Secured credit: a systems approach
Gespeichert in:
| Beteiligte Personen: | , |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
Austin [u.a.]
Wolters Kluwer
2009
|
| Ausgabe: | 6. ed. |
| Schlagwörter: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017710476&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Umfang: | XXXV, 708 S. |
| ISBN: | 9780735576490 |
Internformat
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| 245 | 1 | 0 | |a Secured credit |b a systems approach |c Lynn M. LoPucki ; Elizabeth Warren |
| 250 | |a 6. ed. | ||
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| 300 | |a XXXV, 708 S. | ||
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| 650 | 4 | |a Bankruptcy |z United States |v Cases | |
| 650 | 4 | |a Debtor and creditor |z United States |v Cases | |
| 650 | 4 | |a Security (Law) |z United States |v Cases | |
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| 700 | 1 | |a Warren, Elizabeth |d 1949- |e Verfasser |0 (DE-588)170523330 |4 aut | |
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Datensatz im Suchindex
| _version_ | 1819382491749810176 |
|---|---|
| adam_text | IMAGE 1
CONTENTS
ACKNOWLEDGMENTS XXVII
INTRODUCTION XXXI
PART ONE
THE CREDITOR-DEBTOR RELATIONSHIP 1
CHAPTER 1. CREDITORS REMEDIES UNDER STATE LAW 3
ASSIGNMENT 1: REMEDIES OF UNSECURED CREDITORS UNDER STATE LAW 3
A. WHO IS AN UNSECURED CREDITOR? 3
B. HOW DO UNSECURED CREDITORS COMPEL PAYMENT? 4
VITALE V. HOTEL CALIFORNIA, INC. 6
C. LIMITATIONS ON COMPELLING PAYMENT 13
WISCONSIN STATUTES ANNOTATED 14
D. FRAUDULENT TRANSFERS 16
E. IS THE LAW SERIOUS ABOUT COLLECTING UNSECURED DEBTS? 17
PROBLEM SET 1 18
ASSIGNMENT 2: SECURITY AND FORECLOSURE 21
A. THE NECESSITY OF FORECLOSURE 23
THE INVENTION OF SECURITY: A PSEUDO HISTORY 23
B. TRANSACTIONS INTENDED AS SECURITY 26
BASILE V. ERHAL HOLDING CORPORATION 26
1. CONDITIONAL SALES 28
2. LEASES INTENDED AS SECURITY INTERESTS 28
3. SALES OF ACCOUNTS 29
4. ASSET SECURITIZATION 31
C. FORECLOSURE PROCEDURE 31
1. JUDICIAL FORECLOSURE 32
AMIR EFRATI, THE COURT HOUSE: HOW ONE FAMILY FOUGHT FORECLOSURE 32 2.
REAL PROPERTY POWER OF SALE FORECLOSURE 34
3. U.C.C. FORECLOSURE BY SALE 35
PROBLEM SET 2 35
ASSIGNMENT 3: REPOSSESSION OF COLLATERAL 38
A. THE IMPORTANCE OF POSSESSION PENDING FORECLOSURE 38
B. THE RIGHT TO POSSESSION PENDING FORECLOSURE- 39
PERSONAL PROPERTY DEL S BIG SAVER FOODS, INC. V. CARPENTER COOK, INC. 40
WISCONSIN STATUTES 43
12 OKLAHOMA STATUTES 43
C. THE ARTICLE 9 RIGHT TO SELF-HELP REPOSSESSION 43
XIII
IMAGE 2
XIV CONTENTS
D. THE LIMITS OF SELF-HELP: BREACH OF THE PEACE 44
SALISBURY LIVESTOCK CO. V. COLORADO CENTRAL CREDIT UNION 45
E. SELF-HELP AGAINST ACCOUNTS AS COLLATERAL 49
F. THE RIGHT TO POSSESSION PENDING FORECLOSURE - REAL PROPERTY 51 1. THE
DEBTOR S RIGHT TO POSSESSION DURING FORECLOSURE 51
2. APPOINTMENT OF A RECEIVER 51
CALIFORNIA CODE OF CIVIL PROCEDURE 52
ILLINOIS MORTGAGE FORECLOSURE LAW 52
3. ASSIGNMENTS OF RENTS 53
PROBLEM SET 3 53
ASSIGNMENT 4: JUDICIAL SALE AND DEFICIENCY 58
A. STRICT FORECLOSURE 58
B. FORECLOSURE SALE PROCEDURE 59
C. PROBLEMS WITH FORECLOSURE SALE PROCEDURE 60
ARMSTRONG V. CSURILLA 61
1. ADVERTISING 65
WISCONSIN STATUTES ANNOTATED 65
FIGURE 1. NOTICES OF FORECLOSURE SALES 66
2. INSPECTION 66
HOMEBUYER FINDS REMAINS OF OWNER 67
3. TITLE AND CONDITION 67
MARINO V. UNITED BANK OF ILLINOIS, N.A. 67
4. HOSTILE SITUATION 70
5. THE STATUTORY RIGHT TO REDEEM 71
D. ANTIDEFICIENCY STATUTES 71
CALIFORNIA CODE OF CIVIL PROCEDURE 72
E. CREDIT BIDDING AT JUDICIAL SALES 73
F. JUDICIAL SALE PROCEDURE: A FUNCTIONAL ANALYSIS 75
PROBLEM SET 4 75
ASSIGNMENT 5: ARTICLE 9 SALE AND DEFICIENCY 78
A. ACCEPTANCE OF COLLATERAL 78
B. SALE PROCEDURE UNDER ARTICLE 9 79
