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Avoid Common Errors in Collateral Descriptions Under Article 9
Webinar
11 AM CT
Presenter: Professor Richard Dole
Duration: 1 hour
Pricing:
Live, Digital Download or CD
combos available for an additional $50
$299 - (full-price, no discount)
$249 - (for Affiliation Members)
Without an effective collateral description in the security agreement, a financial institution is unsecured, and without an effective collateral description in the financing statement, a financial institution’s security interest is voidable in bankruptcy. You want to avoid these types of mistakes and that is our focus in this webinar.
UCC Article 9 governs secured transactions in personal property and fixtures coast-to-coast. The basic documentation under Article 9 is a security agreement and a financing statement, both of which must contain effective descriptions of the collateral. You can mistakenly have an ineffective collateral description when, for example:
- The Debtor doesn’t authorize even a model collateral description
- Collateral is misclassified under Article 9
We will be discussing how to circumvent these pitfalls and the importance of understanding:
- The necessity of Debtor authorization of collateral descriptions
- Per se ineffective Security Agreement and Financing Statement collateral descriptions. These descriptions leave a financial institution unsecured
- The extent to which Security Agreement and Financing Statement collateral descriptions must differ. The statutory requirements for security agreement descriptions and financing statement descriptions have important differences
- Dealing with the complex Article 9 classifications of collateral. Using factual collateral descriptions as a safe harbor. An accurate factual description of collateral can avoid misclassification of collateral under Article 9
Bios: Professor Richard Dole
Professor Dole is a commercial law expert and a scholar of bankruptcy, consumer protection, and creditors rights and debtors protections. He has written a treatise on Article 9 of the Uniform Commercial Code and has been a consultant on Bankruptcy Revision to the United States Senate Judiciary Committee.
Professor Dole has been a member of the American Law Institute since 1977 and has chaired the Texas Commission on Uniform State Laws. Professor Dole has been a visiting research scholar at the University of Tokyo Faculty of Law and a Visiting Scholar at the Institute for Monetary Studies of the Bank of Japan, the Japanese Federal Reserve.
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