Publications

Articles on Uniform Commercial Code

What ‘As Is’ Is - and Isn’t

By Dmitry N. Feofanov
February
2017
Article
Page 32
Sellers can use "as is" to disclaim implied warranties. But they can't disclaim fraud, and "as is" only applies if no "circumstances indicate otherwise" and the seller has not waived the disclaimer.

Used cars are subject to an implied warranty of merchantability that cannot be disclaimed

December
2016
Illinois Law Update
Page 16
The seller of a used motor vehicle may not modify or disclaim the warranty of merchantability prescribed in UCC Section 2-314.

Non-Illinois stock not categorically exempt from levy or turnover

January
2015
Illinois Law Update
Page 16
On November 5, 2014, the First District Appellate Court held that the Uniform Commercial Code ("UCC") controls the levy of securities, not the Code of Civil Procedure. Accordingly, levy is governed by the law of the security issuer's jurisdiction, as specified in the UCC.

Bankruptcy and the Series LLC: Can Creditors Pierce the Veil?

By John T. Wagener and Kenneth D. Peters
May
2014
Article
Page 236
The Series LLC gives sweeping liability protection to those who use it. But will it shield an umbrella entity in bankruptcy and under UCC Article 9 from liability incurred by debtor subunits?

Changes to UCC forms

December
2013
Illinois Law Update
Page 612
The Illinois Secretary of State recently updated the forms that may be used in UCC filings, and the font and case requirements for preparations of these forms. 14 Ill. Adm. Code 180.12.

Secretary of State empowered to terminate fraudulent financing statements

By Adam W. Lasker
October
2012
LawPulse
Page 514
An amendment to the Illinois UCC penalizes filing of false financing statements or liens and gives the secretary of state authority to investigate, punish, and even terminate false filings.

Uniform Commercial Code adds penalties for filing fraudulent records. PA 097-0836

October
2012
Illinois Law Update
Page 520
Illinois lawmakers have added section 9-501.1 to the Uniform Commercial Code (UCC), creating penalties for persons who cause a false record to be communicated to the filing office.

Getting Debtor Names Right Under the UCC

By Michelle Nijm
June
2012
Column
Page 332
It’s harder than you think, but pending legislation would ease the burden.

See comments from our readers.

September
2010
Column
Page 442
Exception for commercial fraud not warranted; Two exceptions to the doctrine of election

The Case for a Narrow Commercial Fraud Exception to the Moorman Doctrine

By Travis J. Quick
June
2010
Article
Page 318
Society is best served by requiring the parties - typically sophisticated business buyers and sellers - to bargain for contract protection, the author argues.

The Sometimes Surprising Practical Implications of Revised UCC Article 1

By Pasha Vaziri
April
2010
Article
Page 204
Article 1 of the Uniform Commercial Code articulates the principles that underlie the remaining articles, and Illinois recently adopted Revised Article 1. Here's what it means.

The “Buyer’s Option” Contract in Illinois

By John J. D’Attomo
August
2008
Article
Page 418
Recent opinions have recognized a buyer's-option contract that obligates sellers to sell without also requiring buyers to buy.

Winning the Battle of the Forms

By William J. Ryan and John B. Thornton
July
2008
Article
Page 364
Many contracts are formed by the exchange of price quotes, purchase orders, and invoices, which often contain conflicting terms. This article reviews typical "battle of the forms" issues.

UCC filing rules amended. PA 095-0446

June
2008
Illinois Law Update
Page 284
Section 9-516 of the Illinois Uniform Commercial Code has been amended. 810 ILCS 5/9-516. This section, entitled "What constitutes filing; effectiveness of filing," has been changed to add three new subsections to 9-516(b) concerning what documents may be refused or do not constitute the filing of a financing statement.

A New Approach to Limitations of Remedies and Damages Under the UCC

By Peter C. John
February
2008
Article
Page 96
Razor v Hyundai Motor America changed Illinois law by limiting the failure of a remedy to the remedy itself and not implicating the limitation on damages. 

Lack of notice of disposition of collateral does not necessarily bar deficiency action

September
2007
Illinois Law Update
Page 460
On June 29, 2007, the Illinois Appellate Court, First District, remanded the order of the Circuit Court of Cook County awarding judgment in favor of Lula Stoval due to the circuit court's error in applying an absolute bar to General Motors Acceptance Corporation's (GMAC) deficiency judgment against Stoval. 

A Creditor’s Guide to Article 9 UCC Compliance

By Michael L. Weissman
April
2007
Article
Page 188
Here's what recent cases have to say about attachment and perfection pitfalls and other issues important to secured creditors.

Otherwise invalid disclaimer may be made valid by parties’ “course of dealing”

December
2006
Illinois Law Update
Page 650
On October 6, 2006, the Illinois Appellate Court, Third District, affirmed the decision of the Circuit Court of Will County, held that implied warranties had been disclaimed throughout the course of dealings between a window manufacturer and one of its parts suppliers, and granted the defendant parts supplier's motion to dismiss. 

What’s in a Name? For UCC Filings Under Revised Article 9, Everything

By Edward J. Underhill
June
2006
Article
Page 314
Secured creditors must be prepared to modify their searching and filing practices to assure that security interests remain enforceable.

Information requirements for UCC forms updated

February
2006
Illinois Law Update
Page 68
Effective November 28, 2005, the Illinois Secretary of State has amended Part 180 of Title 14, 14 Ill Adm Code 180. 

Secured Transactions Under Illinois’ New UCC Article 9

By Catherine A. Nestrick and Andrew C. Ozete
July
2001
Article
Page 346
Read about the changes to article 9 that took effect July 1, 2001.

“Best Efforts” Promises Under Illinois Law

By James M. Van Vliet Jr.
December
2000
Article
Page 698
Under Illinois law, "best efforts" promises apparently are not binding when the parties have failed to specify a level of performance. The author discusses the implications.

Distinguishing Between Securities Accounts and Deposit Accounts Under the UCC

By René Ghadimi
December
2000
Article
Page 719
This article discusses the important and sometimes elusive distinction between the two accounts.

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