C. PROBLEMS WITH ARTICLE 9 SALE PROCEDURE 81
1. FAILURE TO SELL THE COLLATERAL 81
2. THE REQUIREMENT OF NOTICE OF SALE 81
IN RE DOWNING 82
3. THE REQUIREMENT OF A COMMERCIALLY REASONABLE SALE 84
CHAVERS V. FRAZIER 84
D. ARTICLE 9 SALE PROCEDURE: A FUNCTIONAL ANALYSIS 89
PROBLEM SET 5 90
CHAPTER 2. CREDITORS REMEDIES IN BANKRUPTCY 93
ASSIGNMENT 6: BANKRUPTCY AND THE AUTOMATIC STAY 93
A. THE FEDERAL BANKRUPTCY SYSTEM 93
B. FILING A BANKRUPTCY CASE 94
C. STOPPING CREDITORS COLLECTION ACTIVITIES 97
IMAGE 3
CONTENTS XV
D. LIFTING THE STAY FOR SECURED CREDITORS 98
IN RE CRADDOCK-TERRY SHOE CORPORATION 102
E. STRATEGIC USES OF STAY LITIGATION 108
PROBLEM SET 6 110
ASSIGNMENT 7: THE TREATMENT OF SECURED CREDITORS IN BANKRUPTCY 112
A. THE VOCABULARY OF BANKRUPTCY CLAIMS 112
B. THE CLAIMS PROCESS 114
C. CALCULATING THE AMOUNT OF AN UNSECURED CLAIM 116
D. PAYMENTS ON UNSECURED CLAIMS 117
E. CALCULATING THE AMOUNT OF A SECURED CLAIM 119
F. SELLING THE COLLATERAL 120
G. WHO PAYS THE EXPENSES OF SALE BY THE TRUSTEE? 121
H. CHAPTER 11 AND CHAPTER 13 REORGANIZATIONS 123
I. VALUING FUTURE PAYMENTS 124
TILL V. SCS CREDIT CORPORATION 125
PROBLEM SET 7 128
CHAPTER 3. CREATION OF SECURITY INTERESTS 131
ASSIGNMENT 8: FORMALITIES FOR ATTACHMENT 1 31
A. A PROTOTYPICAL SECURED TRANSACTION 131
FISHERMAN S PIER: A PROTOTYPICAL SECURED TRANSACTION 131
B. FORMALITIES FOR ARTICLE 9 SECURITY INTERESTS 134
1. POSSESSION OR AUTHENTICATED SECURITY AGREEMENT 134
IN RE SCHWA I B 136
IN RE ACE LUMBER SUPPLY, INC. 138
2. VALUE HAS BEEN GIVEN 143
3. THE DEBTOR HAS RIGHTS IN THE COLLATERAL 144
C. FORMALITIES FOR REAL ESTATE MORTGAGES 145
OHIO REVISED CODE ANN. 146
PROBLEM SET 8 1 46
ASSIGNMENT 9: WHAT COLLATERAL AND OBLIGATIONS ARE COVERED? 150
A. INTERPRETING SECURITY AGREEMENTS 150
1. DEBTOR AGAINST CREDITOR 150
2. CREDITOR AGAINST THIRD PARTY 151
3. INTERPRETING DESCRIPTIONS OF COLLATERAL 151
B. SUFFICIENCY OF DESCRIPTION: ARTICLE 9 SECURITY AGREEMENTS 152 IN RE
SHIREL 152
C. DESCRIBING AFTER-ACQUIRED PROPERTY 155
STOUMBOS V. KILIMNIK 156
D. WHAT OBLIGATIONS ARE SECURED? 158
E. REAL ESTATE MORTGAGES 159
PROBLEM SET 9 161
ASSIGNMENT 10: PROCEEDS, PRODUCTS, AND OTHER VALUE-TRACING CONCEPTS 164
A. PROCEEDS 165
1. DEFINITION 165
IMAGE 4
XVI CONTENTS
2. TERMINATION OF SECURITY INTEREST IN THE COLLATERAL AFTER AUTHORIZED
DISPOSITION 168
3. CONTINUATION OF SECURITY INTEREST IN THE COLLATERAL AFTER
UNAUTHORIZED DISPOSITION 168
ILLINOIS REVISED STATUTES 170
NEW YORK PENAL LAW 170
4. LIMITATIONS ON THE SECURED CREDITOR S ABILITY TO TRACE COLLATERAL 172
IN RE ORIENTAL RUG WAREHOUSE CLUB, INC. 174
B. OTHER VALUE-TRACING CONCEPTS 177
C. NON-VALUE-TRACING CONCEPTS 178
D. LIABILITY OF BUYERS OF COLLATERAL 179
PROBLEM SET 10 179
ASSIGNMENT 11: TRACING COLLATERAL VALUE DURING BANKRUPTCY 182
A. AFTER-ACQUIRED PROPERTY AND THE PROCEEDS DILEMMA 182
IN RE CAFETERIA OPERATORS, L.P. 184
B. THE EQUITIES OF THE CASE SOLUTION TO THE PROCEEDS DILEMMA 188 IN RE
DELBRIDGE 189
C. THE NET PROCEEDS SOLUTION TO THE PROCEEDS DILEMMA 191 IN RE
CUNNISON CENTER APARTMENTS, LP 191
D. CASH COLLATERAL IN BANKRUPTCY 193
PROBLEM SET 11 194
ASSIGNMENT 12: THE LEGAL LIMITS ON WHAT MAY BE COLLATERAL 197
A. PROPERTY THAT CANNOT BE COLLATERAL 198
1. PROPERTY OF A PERSONAL NATURE 198
FEDERAL TRADE COMMISSION, TRADE REGULATION RULES 200
2. FUTURE INCOME OF INDIVIDUALS 201
3. PENSION RIGHTS 202
IN RE GREEN 203
ASSIGNMENT OR ALIENATION OF PLAN BENEFITS 205
B. FUTURE PROPERTY AS COLLATERAL 206
C. VALUABLE NONPROPERTY AS COLLATERAL 206
IN RE SRJ ENTERPRISES, INC. 208
D. DEFEATING THE LIMITS ON WHAT MAY BE COLLATERAL 211
E. RESTRICTIONS ON THE GRANT OF SECURITY INTERESTS MADE INEFFECTIVE 211
IN RE CHRIS-DON, INC. (STATE OF NEW JERSEY, DIVISION OF TAXATION V.
