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Kuntz, Law of Oil and Gas Has Been Updated!

Increasingly cited by courts in oil and gas producing states, Kuntz, Law of Oil and Gas provides an exhaustive survey of oil and gas conveyancing and operations, with citations to authorities that help attorneys find a quick answer or case on point. The publication has just recently been updated. ...

Alternatives "A" and "B": Debtor Names Under Revised UCC Section 9-503

Failure to correctly identify a debtor on a financing statement can be fatal to a creditor's attempted filing of a security interest. Newly adopted amendments to Uniform Commercial Code Article 9 are designed to clear up some areas of confusion regarding how debtors' names appear on financing...

Article 9 Security Interests in Commercial Tort Claims

Security interests in commercial tort claims require special attention to ensure that they are properly created and perfected under UCC Article 9. This is demonstrated by two recent Court of Appeals decisions. Ultimately, both Courts of Appeal held that the secured party's security interest did...

Filling Out Article 9 Financing Statements: Use of Approved Forms

A secured party's failure to use approved forms to provide the names of additional debtors was fatal to its security interests in those debtors' assets. Secured parties who are listing multiple debtors should use the approved forms for providing the names. Or they should file additional financing...

UCC Article 9 Security Interests and Voidable Sales Contracts

Credit sellers of large-ticket items reserve security interests in the items sold to secure the buyer's payment of the purchase price. These creditors sometimes get off track by assuming that Article 9 does not apply to the transaction. In a recent Virginia Supreme Court decision, an automobile dealer...

U.C.C. Article 9 Security Interests in FCC Licenses

Where the debtor is radio or television station, often the most valuable collateral will be the station's FCC broadcast license. But FCC licenses pose special problems for secured parties because of the federal restrictions on assignments and transfers of them. In a recent case, the Tenth Circuit...

Perfecting a Security Interest: Is a Vessel a Consumer or Commercial Good?

by Robert S. Fisher Enforcing security interests in tangible personal property depends on the characterization of the goods and the actual or intended use of the goods. The distinction between "consumer" and "commercial" characterization of goods in the context of yachts and...

Professor Margit Livingston on U.C.C. Article 9 Security Interests under the Federal Food Security Act

The normally impregnable status of the senior perfected security party is justified by the need to facilitate the extension of secured credit at reasonable interest rates. But in the case of buyers in the ordinary course of business, the policies work differently. Excerpt: Generally, senior...

You’re What You Own: Perfection of Security Interests in Investment Property

by Jamie Watkins Bruno Under Article 9 of the Uniform Commercial Code ("UCC"), a secured party perfects its security interest in investment property - such as certificated and uncertificated securities, securities accounts and commodity accounts - by acquiring "control" over...

Professor Margit Livingston on Changes in a Debtor's Business Structure under U.C.C. Article 9

A secured party that perfects its security interest without flaw at the outset can lose its perfected status because of post-filing changes in the debtor's business structure. It is incumbent upon secured parties to keep track of such changes and to act swiftly to preserve perfection at all times...

Margit Livingston on Equitable Marshaling of U.C.C. Article 9 Security Interests

Plaintiff obtained a default judgment against Artemis Technologies and then sought to enforce that judgment serving writs of garnishment on their customers, who were the account debtors on the defendant's accounts receivable. For some reason the Bank with a prior perfected security interest had a...

Professor Margit Livingston on Attachment of U.C.C. Article 9 Security Interests

The first job for any secured party seeking to have an enforceable and perfectible security interest is to achieve attachment by: 1) having the secured party give value to the debtor; 2) the debtor having rights in the collateral and; usually, 3) the debtor's authentication of a security agreement...

Professor Margit Livingston on Article 9 Secured Parties vs. Lien Creditors Post-Default

Excerpt: Secured parties under U.C.C. Article 9 have a love-hate relationship with the cash proceeds of their collateral. On the one hand, a security interest in original collateral (inventory or accounts, for example) will remain attached and perfected in all identifiable cash proceeds of that collateral...

Enforceable Security Agreement Implied From Bill of Sale—UCC § 9-203

Tough Company, Inc. v. Wurlitzer 2014 Cal. App. Unpub. LEXIS 633 (Cal. App. 3d Jan. 28, 2014) (Not Officially Published) [ an enhanced version of this opinion is available to lexis.com subscribers ] In a legal battle between a “Tough Company” and a “Wurlitzer,” you might expect...