Lecture Ten (Part 2): Secured Transactions and Priority Rules

This conversation provides a comprehensive overview of Article 9 of the Uniform Commercial Code, focusing on secured transactions. It covers the essential elements of secured transactions, including attachment, perfection, and priority, as well as the enforcement of security interests in the event of debtor default. The discussion also addresses the implications of bankruptcy on secured transactions and the evolving nature of Article 9 in response to digital assets.

Takeaways

Understanding Article 9 is critical for law students and bar exam candidates.

Secured transactions frequently appear on the MEE and state-specific essays.

A secured transaction involves a debtor granting a security interest to a creditor.

Attachment is the legal foundation for a security interest to be enforceable.

Perfection protects a security interest against third parties.

The priority of security interests is determined by the first to file or perfect.

Debtors have rights during the enforcement process, including redemption.

Bankruptcy can significantly impact the rights of secured creditors.

PMSIs have special priority rules that can benefit creditors.

Article 9 will need to adapt to new forms of collateral in the digital economy.

Article 9, Uniform Commercial Code, Secured Transactions, Law School, Bar Exam, Attachment, Perfection, Priority, Bankruptcy, Enforcement

Article 9, Uniform Commercial Code, Secured Transactions, Law School, Bar Exam, Attachment, Perfection, Priority, Bankruptcy, Enforcement