UNITED TRUST BANK) 212
PROBLEM SET 12 214
CHAPTER 4. DEFAULT: THE GATEWAY TO REMEDIES 217
ASSIGNMENT 13: DEFAULT, ACCELERATION, AND CURE UNDER STATE LAW 217
A. DEFAULT 217
STANDARD DEFAULT PROVISIONS 217
B. WHEN IS PAYMENT DUE? 218
1. INSTALLMENT LOANS 219
2. SINGLE PAYMENT LOANS 219
3. LINES OF CREDIT 220
IMAGE 5
CONTENTS XVII
C. ACCELERATION AND CURE 221
1. ACCELERATION 221
2. LIMITS ON THE ENFORCEABILITY OF ACCELERATION CLAUSES 222
J.R. HALE CONTRACTING CO. V. UNITED NEW MEXICO BANK AT ALBUQUERQUE 223
3. THE DEBTOR S RIGHT TO CURE 226
OLD REPUBLIC INSURANCE CO. V. LEE 227
REINSTATEMENT 228
D. THE ENFORCEABILITY OF PAYMENT TERMS 228
KHAM & NATE S SHOES NO. 2, INC. V. FIRST BANK OF WHITING 230
E. PROCEDURES AFTER DEFAULT 232
FIGURE 2. THE SPIDER AD 233
PROBLEM SET 13 234
ASSIGNMENT 14: DEFAULT, ACCELERATION, AND CURE UNDER BANKRUPTCY LAW 238
IN RE MOFFETT (TIDEWATER FINANCE CO. V. MOFFETT) 238
A. STAGE 1: PROTECTION OF THE DEFAULTING DEBTOR PENDING REORGANIZATION
241
B. STAGE 2: REINSTATEMENT AND CURE 242
1. MODIFICATION DISTINGUISHED FROM REINSTATEMENT AND CURE 242 2.
REINSTATEMENT AND CURE UNDER CHAPTER 11 243
3. REINSTATEMENT AND CURE UNDER CHAPTER 13 245
4. WHEN IS IT TOO LATE TO FILE BANKRUPTCY TO REINSTATE AND CURE OR TO
MODIFY? 246
C. BINDING LENDERS IN THE ABSENCE OF A FIXED SCHEDULE FOR REPAYMENT 247
PROBLEM SET 14 248
CHAPTER 5. THE PROTOTYPICAL SECURED TRANSACTION 251
ASSIGNMENT 15: THE PROTOTYPICAL SECURED TRANSACTION 251
A. THE PARTIES 251
B. DEUTSCHE APPROVES BONNIE S LOAN 252
C. DEUTSCHE AND BONNIE S DOCUMENT THE LOAN 253
1. SECURITY AGREEMENT AND STATEMENT OF TRANSACTION 253
FIGURE 3. STATEMENT OF TRANSACTION 261
2. THE FINANCING STATEMENT 262
FIGURE 4. U.C.C-1 FINANCING STATEMENT 262
3. THE PERSONAL GUARANTEE 263
D. BONNIE S BUYS SOME BOATS 263
1. THE FLOORPLAN AGREEMENT 263
2. THE BUY 266
E. BONNIE S SELLS A BOAT 267
F. MONITORING THE EXISTENCE OF THE COLLATERAL 267
PROBLEM SET 15 268
MILLER INDICTED ON BANK FRAUD 269
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XVIII CONTENTS
PART TWO
THE CREDITOR-THIRD PARTY RELATIONSHIP 273
CHAPTER 6. PERFECTION 275
ASSIGNMENT 16: THE PERSONAL PROPERTY FILING SYSTEMS 275
A. COMPETITION FOR THE SECURED CREDITOR S COLLATERAL 275
B. WHAT IS PRIORITY? 276
PEERLESS PACKING CO. V. MA LONE & HYDE, INC. 277
C. HOW DO CREDITORS GET PRIORITY? 279
D. THE THEORY OF THE FILING SYSTEM 281
E. THE MULTIPLICITY OF FILING SYSTEMS 283
NATIONAL PEREGRINE, INC. V. CAPITOL FEDERAL SAVINGS AND LOAN ASSOCIATION
OF DENVER (IN RE PEREGRINE ENTERTAINMENT, LIMITED) 284 IN RE:
PASTEURIZED EGGS CORPORATION (PASTEURIZED EGGS CORPORATION V. BON DENTE
JOINT VENTURE) 289
F. METHODS AND COSTS OF SEARCHING 290
PROBLEM SET 16 292
ASSIGNMENT 17: ARTICLE 9 FINANCING STATEMENTS: THE DEBTOR S NAME 294 A.
