Secured Transactions

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Secured TransactionsSpring 2011Professor HagedornWillamette University

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Are Secured Transactions a matter of state law or or federal law? 
State Law
What type of law governs secured trans? 
debtor/creditor law
What are the steps to approaching a Secured Transaction problem? 
Scope: Is this covered by Article 9? Possession: is creditor in possession of the collateral? Attachment: is there an attachment of SI? (look for security agreement)Perfection: is there perfection of an SI? (look for financing statementPriorityDefault: is there an event of default in the SA?Enforcement: see SA
What is an unsecured creditor? 
creditor that demands nothing more than the debtor's promise to pay
What is a secured creditor? 
creditor that demands the pledge of some collateral of debtor to seize and sell should the debtor default