Commercial law - noncash dispositions

Article Abstract:

Experts on secured credit do not agree on procedure when a potential buyer of collateral after the debtor's default offers property other than cash in exchange for that collateral or when this buyer promises to pay the purchase price over time. Applying the surplus/deficiency rules with a noncash sale and whether the noncash sale will lead to a disincentive are among the problems. Revised UCC Article 9 addresses this problem to some extent.

Interpretation and construction, Debtor and creditor

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Commercial law roundup

Article Abstract:

Commerce Bank N.A. v. Tifton Aluminum Co. was a bankruptcy case highlighting the disagreement on whether an unsecured creditor relying on equity can defeat the claims of a secured party with priority under UCC 9. The majority view sides with UCC9, while the minority uses the principles of equity to favor unsecured creditors. 3Com Corp. v. Banco de Brasil S.A., a letter if credit case, is also discussed.

Surveys

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Commercial law; disputes under Art. 9

Article Abstract:

Issues of priority under the Uniform Commercial Code (UCC) effective until mid-2001 are discussed. Priorities will still be determined under the current UCC 9 when these were established before the effective date of the UCC revision.

Cases, Priorities of claims and liens, Trover and conversion, Trover

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