TELESEMINAR: Creditor Interests in Partnerships, LLC and S Corp Interests

April 12, 2011
12:00 - 1:00 p.m.
1.00 MCLE hours

Telephone

Many business owners obtain business or personal credit by offering their ownership stakes in partnerships, LLCs and S Corps as collateral.  These transactions are generally governed by UCC Article 9, which requires lenders to take certain special steps to perfect their security interests. This program will discuss the process of pledging an ownership stake as collateral for credit, best practices for lenders to perfect their interests, review what economic and governance rights lenders succeed to on foreclosure, and the impact of the pledge and foreclosure on the entity itself and, potentially, its other owners. 
 
Highlights:
  • Application of UCC Article 9 to security interests in partnership, LLC or S Corp interests
  • Best practices for perfecting the security interest – and common traps for lenders
  • Duties and remedies of secured parties
  • How to foreclose on an interest in a business entity
  • What rights – economic, governance – the creditor succeeds to on foreclosure
  • Impact of the pledge and foreclosure on the entity and its other owners
    For more information about the new ISBA Teleseminar programs, please visit: http://www.isba.org/cle/teleseminar
 
 
Program Speaker:
Steven O. Weise, Proskauer Rose, LLP, Los Angeles
 

Steven O. Weise is a partner in the Los Angeles office Proskauer Rose, LLP, where his practice encompasses all areas of commercial law. He has extensive experience in financings, particularly those secured by personal property. He also handles matters involving real property anti-deficiency laws, workouts, guarantees, sales of goods, letters of credit, commercial paper and checks, and investment securities. Mr. Weise formerly served as chair of the ABA Business Law Section. He has also served as a member of the Permanent Editorial Board of the UCC and as an Advisor to the UCC Code Article 9 Drafting Committee. Mr. Weise is a graduate of Yale University, where he received his B.A., and the University of California, Berkeley, Boalt Hall School of Law, where he received his J.D.

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