THE COMPONENTS OF A FILING SYSTEM 294
1. FINANCING STATEMENTS 295
2. THE INDEX 296
3. SEARCH SYSTEMS 297
B. CORRECT NAMES FOR USE ON FINANCING STATEMENTS 298
1. INDIVIDUAL NAMES 299
IN RE KINDERKNECHT (CLARK V. DEERE AND CO.) 300
2. CORPORATE NAMES 302
3. PARTNERSHIP NAMES 303
4. TRADE NAMES 303
5. THE ENTITY PROBLEM 304
C. ERRORS IN THE DEBTORS NAMES ON FINANCING STATEMENTS 304 IN RE
SPEARING TOOL AND MANUFACTURING CO., INC. (UNITED STATES V. CRESTMARK
BANK) 306
PROBLEM SET 17 309
ASSIGNMENT 18: ARTICLE 9 FINANCING STATEMENTS: OTHER INFORMATION 31 3
A. INTRODUCTION 313
B. FILING OFFICE ERRORS IN ACCEPTANCE OR REJECTION 314
1. WRONGLY ACCEPTED FILINGS 314
2. WRONGLY REJECTED FILINGS 315
C. FILER ERRORS IN ACCEPTED FILINGS 315
1. INFORMATION NECESSARY ONLY TO QUALIFY FOR FILING 315
2. REQUIRED INFORMATION 316
IN RE PICKLE LOGGING, INC. (DEERE CREDIT, INC. V. PICKLE LOGGING, INC.)
320 D. AUTHORIZATION TO FILE A FINANCING STATEMENT 321
E. U.C.C. INSURANCE 323
PROBLEM SET 18 323
IMAGE 7
CONTENTS XIX
ASSIGNMENT 19: EXCEPTIONS TO THE ARTICLE 9 FILING REQUIREMENT 327
A. COLLATERAL IN THE POSSESSION OF THE SECURED PARTY 327
1. THE POSSESSION-GIVES-NOTICE THEORY 327
2. WHAT IS POSSESSION? 328
3. POSSESSION AS A MEANS OF PERFECTION 330
B. COLLATERAL IN THE CONTROL OF THE SECURED PARTY 332
C. AUTOMATIC PERFECTION OF PURCHASE-MONEY SECURITY INTERESTS IN CONSUMER
GOODS 334
1. PURCHASE-MONEY SECURITY INTEREST (PMSI) 334
2. CONSUMER GOODS 335
GALLATIN NATIONAL BANK V. LOCKOVICH (IN RE LOCKOVICH) 336
D. SECURITY INTERESTS NOT GOVERNED BY ARTICLE 9 OR ANOTHER FILING
STATUTE 338
BLUXOME STREET ASSOCIATES V. FIREMAN S FUND INSURANCE CO. 339 E. WHAT
BECAME OF THE NOTICE REQUIREMENT? 341
PROBLEM SET 19 341
ASSIGNMENT 20: THE LAND AND FIXTURES RECORDING SYSTEMS 344
A. REAL PROPERTY RECORDING SYSTEMS 344
B. WHAT IS RECORDED? 346
C. FIXTURES 347
1. WHAT IS A FIXTURE ? 347
2. HOW DOES A SECURED CREDITOR PERFECT IN FIXTURES? 348
IN RE CLIFF S RIDGE SKIING CORP. 348
IN RE RENAUD (RICE V. SIMMONS FIRST BANK OF SEARCY) 354
3. PERFECTING IN THE FIXTURES OF A TRANSMITTING UTILITY 355 D. PERSONAL
PROPERTY INTERESTS IN REAL PROPERTY 356
PROBLEM SET 20 357
ASSIGNMENT 21: CHARACTERIZING COLLATERAL AND TRANSACTIONS 360
A. DETERMINING THE PROPER PLACE OF FILING 360
B. DETERMINING THE PROPER METHOD OF PERFECTION 361
1. INSTRUMENTS DISTINGUISHED FROM GENERAL INTANGIBLES 361 OMEGA
ENVIRONMENTAL INC. V. VALLEY BANK, N.A. 361
2. TRUE LEASES DISTINGUISHED FROM LEASES INTENDED AS SECURITY 362 IN RE
WORLDCOM, INC. 363
3. REALTY PAPER 367
4. CHATTEL PAPER, INSTRUMENTS, ACCOUNTS, AND PAYMENT IN- TANGIBLES
DISTINGUISHED 367
IN RE COMMERCIAL MONEY CENTER, INC. (NETBANK, FSB V. KIPPERMAN) 369 C.
