
About the Authors
Barkley Clark
Barkley Clark is well known as a national authority on commercial and financial services law. He is a partner in the law firm of Stinson Morrison Hecker LLP. He advises financial institutions and businesses around the country on a variety of UCC and federal banking law issues, including payment systems, secured transactions, and sales. He is listed in Best Lawyers in America. He is a graduate of Amherst College and Harvard Law School. During a teaching career spanning 35 years, he has taught commercial law at the University of Kansas School of Law, Georgetown Law Center, George Washington University, and the University of Virginia School of Law. His publications are relied on by practicing attorneys and bankers throughout the financial services industry and are frequently cited by federal and state courts. He has served as a special adviser to the Federal Reserve Board, the Commissioners on Uniform State Laws, and state legislatures around the country. He has also served as a director of a national bank. He has co-authored (with Barbara Clark) four major treatises in the banking law area—The Law of Bank Deposits, Collections and Credit Cards, The Law of Secured Transactions under the Uniform Commercial Code, and Clarks’ Guide to Electronic Check Collection. He co-edits (with Barbara Clark) two newsletters—Clarks’ Bank Deposits and Payments Monthly and Clarks’ Secured Transactions Monthly.
Barbara Clark is a former federal prosecutor and commercial litigator with over 25 years’ experience. She is a partner in the Commercial Law Institute, Greenwood, Virginia. Ms. Clark is a graduate of Hamilton College and the University of Maryland School of Law. She has been a partner in private practice specializing in commercial litigation and has represented financial institutions before federal and state regulators. One of Ms. Clark’s areas of special interest is financial fraud and risk management. She is a co-author (with Barkley Clark) of The Law of Bank Deposits, Collections and Credit Cards, The Law of Secured Transactions Under the UCC, and Clarks’ Guide to Electronic Check Collection. Ms. Clark has also co-authored (with Barkley Clark and Mark Hargrave) Truth in Savings: Legal Analysis and Compliance Strategies, and is a co-editor (with Mr. Clark) of two monthly newsletters—one on secured transactions and the other on bank deposits and payments.
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