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Copyright 2018 C&S Associates, Inc. 800.826.5256
For Webinar Technical Assistance, please call NCS at 800-826-5256. Our presentation will begin shortly.
Today’s Webinar: The UCC - A Powerful but Underused Collection Tool in Construction Lending
February 13, 2018
Welcome to the NCS 2018 Webinar Series
#NCSwebinar
Copyright 2018 C&S Associates, Inc. 800.826.5256
Today’s Presenters
Jerry Bailey
NCS Executive Sales and
Education Services Manager
John Allen Waldrop III
Commercial Lawyer
Copyright 2018 C&S Associates, Inc. 800.826.5256
Roadmap
Focus of the Presentation
Vendor extending credit to trade or business
Generally, non-consumer sales
Topics
1. Definitions
2. Brief History
3. Creation
4. Perfection and Priority
5. Default
6. Seizure
7. Disposition
Copyright 2018 C&S Associates, Inc. 800.826.5256
Disclaimer
Nothing contained in this presentation or the materials
should be considered the rendering of legal advice for
specific cases. The content is intended for educational
purposes only. No attorney client privilege is created.
There is no expectation of privacy with respect to any
information provided by the participant.
Copyright 2018 C&S Associates, Inc. 800.826.5256
Terms
1. Uniform Commercial Code (UCC)
2. Security Interest
3. Secured Party
4. Debtor or Obligor
5. Collateral
6. Consignment
7. Replevin
8. Redemption
Definitions
Copyright 2018 C&S Associates, Inc. 800.826.5256
How to transfer an interest in personal property?
Common Law
Legislative Attempts
Judicial interpretation
1962
Over time need for change
creation,
filing and
scope
2001 Revision
History of Article 9
Copyright 2018 C&S Associates, Inc. 800.826.5256
How do we create a security interest?
Writing
Collateral Description
Types
Blanket
Purchase Money
Creation
Copyright 2018 C&S Associates, Inc. 800.826.5256
How do we perfect it?
Where to filing?
Signature no longer required
Forms
How is priority determined?
First in time, First in right
Super-priority
How do you handle changes?
Extensions
Future deliveries
Subrogation
Renewals
Perfection and Priority
Copyright 2018 C&S Associates, Inc. 800.826.5256
When is the debtor in default?
Breach of Contract
Rights of the Debtor?
Good Faith
Notice
Cure/Redemption
Default
Copyright 2018 C&S Associates, Inc. 800.826.5256
How does the secured party regain possession?
Judicial (replevin)
Non-Judicial
CANNOT BREACH THE PEACE!!!
What about intangibles (collecting payments)?
Seizure
Copyright 2018 C&S Associates, Inc. 800.826.5256
What does the secured party do with the
seized property?
Obligations of reasonableness
Private sale?
Partial Satisfaction
Application of Proceeds
Junior creditors
Surplus/deficiency
Accounting
Liquidation
Copyright 2018 C&S Associates, Inc. 800.826.5256
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Copyright 2018 C&S Associates, Inc. 800.826.5256
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