Secured transactions – taking a security interest in collateral in exchange for a loan of money– are the most common form of commercial transaction and help finance most businesses in the United States. Because of their scale and importance, immense attention is paid to and often enormous pressure placed on every minute detail of secured transactions – from financing statements, security agreements and perfection to seizure and sale of property on foreclosure. These secured transactions are governed by the UCC Article 9, which can make them more costly, difficult to draft, and introduce risks into enforcement and foreclosures. Failure to comply with UCC Article 9 in drafting security agreements, perfecting a creditor’s interest, or on the foreclosure of a lien can easily cause the value of the transaction to be lost. This program will provide you with a real-world guide to drafting the most important components of a security agreement, perfecting the interest, and cost-effective enforcement of liens.
Steven O. Weise, Proskauer Rose, LLP – Los Angeles