Secured Transactions

Law 275






Broome Spring 2015: 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 Fall 2014:  Legal regulation of asset-backed loans (think of a car loan) to consumers and businesses governed by the Uniform Commercial Code; statutory interpretation; comparison of the UCC rules to those provided in real estate and federal bankruptcy law; enforcement of secured loan agreements through repossession and foreclosure and other remedies; debtors' remedies even when they have defaulted; drafting effective secured loan agreements; formalities that must be followed to maximize the protection of transactions; priority contests between third parties with interests in the debtor's property (secured creditors, judgment lien creditors, bankruptcy trustees, buyers of assets, etc.); distributional impact of secured credit laws; role of lawyers in commercial law reform. 

Broome Spring 2015: 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.

Jacoby Fall 2014: Notwithstanding the designation of this course as "core" by the law school, commercial law experts generally see the basic bankruptcy course as a generalist course especially useful for all lawyers, and secured transactions as more specialized. My course materials treat commercial law as an integrated system. Thus, there is some overlapping coverage in both courses, but it is not as extensive as students sometimes suggest. you can take both course and many do. The school permits you to take them in any order or concurrently.


L. Broome, M. Jacoby

Fall, Spring
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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