MULTIPLE ITEMS OF COLLATERAL 372
PROBLEM SET 21 373
CHAPTER 7. MAINTAINING PERFECTION 375
ASSIGNMENT 22: MAINTAINING PERFECTION THROUGH LAPSE AND BANKRUPTCY 375
A. REMOVING FILINGS FROM THE PUBLIC RECORD 375
IMAGE 8
XX CONTENTS
1. SATISFACTION 375
ARIZONA REVISED STATUTES ANNOTATED 376
FLORIDA STATUTES ANNOTATED 377
2. RELEASE 377
3. ARTICLE 9 TERMINATION AND RELEASE 378
B. SELF-CLEARING AND CONTINUATION IN THE ARTICLE 9 FILING SYSTEM 379
WORTHEN BANK & TRUST CO., N.A. V. HILYARD DRILLING CO. (IN RE HILYARD
DRILLING CO.) 381
C. THE EFFECT OF BANKRUPTCY ON LAPSE AND CONTINUATION 385
IN RE SCHWINN CYCLING AND FITNESS, INC. (EXPEDITORS INTERNATIONAL OF
WASHINGTON, INC. V. THE LIQUIDATING TRUST) 385
PROBLEM SET 22 388
ASSIGNMENT 23: MAINTAINING PERFECTION THROUGH CHANGES OF NAME, IDENTITY,
AND USE 391
A. CHANGES IN THE DEBTOR S NAME 392
B. NEW DEBTORS 394
C. CHANGES AFFECTING THE DESCRIPTION OF COLLATERAL 395
D. EXCHANGE OF THE COLLATERAL 396
1. BARTER TRANSACTIONS 397
NATIONAL BANK OF ALASKA V. ERICKSON (IN RE SEAWAY EXPRESS 399
CORPORATION) 2. COLLATERAL TO CASH PROCEEDS TO NONCASH PROCEEDS 400
3. COLLATERAL TO CASH PROCEEDS (NO NEW PROPERTY) 401
PROBLEM SET 23 402
ASSIGNMENT 24: MAINTAINING PERFECTION THROUGH RELOCATION OF DEBTOR OR
COLLATERAL 404
A. STATE-BASED FILING IN A NATIONAL ECONOMY 404
B. INITIAL PERFECTION 405
1. AT THE LOCATION OF THE DEBTOR 405
LYNN M. LOPUCKI, WHY THE DEBTOR S STATE OF INCORPORATION SHOULD BE THE
PROPER PLACE FOR ARTICLE 9 FILING: A SYSTEMS ANALYSIS 406 2. AT THE
LOCATION OF THE COLLATERAL 408
C. RELOCATION OF THE DEBTOR 408
D. TRANSFER OF THE COLLATERAL 410
E. NATION-BASED FILING IN A WORLD ECONOMY 411
F. INTERNATIONAL FILING SYSTEMS 413
PROBLEM SET 24 414
ASSIGNMENT 25: MAINTAINING PERFECTION IN CERTIFICATE OF TITLE SYSTEMS
417
FIGURE 5. SAMPLE CERTIFICATE OF TITLE 418
NEW ZEALAND LAW COMMISSION, MOTOR VEHICLE TITLE SYSTEMS IN THE USA AND
CANADA 419
A. PERFECTION IN A CERTIFICATE OF TITLE SYSTEM 422
B. ACCESSIONS 423
C. IN WHAT STATE SHOULD A MOTOR VEHICLE BE TITLED? 425
D. MOTOR VEHICLE REGISTRATION 426
FIGURE 6. SAMPLE VEHICLE REGISTRATION 427
IMAGE 9
CONTENTS XXI
E. MAINTAINING PERFECTION ON INTERSTATE MOVEMENT OF COLLATERAL 427 1.
HOW IT IS SUPPOSED TO WORK 427
2. SOME THINGS THAT CAN GO WRONG 428
3. MOVEMENT OF GOODS BETWEEN NON-CERTIFICATE AND CERTIFICATE
JURISDICTIONS 429
PROBLEM SET 25 430
CHAPTER 8. PRIORITY 433
ASSIGNMENT 26: THE CONCEPT OF PRIORITY: STATE LAW 433
A. PRIORITY IN FORECLOSURE 433
B. RECONCILING INCONSISTENT PRIORITIES 436
BANK LEUMI TRUST CO. OF NEW YORK V. LIGGETT 437
C. THE RIGHT TO POSSESSION BETWEEN LIEN HOLDERS 439
THE GROCERS SUPPLY CO. V. INTERCITY INVESTMENT PROPERTIES, INC. 440
FRIERSON V. UNITED FARM AGENCY, INC. 442
D. U.C.C. NOTICE OF SALE 443
PROBLEM SET 26 443
ASSIGNMENT 27: THE CONCEPT OF PRIORITY: BANKRUPTCY LAW 446
A. BANKRUPTCY SALE PROCEDURE 447
