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Secured Transactions


Law 275

3

Core

None

No

Yes

Broome section Spring semester 2014: This course covers debt transactions in which the debtor offers personal property collateral to secure the debt. The creditor's interest in the collateral is a security interest and the course examines the creation, perfection, priority, and enforcement of this security interest under Article 9 of the Uniform Commercial Code. The class emphasizes statutory construction and practical considerations in structuring the transaction.

Jacoby section Fall semester 2013: This course explores the legal regulation of asset-backed loans (think of a car loan) to consumers and businesses governed by the Uniform Commercial Code, and, to a lesser extent, by real estate law and federal bankruptcy law. We will think about enforcing secured loan agreements through repossession and foreclosure and other remedies, about debtors' remedies even when they have defaulted, about how to draft secured loan agreements that can be properly enforced, the other formalities that lenders should follow to maximize their protection, and priority contests between third parties with interests in the debtor's property (secured creditors, judgment lien creditors, bankruptcy trustees, buyers of assets, etc.)


Broome section Spring semester 2014: Sales (3 hours) (in some years) deals with the sale of goods under Article 2 of the UCC and Payment Systems (3 hours) (in some years) deals with negotiable instruments (checks and promissory notes) under Articles 3 and 4. Secured Transactions is a foundation course normally taken by 3Ls. Secured Transactions may not be taken in addition to the 4-hour course, Sales and Secured Transactions, which is occasionally offered.
Bankruptcy and Secured Transactions cover some common topics, but a student may enroll in both courses. Bankruptcy is not a prerequisite or co-requisite for Secured Transactions. Bankruptcy and Secured Transactions cover some common topics, but a students may enroll in both courses. Bankruptcy is not a prerequisite or co-requisite for Secured Transactions.

Jacoby section Fall semester 2013: Due to my course materials that treat commercial law as an integrated system, secured transactions does overlap with bankruptcy. However, it is great to take both courses, and to take them in any order or concurrently. Although the school labels secured transactions "core" and bankruptcy "non-core," bankruptcy may be a more useful selection for some students who plan to take one or the other. Either is also great for 2Ls. Please feel free to come talk to me if you'd like to compare these options in your circumstances.


None.


L. Broome, M. Jacoby

Fall, Spring
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UNC School of Law | Van Hecke-Wettach Hall | 160 Ridge Road, CB #3380 | Chapel Hill, NC 27599-3380 | 919.962.5106


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