TELESEMINAR: UCC 9: Lien Foreclosure & Remedies – A National Perspective
November 1, 2013
12:00 – 1:00 p.m.
1.00 MCLE hours
Foreclosures of liens under UCC Article 9 are, in a nutshell, a complex series of decisions with points of liability. Collateral may be retained in satisfaction of a lien or it may be sold in private or public (including online) sale depending on the type of property involved. Public sales have extensive notice and advertising requirements – notice to certain interested parties and advertising to the broader. Private sale are appropriate in only certain circumstances and are fraught with risk. However the collateral is sold, or otherwise disposed of, other creditors have certain rights that cannot be abridged. This program will provide you with a real-world guide to the substantive legal requirements of foreclose under UCC Article 9, practical financial and logistical choices to be made by creditors, and guidance on reducing foreclosure costs and recovering value.
- Foreclosures under UCC Article 9 – substantive legal requirements and practical considerations
- Methods of disposition – outright public sales, leases or licenses, online sales, retention of collateral
- Circumstances when private disposition is permitted and liability risks
- Notice and advertising requirements of public sales and rights of other creditors
- Securities law issues in foreclosures
- Practical guidance on reducing the costs of foreclosure and retaining value
Steven O. Weise, Proskauer Rose, LLP, California
John Murdock, Bradley Arant Boult Cummings, LLP, Tennessee