IN RE ONEIDA LAKE DEVELOPMENT, INC. 448
B. THE POWER TO GRANT SENIOR LIENS 452
IN RE 495 CENTRAL PARK AVENUE CORPORATION 454
C. PROTECTION OF SUBORDINATE CREDITORS 459
PROBLEM SET 27 460
CHAPTER 9. COMPETITIONS FOR COLLATERAL 463
ASSIGNMENT 28: LIEN CREDITORS AGAINST SECURED CREDITORS: THE BASICS 463
A. HOW CREDITORS BECOME LIEN CREDITORS 463
JUDGMENT LIENS ON REAL AND PERSONAL PROPERTY 464
B. PRIORITY AMONG LIEN CREDITORS 465
PREFERENCE BETWEEN WRITS OF EXECUTION 466
C. PRIORITY BETWEEN LIEN CREDITORS AND SECURED CREDITORS 466
PEOPLE V. GREEN 467
D. PRIORITY BETWEEN LIEN CREDITORS AND MORTGAGE CREDITORS 470
E. PURCHASE-MONEY PRIORITY 470
PROBLEM SET 28 471
ASSIGNMENT 29: LIEN CREDITORS AGAINST SECURED CREDITORS: FUTURE ADVANCES
474
A. PRIORITY OF FUTURE ADVANCES: PERSONAL PROPERTY 474
B. PRIORITY OF NONADVANCES: PERSONAL PROPERTY 476
UNI IMPORTS, INC. V. EXCHANGE NATIONAL BANK OF CHICAGO 476
C. PRIORITY OF FUTURE ADVANCES AND NONADVANCES: REAL PROPERTY 480 SHUTZE
V. CREDITHRIFT OF AMERICA, INC. 481
PROBLEM SET 29 485
ASSIGNMENT 30: TRUSTEES IN BANKRUPTCY AGAINST SECURED CREDITORS: THE
STRONG ARM CLAUSE 488
A. THE PURPOSE OF BANKRUPTCY CODE §544(A) 488
IMAGE 10
XXII
B. THE TEXT OF BANKRUPTCY CODE §544(A) 1. THE JUDICIAL LIEN CREDITOR OF
§544(A)(L) LIEN ON MOTOR VEHICLE FOR DAMAGES 2. THE CREDITOR WITH AN
EXECUTION RETURNED UNSATISFIED
3. THE BONA FIDE PURCHASER OF REAL PROPERTY MIDLANTIC NATIONAL BANK V.
BRIDGE C. THE IMPLEMENTATION OF BANKRUPTCY CODE §544(A) 1. EXERCISE OF
BANKRUPTCY CODE §544(A) DISCRETION BY CHAPTER
7 TRUSTEES THE MORTGAGE DOCUMENT E-MAIL 2. EXERCISE OF §544(A)
DISCRETION BY CHAPTER 11 DEBTORS IN POSSESSION D. RECOGNITION OF GRACE
PERIODS
PROBLEM SET 30 ASSIGNMENT 31: TRUSTEES IN BANKRUPTCY AGAINST SECURED
CREDITORS: PREFERENCES A. PRIORITY AMONG UNSECURED CREDITORS
1. PRIORITY UNDER STATE LAW: A REVIEW 2. PRIORITY UNDER BANKRUPTCY LAW:
A REVIEW 3. RECONCILING THE STATE AND BANKRUPTCY POLICIES B. WHAT
SECURITY INTERESTS CAN BE AVOIDED AS PREFERENTIAL?
1. GENERALLY 2. WHEN DOES THE TRANSFER OF A SECURITY INTEREST OCCUR?
3. THE §547(C)(5) EXCEPTION FOR ACCOUNTS RECEIVABLE AND INVENTORY 4.
RELATION-BACK RULES C. STRATEGIC IMPLICATIONS OF PREFERENCE AVOIDANCE
PROBLEM SET 31 ASSIGNMENT 32: SECURED CREDITORS AGAINST SECURED
CREDITORS: THE BASICS A. NONPURCHASE MONEY SECURITY INTERESTS
1. THE BASIC RULE: FIRST TO FILE OR PERFECT 2. PRIORITY OF FUTURE
ADVANCES 3. PRIORITY IN AFTER-ACQUIRED PROPERTY B. PURCHASE-MONEY
SECURITY INTERESTS
1. PURCHASE-MONEY SECURITY INTERESTS GENERALLY 2. PURCHASE-MONEY
SECURITY INTERESTS IN INVENTORY 3. PURCHASE-MONEY PRIORITY IN PROCEEDS
C. PRIORITY IN COMMINGLED COLLATERAL
PROBLEM SET 32 ASSIGNMENT 33: PRIORITY IN LAND AND FIXTURES A. MORTGAGE
AGAINST MORTGAGE 1. RECORDING STATUTES: THE RULES OF PRIORITY
RACE STATUTE NOTICE STATUTE NOTICE-RACE STATUTE 2. WHO IS A GOOD FAITH
PURCHASER FOR VALUE?
