Uniform Commercial Code
PEB Report on “Application of the UCC to Selected Issues Relating to Mortgage Notes”
The Permanent Editorial Board for the Uniform Commercial Code has published its report “Application of the UCC to Selected Issues Relating to Mortgage Notes.” It can be viewed and downloaded here or from the ALI website.
The PEB Report addresses the application of the rules in UCC Articles 3 and 9 to issues such as who may enforce a mortgage note, what steps must be taken to transfer ownership of a mortgage note or use the note as collateral for an obligation, the effect of a transfer of a mortgage note on the mortgage securing it, and what steps a person to whom a mortgage note has been transferred may take in order to become an assignee of record of the mortgage note if that step is necessary for non-judicial foreclosure.
Gonzaga Commercial Law Center
The Transactional Lawyer is the bi-monthly electronic newsletter of the Commercial Law Center at Gonzaga University School of Law. The newsletter offers advice to lawyers on how to structure and document commercial transactions and alerts transactional attorneys to recent legal developments that may affect their practice. The CLC also publishes annual commerical law updates, summarizing relevant cases, as well as provides other resources. The CLC Links & Resources webpage can be accessed here.
2010 AMENDMENTS TO UCC ARTICLE 9
A drafting committee to consider selected amendments to Article 9
has completed the 2010 amendments to the UCC. Drafts are available on NCCUSL’s archive site.
Click on the links for reports for meetings held by the drafting committee:
October 2008
February 2009
March 2009
September 2009
March 2010
Additional information on Article 9 issues can be obtained at the American Bar Association Business Law Section, Uniform Commercial Code Committee – and the Commercial Finance Committee.
MODEL AGREEMENTS
Deposit Account Control Agreements (DACA) Task Force
Model Intercreditor Agreement (MICA) Task Force
MODEL LAWS
MODEL TRIBAL SECURED TRANSACTIONS ACT
http://www.nccusl.org – click on final acts and then select Model Tribal Secured Transactions Act from the drop down list.
UNIFORM ASSIGNMENT OF RENTS ACT
The Uniform Assignment of Rents Act was finalized by the Drafting Committee of the National Conference of Commissioners on Uniform State Laws (NCCUSL) and approved on July 28, 2005, following the NCCUSL 2005 Annual Meeting. The final version of the Act is posted on NCCUSL’s website at www.nccusl.org. A summary of the Act, submitted by College Fellow Carl Fridy, can be viewed here. To date there have been no state legislative introductions or adoptions.
ARTICLES
A SUMMARY OF THE PROVISIONS OF REVISED UCC ARTICLE 9 – by Edwin E. Smith, Esq.
A SUGGESTED GUIDE FOR MAKING SALE/LOAN DISTINCTION — Prof. Donald J. Rapson
REVISED ARTICLE 9 – A GLIMPSE {TYPES OF COLLATERAL} — Prof. Donald J. Rapson
PURCHASING LEASES AND OTHER CHATTEL PAPER: OBTAINING (AND PREVENTING) SUPER-PRIORITY — Prof. Donald J. Rapson
NEGOTIATING THE SHOALS — FINANCING A LICENSEE’S SOFTWARE — Leianne Crittenden, Esq.
This article reviews the limitations on a funder’s rights when financing or leasing software and provides information that a lender should be aware of when contemplating a transaction that includes license rights as collateral.
SECURITY INTERESTS IN PATENTS AND PATENT APPLICATIONS, PUBLISHED IN THE UNIVERSITY OF PITTSBURGH LAW SCHOOL’S JOURNAL OF TECHNOLOGY LAW AND POLICY — By Pauline Stevens, Esq.
The federal Patent Act pre-empts UCC Article 9 and other state law in important ways, some of which have serious consequences for financings that include security interests in patents and patent applications. The author discusses these conflicts and suggests amendments to the Patent Act that are intended to facilitate financings secured by patents and patent applications. Security Interests in Patents and Patent Applications?, 9 U. Pitt J. L. & Tech. (2005)
MEZZANINE LOANS – THE VAGARIES OF MEMBERSHIP INTEREST COLLATERAL — By Norman M. Powell and James D. Prendergast
EQUITY INTERESTS AS COLLATERAL IN COMMERCIAL LENDING — By Lynn A. Soukup and Steven O. Weise
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