Understand the Legal Issues and Guidelines to Repossessing Personal Property

$199.00

SKU: 407044

Description

Learn how to perfect your security interest in personal property and how to stay complaint during a situation where repossession of personal property is necessary.
Lenders and borrowers are often confused and unsure about the process of how a lender properly perfects a lien against the wide variety of tangible items and intangible rights constituting personal property collateral that can be pledged to secure a borrowers obligations under a commercial loan transaction. This confusion extends to both the lenders options for the enforcement of a personal property lien and the borrowers potential defenses against such enforcement action. This material will walk through the labyrinth of securing a perfected lien against personal property and explain the range of remedies, and defenses thereto, available once a loan default occurs. The material also explains the proper documents and key provisions to be included in commercial loan documents with respect to a personal property secured loan. Failing to properly document and perfect a UCC lien or not understanding the range of remedies, and the consequences of pursuing each particular remedy, can leave a lender with an unsatisfactory recovery on a defaulted loan. This topic will clarify the range choices and the consequences that lenders and borrowers will encounter when agreeing to a pledge of personal property as collateral for a commercial financing.

Date: 2020-08-31 Start Time: 1:00 PM ET End Time: 2:30 PM ET

Learning Objectives

Security Agreements to Be Used for Obtaining a Security Interest in Various Types of Personal Property
• When a Pledge Agreement Is Needed
• When an Assignment of Rights and Interests Is Used
• Purpose of and Parties to a Control Agreement

Role and Purpose of UCC-1 Financing Statement

Perfection Issues
• Possession
• Control
• Security Agreement + UCC-1 Financing Statement

What Are the Steps and Procedures That Need to Take Place During a Repossession?

What Are the Alternatives to Repossession?

Redemption of Repossessed Property by Its Original Owner
• When It Can Be Pursued
• How It Is Accomplished

What Legal Guidelines Need to Be Followed in a Repossession?

What Are the Legal Pitfalls to Avoid During a Repossession?

What to Do in a Situation Where the Property Is Damaged or Cannot Be Found

CLE (Please check the Detailed Credit Information page for states that have already been approved) ,NALA ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Ren R. Hayhurst-Bryan Cave LLP