CONTENTS
489 490 490 491 491 492
496
496 497
499 499 500
503
503 503 504 504 505
505 506
508 509 509 510
513
513 513 515 517
518 518 521 522
523 524
529
529 529 530 531
531 532
IMAGE 11
CONTENTS XXIII
3. PURCHASE-MONEY MORTGAGES 533
PURCHASE-MONEY MORTGAGES: CALIFORNIA 533
PURCHASE-MONEY MORTGAGES: PENNSYLVANIA 533
B. JUDGMENT LIENS AGAINST MORTGAGES 534
C. MECHANICS LIENS AGAINST CONSTRUCTION MORTGAGES 534
1. A PROTOTYPICAL CONSTRUCTION FINANCING TRANSACTION 535
2. WHO IS ENTITLED TO A MECHANIC S LIEN? 537
NEW YORK LIEN LAW 537
3. PRIORITY OF MECHANICS LIENS 538
IN RE SKYLINE PROPERTIES, INC. 539
KETCHUM, KONKEL, BARRETT, NICKEL & AUSTIN V. HERITAGE MOUNTAIN
DEVELOPMENT CO. 540
D. THE PRIORITY OF ARTICLE 9 FIXTURE FILINGS 542
1. PRIORITY IN FIXTURES INCORPORATED DURING CONSTRUCTION 543
2. PRIORITY IN FIXTURES INCORPORATED WITHOUT CONSTRUCTION 543 E.
PRIORITY IN REAL PROPERTY BASED ON PERSONAL PROPERTY FILING 544 PROBLEM
SET 33 546
ASSIGNMENT 34: MULTIPLE ITEMS OF COLLATERAL, MARSHALING,
CROSS-COLLATERALIZATION, AND PURCHASE MONEY PRIORITY 549
A. MULTIPLE ITEMS OF COLLATERAL AND CROSS-COLLATERALIZATION PROVISIONS
IN SECURITY AGREEMENTS 549
B. THE SECURED CREDITOR S RIGHT TO CHOOSE ITS REMEDY 551
1. DEBTOR-ENFORCEABLE LIMITS ON THE SECURED CREDITOR S RIGHT TO CHOOSE
ITS REMEDY 551
2. RELEASE OF COLLATERAL 552
C. MARSHALING ASSETS 554
1. MARSHALING AS A LIMIT ON THE SECURED CREDITOR S CHOICE 555
IN RE ROBERT E. DERECKTOR OF RHODE ISLAND, INC. 555
2. EQUITABLE ASSIGNMENT AS AN ALTERNATIVE TO MARSHALING 559
3. CAN UNSECURED CREDITORS MARSHAL? 560
4. MARSHALING AGAINST PROPERTY OWNED BY THIRD PARTIES 560
D. THE EFFECT OF CROSS-COLLATERALIZATION ON PURCHASE-MONEY STATUS 562
PROBLEM SET 34 564
ASSIGNMENT 35: SELLERS AGAINST SECURED CREDITORS 567
A. LIMITS OF THE AFTER-ACQUIRED PROPERTY CLAUSE 567
1. RULES GOVERNING TITLE TO PERSONAL PROPERTY 567
2. RULES GOVERNING SECURITY INTERESTS IN PERSONAL PROPERTY 569 3. THE
FILING SYSTEM AS AN EXCEPTION TO NEMO DAT 570
B. SUPPLIERS AGAINST INVENTORY-SECURED LENDERS 570
C. SELLERS WEAPONS AGAINST THE AFTER-ACQUIRED PROPERTY CLAUSE 572 1.
PURCHASE-MONEY SECURITY INTERESTS 572
2. RETENTION OF TITLE 572
3. CONSIGNMENT 572
4. THE SELLER S RIGHT OF RECLAMATION 574
IN RE M. PAOLELLA & SONS, INC. 574
5. EXPRESS OR IMPLIED AGREEMENT WITH THE SECURED CREDITOR 578
IMAGE 12
XXIV CONTENTS
6. EQUITABLE SUBORDINATION 578
IN RE M. PAOLELLA & SONS, INC. 579
7. UNJUST ENRICHMENT 581
PROBLEM SET 35 582
ASSIGNMENT 36: BUYERS AGAINST SECURED CREDITORS 585
A. INTRODUCTION 585
B. BUYERS OF PERSONAL PROPERTY 586
1. THE BUYER-IN-THE-ORDINARY-COURSE EXCEPTION: U.C.C. §9-320(A) 586
DANIEL V. BANK OF HAYWARD 589
2. THE BUYER-NOT-IN-THE-ORDINARY-COURSE EXCEPTION: U.C.C. §§9-323(D) AND
(E) AND 9-317(B) 595
3. THE AUTHORIZED DISPOSITION EXCEPTION: U.C.C. §9-315(A)(L) 595
RFC CAPITAL CORPORATION V. EARTHLINK, INC. 596
4. THE CONSUMER-TO-CONSUMER-SALE EXCEPTION: U.C.C. §9-320(B) 599
C. BUYERS OF REAL PROPERTY 600
PROBLEM SET 36 601
ASSIGNMENT 37: STATUTORY LIEN CREDITORS AGAINST SECURED CREDITORS 605
A. THE VARIETY OF STATUTORY LIENS IN PERSONAL PROPERTY 605
1. ARTISANS LIENS 606
PERSONAL PROPERTY LIEN FOR SERVICES, MANUFACTURE, OR REPAIR 606 2.
