TELESEMINAR: Creditor Interests in LLCs/Partnerships – A National Perspective
April 15, 2014
12:00 – 1:00 p.m.
1.00 MCLE hours
LLC members, partners and S Corp shareholders frequently pledge their ownership stakes as collateral to fund their businesses or for personal purposes. Taking and perfecting a security interest in an ownership stake involves a complex set of choices and processes under UCC Article 9 and Article 8, federal securities law and organizational law, each implying risk and limitations on the secured party. This program will provide you with a practical guide to taking and perfecting a security interest in a partnership, LLC or S Corp ownership stake, the practical remedies and choices available to secured parties on foreclosure, how to circumvent certain restrictions, and the impact of non-UCC law on taking a security interest.
- How to take a security interest in partnership, LLC or S Corp ownership stake
- Relationship of Article 9 and Article 8, defining security interests in securities and investment properties
- Methods and mistakes in perfecting the security interest
- Restrictions on assignment and methods to circumvent
- Rights of secured parties, including the right buy, and foreclose strategies and traps
- Securities law and non-UCC legal issues
Steven O. Weise, Proskauer Rose, LLP, California