Secured Transactions

Law 275






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.


Spring 2016 - Broome: 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.


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 | Accessibility

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