TELESEMINAR: UCC Toolkit: Promissory Notes – A National Perspective
September 9, 2014
12:00 – 1:00 p.m.
1.00 MCLE hours
Promissory notes are essential tools of transactional practice. They are used extensively in business, real estate and commercial transactions. They are also frequently and mistakenly thought of as “boilerplate” – right up to the point when a party needs to collect a note but realizes it is not enforceable. Governed by UCC Article 5/Negotiable Instruments, promissory notes are also commonly bought and sold, and pledged as collateral in transactions among owners of closely held companies. When their complexity is overlooked, their enforceability is easily jeopardized. This program will provide you with a practical guide to drafting and reviewing promissory notes, the rights and duties of parties to notes, significant enforceability issues, and the rights of buyers in due course.
- Drafting and reviewing essential provisions of promissory notes in business and real estate transactions
- Ensuring compliance and enforceability under UCC Article 5
- Rights and duties of parties to a note – makers, holders, transferees
- Receiving, selling, buying and pledging promissory notes
- Implied warranties when transferring a promissory note
- Collection issues, including statutes of limitation
- Holders in due course – eligibility for the status and rights attaching to it
John Murdock, Bradley Arant Boult Cummings, LLP, Tennessee