GARAGE KEEPERS LIENS 606
GARAGE KEEPER S LIEN 607
3. ATTORNEYS CHARGING AND RETAINING LIENS 607
ATTORNEYS LIEN 608
4. HOSPITAL LIENS 608
HOSPITAL LIEN 608
5. LANDLORD S LIEN 609
LANDLORD S LIEN 609
6. DRY CLEANERS AND LAUNDERERS LIENS 609
DRY CLEANERS AND LAUNDERERS LIEN 610
7. AGRICULTURAL LIENS 610
ROYAL FOODS CO. V. L.R. HOLDINGS, INC. 612
B. STATUTORY LIENS IN BANKRUPTCY 614
C. THE PRIORITY OF STATUTORY LIENS 615
MYZER V. EMARK CORPORATION 617
D. STATUTORY LIENS AS A CHALLENGE TO THE FIRST-IN-TIME RULE 618
E. SECURED CREDITOR RESPONSES TO STATUTORY LIEN PRIORITY 619
CLEANUP AND REMOVAL OF HAZARDOUS SUBSTANCES 620
PROBLEM SET 37 621
MECHANIC S LIENS: WISCONSIN 622
ASSIGNMENT 38: COMPETITIONS INVOLVING FEDERAL TAX LIENS: THE BASICS 625
A. THE CREATION AND PERFECTION OF FEDERAL TAX LIENS 626
1. CREATION
IMAGE 13
CONTENTS XXV
2. PERFECTION 627
NEW YORK LIEN LAW 627
3. REMEDIES FOR ENFORCEMENT 629
4. MAINTAINING PERFECTION OF A TAX LIEN 629
IN RE LMS HOLDING CO. 630
IN RE ESCHENBACH 633
B. COMPETITIONS INVOLVING FEDERAL TAX LIENS 635
1. SECURITY INTEREST 636
2. PURCHASER 636
MAYER-DUPREE V. INTERNAL REVENUE SERVICE 637
3. JUDGMENT LIEN CREDITOR 638
UNITED STATES V, MCDERMOTT 638
PROBLEM SET 38 641
ASSIGNMENT 39: COMPETITIONS INVOLVING FEDERAL TAX LIENS: ADVANCED
PROBLEMS 643
A. THE STRANGE METAPHYSICS OF THE INTERNAL REVENUE CODE 643 B.
PROTECTION OF THOSE WHO LEND AFTER THE TAX LIEN IS FILED 645 1. THE
GENERAL PROVISION REGARDING FUTURE ADVANCES, I.R.C. §6323(D) 645
2. COMMERCIAL TRANSACTIONS FINANCING AGREEMENTS 646 3. REAL PROPERTY
CONSTRUCTION OR IMPROVEMENT FINANCING 647 4. OBLIGATORY DISBURSEMENT
AGREEMENTS 648
5. STATUTORY LIENS 648
6. PURCHASE-MONEY SECURITY INTERESTS 649
FIRST INTERSTATE BANK OF UTAH, N.A. V. INTERNAL REVENUE SERVICE 649 C.
NONADVANCES 654
PROBLEM SET 39 654
ASSIGNMENT 40: WHY SECURED CREDIT? 657
THOMAS H. JACKSON AND ANTHONY KRONMAN, SECURED FINANCING AND PRIORITIES
AMONG CREDITORS 657
ROBERT E. SCOTT, A RELATIONAL THEORY OF SECURED FINANCING 658
STEVEN L. HARRIS AND CHARLES W. MOONEY, JR., A PROPERTY BASED THEORY OF
SECURITY INTERESTS: TAKING DEBTOR S CHOICES SERIOUSLY 660
LYNN M. LOPUCKI, THE UNSECURED CREDITOR S BARGAIN 662
DONALD B. DOWART, MEMORANDUM: PRIORITIES OF MARITIME LIEN AND PREFERRED
SHIP MORTGAGES 664
ELIZABETH WARREN, ARTICLE 9 SET ASIDE FOR UNSECURED CREDITORS 665
ELIZABETH WARREN, MAKING POLICY WITH IMPERFECT INFORMATION: THE ARTICLE
9 FULL PRIORITY DEBATES 667
LYNN M. LOPUCKI, THE DEATH OF LIABILITY 669
RONALD J. MANN, THE ROLE OF SECURED CREDIT IN SMALL-BUSINESS LENDING 671
PROBLEM SET 40 674
TABLE OF CASES 677
TABLE OF STATUTES 683
INDEX 697
|
| any_adam_object | 1 |
| author | LoPucki, Lynn M. 1944- Warren, Elizabeth 1949- |
| author_GND | (DE-588)132994003 (DE-588)170523330 |
| author_facet | LoPucki, Lynn M. 1944- Warren, Elizabeth 1949- |
| author_role | aut aut |
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| dewey-ones | 346 - Private law |
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| dewey-search | 346.7307/7 |
| dewey-sort | 3346.7307 17 |
| dewey-tens | 340 - Law |
| discipline | Rechtswissenschaft |
| edition | 6. ed. |
| format | Book |
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| geographic | USA |
| geographic_facet | USA |
| id | DE-604.BV035655982 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-20T13:39:54Z |
| institution | BVB |
| isbn | 9780735576490 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-017710476 |
| oclc_num | 262430395 |
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| owner_facet | DE-20 |
| physical | XXXV, 708 S. |
| publishDate | 2009 |
| publishDateSearch | 2009 |
| publishDateSort | 2009 |
| publisher | Wolters Kluwer |
| record_format | marc |
| spellingShingle | LoPucki, Lynn M. 1944- Warren, Elizabeth 1949- Secured credit a systems approach Bankruptcy United States Cases Debtor and creditor United States Cases Security (Law) United States Cases |
| title | Secured credit a systems approach |
| title_auth | Secured credit a systems approach |
| title_exact_search | Secured credit a systems approach |
| title_full | Secured credit a systems approach Lynn M. LoPucki ; Elizabeth Warren |
| title_fullStr | Secured credit a systems approach Lynn M. LoPucki ; Elizabeth Warren |
| title_full_unstemmed | Secured credit a systems approach Lynn M. LoPucki ; Elizabeth Warren |
| title_short | Secured credit |
| title_sort | secured credit a systems approach |
| title_sub | a systems approach |
| topic | Bankruptcy United States Cases Debtor and creditor United States Cases Security (Law) United States Cases |
| topic_facet | Bankruptcy United States Cases Debtor and creditor United States Cases Security (Law) United States Cases USA |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017710476&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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