Secured Transactions

The core of this law school text is an extensive series of hypothetical problems designed to force students to grapple with the provisions of Article 9 of the Uniform Commercial Code directly, rather than relying on judicial interpretations in cases. It begins by asking students to assume the role of a junior in-house counsel just hired by a mythical bank holding company. The book then takes the students through a series of problems generated by the various lending subsidiaries of that holding company. The tone is light, with recurring characters and business entities. Extensive footnotes refer to the statutory provisions of Article 9 (as well as related provisions of the Bankruptcy Code) necessary to solve the problems and refer, in addition, to relevant cases and secondary sources that can be used as supplemental material. A comprehensive Teacher's Manual - longer than the book itself - is available on line, along with a set of PowerPoint slides for in-class use. This book is intended for teachers who want an in-depth treatment of Article 9, believe Article 9 need not be drudgery either for students or instructors, and have a sense of humor.

The underlying pedagogical assumptions and methods of the first two editions of the book have been retained. While there have been minor revisions to a few problems, the principal additions to the text itself include streamlined statutory citations to reflect the widespread enactment of the 2010 amendments to Article 9, numerous citations to cases (mostly decided since the 2nd edition of the book), and a revised set of PowerPoint slides setting forth the timelines for the bulk of the problems relating to attachment, perfection, and priority. The additional cases in the revised footnotes (including the recent Motors Liquidation bombshells from the Second Circuit and Supreme Court of Delaware) are discussed in an expanded Teacher's Manual. The additional material should either help students solve the problems or expand their understanding of the concepts covered.