Recording available after original program date, 7/27/2022
Secured transactions are the most common form of commercial transaction and help finance businesses of every size. They are governed by the complex provisions of UCC Article 9. Getting every detail in financing statements, security agreements, and perfection of credits is essential. Agreements can be costly and time consuming to draft, and full of risk. Failure to comply with UCC Article 9 in drafting security agreements, perfecting a creditor’s interest, or foreclosing a lien can easily cause the value of the underlying transaction to be lost. This program will provide you with a real-world guide UCC Article 9 practice.
• Lifecycle of UCC Article 9 secured transactions
• Drafting cost-effective and enforceable security agreements
• What to do when something about the debtor changes – e.g., name, location, ownership
• Accounts receivable, inventory, equipment, intellectual property
• Anti-assignment provisions regarding collateral
• Enhancing enforceability of security agreements and reduce risks in foreclosure
• Framework for the foreclosure of personal property under UCC Article 9
• Foreclosing on equipment, inventory, intellectual property, and accounts receivable
• Duties of junior creditors to senior creditors on foreclosure
• Rights to proceeds of foreclosure sales and reducing foreclosure costs
• Rights of guarantors
• Debtor remedies in the event of a secured party default
• Cost-efficient alternatives to foreclosures and circumstances when these alternatives are available
Note: This material qualifies for self-study credit only. Pursuant to Regulation 15.04.5, a lawyer may receive up to six hours of self-study credit in a reporting year. Self-study programs do not qualify for ethics, elimination of bias or Kansas credit.
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