Fall 2015 - Jacoby:
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.
Spring 2016 - Broome:
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.
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.