Description
Gain a better understanding of what UCC Article 9 foreclosure is and how it differs from bankruptcy liquidation.
Many parties involved in secured transactions do not know or understand their options upon default. Bankruptcy liquidation is merely one method upon which a secured creditor may rely to recover their collateral. However, bankruptcy can be timeconsuming and a costly solution for all parties involved. This presentation will introduce a direct and simple alternative method to those who do not wish to proceed to bankruptcy or other judicial proceedings. A UCC foreclosure is a nonjudicial proceeding commenced by a secured creditor that may prove useful to parties when there is no dispute as to the obligation owed. This topic will explain the methods secured creditors may use during the disposition of collateral and the requirements for each method of disposition. You will also learn the standard and factors courts often consider when determining whether the parties have complied with the UCC enforcement rules. Lastly, you can expect to identify and hopefully avoid challenges and pitfalls faced by other creditors postdisposition.
Date: 2023-05-11 Start Time: 1:00 PM ET End Time: 2:05 PM ET
Learning Objectives
* You will be able to describe what a UCC Article 9 foreclosure is, when and under what circumstances to proceed with an Article 9 foreclosure, and how it differs from a bankruptcy liquidation.
* You will be able to discuss the three methods a foreclosing creditor may use to dispose of collateral and the pros and cons of each method.
* You will be able to explain how to meet the commercially reasonableness standard during the disposition of collateral.
* You will be able to identify challenges that may arise for creditors during disposition of collateral and how to avoid those challenges.