Welcome to Lawshelf’s video-course on Secured Transactions. This course focused on loans secured by collateral in the form of movable property, the counterpart to mortgages, which are loans secured by real estate as collateral. Secured transactions are governed by Article 9 of the Uniform Commercial Code and so most of the focus of the course is on the provisions of the UCC, but we’ll also give examples and case studies along the way.
This is an intermediate level course and it’s recommended that viewers come in with some background in contracts or sales law. Taking our LawShelf video-course on the basics of contract law should fit the bill.
We’ll start the course by explaining key terms, such as collateral, security interests, debtors and creditors. We’ll also focus on how security interests can be attached and the importance of securing security interests. We’ll also look at security agreements and their provisions.
Module 2 focuses on perfection of security interests, which creates security interests superior to imperfect interests. We’ll look at various ways in which perfection can be accomplished, including filing financing statements (the most common and preferred method of perfection), possession and control.
In Module 3, we’ll look at priorities, or what happens when multiple creditors have security interests in the same collateral. We’ll look at the first-in-time rules and the benefits of filing financing statements to secure priorities. However, we’ll also learn about the superiority of the security interest of the purchase money security interest lender. We’ll also discuss maintenance of security interests and at fixtures, where security interests in land and movable property intersect.
Module 4 discusses the buyer in the ordinary course of business. Since the buyer in the ordinary course is practically exempt from the threat of repossession, we’ll look carefully at how a buyer can attain this status. We’ll also look at the roles of some other players in the collections process, including lien creditors and bankruptcy trustees.
Finally, the last module looks at the mechanics of default and repossession. We’ll look at when self-help repossession is allowed and best practices to ensure the viability of this option. We’ll also look at post-repossession actions, such as selling the collateral to pay the underlying debts.
At the conclusion of this course, you should have a solid foundation in Article 9 of the UCC and we recommend it as a complement to our course on residential mortgages. Together, these courses cover the gamut of the ways in which lenders can use collateral to secure repayment of loans.
Best of luck and we welcome your feedback.
What is a video-course?
A LawShelf video-course is an in-depth series of presentations on a discreet legal topic. LawShelf video-courses focus on practical legal information and applications and are each designed to familiarize the viewer with a legal topic quickly and efficiently.
Who should take a video-course?
Our video courses are designed for professionals such as attorneys, paralegals, corporate officers and financial professionals, as well as laypeople looking to deepen their knowledge of particular areas of law. The courses allow you to acquire the specific knowledge and skills that you need without the expense and time commitment of going “back to school” for a degree.
How do I learn?
Video courses are divided into 5 or 6 modules. Each module contains a video lesson (usually about 15 minutes long) and a series of self-test questions that you can use to practice and make sure that you understand the material.
How do I complete a video-course?
To complete a video-course, you must pass a 10-question multiple-choice examination by scoring 70% or higher. The questions on the exam are randomly selected from the self-test question sets for the various modules. You can retake an exam as many times as you need to, though you will not get the same questions each time since the questions are drawn from an exam bank.
How long will it take me to complete a video-course?
Between watching the modules, doing the self-test practice questions, reviewing the material and taking the final exam, we estimate that completing a video-course requires a time investment of 4-5 hours. The courses are designed to get straight to the point. We’re cognizant that your time is valuable, and we condense the information you need to know to comprehensively cover a subject into as little time as practical.
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