The course covers primarily Article 9 of the Uniform Commercial Code--among the most significant commercial statutes in the world. Article 9 governs transactions in which a borrower borrows money from a lender and gives that lender an interest in some of the borrower's property as collateral to make the lender more secure with respect to repayment. Transactions large and small are covered by Article 9: whether a person borrows money to buy a car, a manufacturer borrows money to buy its raw materials, a department store chain borrows money to purchase its inventory or a credit card issuer sells its receivables to investors, Article 9 applies. Secured transactions are of central importance to consumer and commercial loans, mergers and acquisitions, securitizations and to bankruptcy.
In addition to secured transactions, during this course we will address the remedies of unsecured creditors, statutes and procedures on levies of execution, attachment, garnishment, replevin, and receiverships. We will also address the exemptions and procedural rights available to debtors.