The Security Interest in Inventory under Article 9 of the Uniform Commercial Code and the Preference Problem

1962 ◽  
Vol 62 (1) ◽  
pp. 49 ◽  
Author(s):  
Nahum L. Gordon
Keyword(s):  
Security Interest ◽  
Article 9 ◽  
Commercial Code

The reform of English personal property security law: functionalism and Article 9 of the Uniform Commercial Code

Legal Studies ◽  
2004 ◽  
Vol 24 (3) ◽  
pp. 295-321 ◽  
Author(s):  
Iwan Davies
Keyword(s):  
Common Law ◽  
Central Feature ◽  
Important Distinction ◽  
Personal Property ◽  
Security Interest ◽  
Article 9 ◽  
Commercial Code ◽  
The Common ◽  
The Impact ◽  
Unitary Concept

Historically, Article 9 of the Uniform Commercial Code has influenced in the debate over the reform of personal property security law in England. The revision to Article 9 has provided some further impetus to the issue of reform. A central feature of Article 9 which has been adopted in recent reform proposals for English law is the development of a generic unitary concept of the security interest and the specific rejection of formalism in security transactions. The impact upon the common law environment in England and Wales of the adoption of such an approach is considered in this paper. It is argued that the unitary concept of a ‘security interest’ is too blunt a concept and is over inclusive in that it wrongly assumes that all security interests perform an identical function. Furthermore, the development of functionalism seen in Article 9 has blurred an important distinction drawn under the common law between relative property rights and in this way fails to distinguish between what are essentially different transactions. In turn, this invites scrutiny of the usefulness in this context of notice filing and the first-to-file priority rule which is at the heart of an Article 9 regime.

scholarly journals Driving Toward Certainty In UCC Financing Statements: Why Alternative A In The 2010 Amendments To UCC § 9-503(a)(4) Is The Best Rule For Listing Individual Debtor Names

2016 ◽  
Vol 32 (5) ◽  
pp. 1519
Author(s):  
Steven Z. Hodaszy
Keyword(s):  
Security Interest ◽  
Article 9 ◽  
Commercial Code ◽  
Secured Transactions ◽  
Driver's License ◽  
The Individual ◽  
To Receive ◽  
Secured Creditors

In 2010, the sponsors of the Uniform Commercial Code (“UCC”) approved certain amendments (the “2010 Amendments”) to UCC Article 9, which deals with secured transactions.  Chief among the 2010 Amendments was a change to § 9-503(a)(4), which concerns how the names of individual debtors are to be listed on UCC financing statements that creditors file to perfect their security interests in a debtor’s collateral for a secured loan.  Prior to the 2010 Amendments, which became effective in most U.S. States in July 2013, parties to secured transactions were sometimes uncertain as to how a particular individual debtor’s name was required to be listed under § 9-503(a)(4).  That uncertainty, in turn, occasionally resulted in a creditor failing to receive a security interest it had bargained for—and thought it had gotten. To remedy those problems, the 2010 Amendments included two alternative amendments to the individual-debtor-name rule under § 9-503(a)(4)—“Alternative A” and “Alternative B”—and left it to each State to decide which alternative to enact.  This Article discusses why Alternative A (which requires an individual debtor’s name on a financing statement to match the name on his or her driver’s license) provides the best way to remove the ambiguities that existed under the prior version of § 9-503(a)(4). The Article further explains how sub-rules within Alternative B essentially repeat the same vague standard for listing individual debtor names that existed under the “old” rule, and why Alternative B therefore perpetuates the very risks to creditors who make secured loans to individuals that the 2010 Amendments were intended to eliminate.  The Article argues that, if and when such risks under Alternative B begin to cause harm to secured creditors, lawmakers in States that have adopted Alternative B (as well as the UCC’s sponsors themselves) should consider a switch to Alternative A.  In the meantime, the Article offers suggestions as to how secured parties can better protect against those risks when filing financing statements, or searching for previously-filed financing statements, against individual debtors in Alternative B jurisdictions.

Part III Registration and Other Perfection Requirements, 9 Registration and Other Perfection Requirements

2018 ◽  
Author(s):  
Beale Hugh ◽  
Bridge Michael ◽  
Gullifer Louise ◽  
Lomnicka Eva
Keyword(s):  
Security Interest ◽  
Article 9 ◽  
Commercial Code ◽  
Extra Step ◽  
English Law ◽  
Secured Creditors

This chapter looks at how the expression ‘perfection’ is a useful way to describe steps that a secured creditor has to take in order to be able to make the security effective against other secured creditors, trustees in bankruptcy, and company liquidators or administrators. The methods of perfection set out in Revised Article 9 of the Uniform Commercial Code consist of possession, control, and registration. Care must be taken, however, in applying the concept of perfection to English law. First, Article 9 requires that every security interest be perfected, although for some types of security interest no extra step is needed beyond the security being agreed and attaching to the collateral. Second, the steps needed to be taken to register, as well as those needed to obtain control, are different to those required in English law.

AMERICAN PRIVATE LAW WRIT LARGE? THE UNCITRAL SECURED TRANSACTIONS GUIDE

2011 ◽  
Vol 60 (3) ◽  
pp. 597-625 ◽  
Author(s):  
Gerard McCormack
Keyword(s):  
United States ◽  
Lower Cost ◽  
Global Financial Crisis ◽  
Critical Evaluation ◽  
The United States ◽  
Article 9 ◽  
Commercial Code ◽  
Secured Transactions ◽  
The Global Financial Crisis ◽  
Clear Objective

AbstractThis article provides a critical evaluation of the main provisions of the UNCITRAL Legislative Guide on Secured Transactions. It examines the Guide in the context of other international and national secured transactions instruments including article 9 of the United States Uniform Commercial Code. The clear objective of the Guide is to facilitate secured financing. It is very facilitating and enabling, and permits the creation of security in all sorts of situations. Security is seen as a good thing, through enhancing the availability of lower-cost credit. The paper suggests that this closeness in approach to article 9 is likely to militate against the prospects of the Guide gaining widespread international acceptance. This is the case for various interlocking reasons including the battering that American legal and financial norms have taken with the global financial crisis.

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