Secured Transactions

Book excerpt: Secured Transactions: Problems and Materials combines original material with recent cases to teach students about secured financing under Article 9 of the Uniform Commercial Code. Students learn how to identify basic Article 9 issues and craft solutions for them. The book begins with an explanation of secured versus unsecured financing and addresses how transactions were handled before the institution of Article 9. It then discusses specific aspects of Article 9 including its scope, creating and protecting a security interest, priorities, exceptions, fixtures, proceeds, and enforcement. The book is built around a series of problems that connect the cases and original material to the text of Article 9. The original material clarifies and contextualizes the legal issues, providing background and support. The cases demonstrate how legal principles are applied in the real world, enabling students to understand automatic perfection, certificates of title, statutory liens, commercial reasonableness, and more. The revised first edition features updated information regarding laws and legislation, as well as new cases for the chapters on repossessing fixtures and proceeds. Secured Transactions successfully balances the study of law and its application. It is an ideal book for foundational courses in secured transactions. Larry Bates earned his J.D. from the Marquette University School of Law and his LL.M. from Harvard Law School. He spent nine years in practice as a corporate bankruptcy specialist before joining the faculty of Baylor Law School, where he teaches contracts and commercial law, including international and domestic sales law and secured transactions. Professor Bates also serves as the faculty advisor for the Baylor Law Review. He has written extensively on commercial law and bankruptcy and is a member of the American Bar Association committee responsible for overseeing the National Appellate Advocacy Competition.