About The Author
Stephen L. Sepinuck
Frederick N. & Barbara T. Curley Professor of Law and Director, Commercial Law Center Gonzaga University School of Law
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From The Casebook
Electronic Exercise 2-A: Classifying Receivables
This exercise requires constructing a flow chart to illustrate the differences between the definitions of chattel paper, accounts, instruments, and payment intangibles.
Electronic Exercise 2-B: Chattel Paper
This exercise explores the concept of chattel paper by examining goods vs. non goods collateral, the type of debt obligation (purchase-money or non-purchase-money), whether the underlying transaction is a lease or security interest, and the need for a record or writing.
Electronic Exercise 2-C: Proceeds and Such
This exercise provides practice on distinguishing proceeds, after-acquired property, commingled goods, and accessions. In addition, it provides practice with the three major rules for tracing commingled funds: the lowest intermediate balance rule, LIFO and FIFO.
Electronic Exercise 2-D: Attachment Review
This exercise reviews the basic rules from U.C.C. § 9-203 on attachment, concentrating on the requirements of a security agreement, collateral description, future advances clause, and after-acquired property clause.
Electronic Exercise 2-E: Consignments
This exercise explores which consignment transactions are governed by Article 9.
Electronic Exercise 2-F: Interests Under Other Law
This exercise requires classifying collateral and then applying the exclusions in U.C.C. § 9-109(c) and (d).
Electronic Exercise 3-A: The Parties' Roles
This exercise reviews the definitions of "debtor," "obligor," and "secondary obligor."
Electronic Exercise 3-B: Notification of Disposition
This exercise covers the requirements applicable to a notification of disposition and highlights the differences between the rules in U.C.C. § 9-613 and § 9-614.
Electronic Exercise 3-C: The Effect of Disposition
This exercise explores how sale proceeds are distributed when there are multiple lienholders and the effect of the sale on the liens on the sold property.
Electronic Exercise 3-D: Time-Line on Acceptance
This exercise reviews the process for obtaining an acceptance in full or partial satisfaction of the secured obligation by constructing a time line of the actions a secured creditor would take in conducting such an acceptance.
Electronic Exercise 3-E: Limits on Waiving Rights
This exercise explores the various issues of waiver through agreement of the Article 9 rights of a debtor or obligations of a secured party.
Electronic Exercise 3-F: Anti-assignment & Scope
This is a short exercise that makes the connection between a transaction falling within the scope of Article 9 and the application of U.C.C. § 9-406 and § 9-408.
Electronic Exercise 3-G: Limits on Deficiencies
This exercise allows explores the relationship between U.C.C. § 9-626, U.C.C. § 9-615(f), and the duties of a secured party under Article 9, Part 6.
Electronic Exercise 4-A: The Debtor's Name (2001 law)
This exercise deals with the debtor's name issue as it relates to the filing of and searching for U.C.C. financing statements before the 2010 amendments go into effect (in 2013). This exercise highlights the difference between the "correct name" and the names that the search logic will find, and touches on the question of "who is the debtor" for purposes of filing the financing statement against the right entity.
Electronic Exercise 4-A: The Debtor's Name (2013 law)
This exercise deals with the debtor's name issue as it relates to the filing of and searching for U.C.C. financing statements after the 2010 amendments go into effect (in 2013). This exercise highlights the difference between the "correct name" and the names that the search logic will find, and touches on the question of "who is the debtor" for purposes of filing the financing statement against the right entity.
Electronic Exercise 4-B: Financing Statements
This exercise explores the relationship between U.C.C. § 9-502 and § 9-516 and emphasizes the distinction between sufficient to perfect under U.C.C. § 9-502 and effective to perfect under § 9-516.
Electronic Exercise 4-C: PMSIs
This exercise reviews the basic idea of the PMSI for both consumer-goods transactions and non-consumer-goods transactions.
Electronic Exercise 4-D: Perfection Review
This exercise reviews the concept of perfection in U.C.C. § 9-308 and the permitted methods of perfection for various types of collateral.
Electronic Exercise 4-E: Choice of Law
This exercise reviews the application of U.C.C. § 9-301 and § 9-302 and highlights the difference between perfection and the effect of perfection.
Electronic Exercise 4-F: Changes in Law
This exercise explores the proceeds perfection rules from the perspective of the searcher.
Electronic Exercise 4-G: Changes in the Debtor (2001 law)
This exercise explores how to maintain perfection following a debtor name change, debtor relocation, or a transfer of collateral before the 2010 amendments go into effect (in 2013).
Electronic Exercise 4-G: Changes in the Debtor (2013 law)
This exercise explores how to maintain perfection following a debtor name change, debtor relocation, or a transfer of collateral after the 2010 amendments go into effect (in 2013).
Electronic Exercise 4-H: Searching (2001 law)
The exercise reviews the basics of searching for financing statements before the 2010 amendments go into effect (in 2013)
Electronic Exercise 4-H: Searching (2013 law)
The exercise reviews the basics of searching for financing statements after the 2010 amendments go into effect (in 2013).
Electronic Exercise 5-A: Purchasers, Buyers & SPs
This exercise reviews the definitions of secured party, purchaser, buyer, buyer in ordinary course, and consignor through the construction of a Venn diagram.
Electronic Exercise 5-B: SP v. Lien Creditor
This exercise reviews three priority rules: U.C.C. § 9-317(a)(2)(A); § 9-317(a)(2)(B); and § 9-317(e).
Electronic Exercise 5-C: First to File or Perfect
This exercise explores the fundamental priority rule in Article 9, the "first to file or perfect" rule for determining priority between perfected security interests in the same items of collateral.
Electronic Exercise 5-D: Priority in Proceeds
This exercise compares the PMSI priority rules in U.C.C. § 9-324(a) and (b) with the first-to-file-or-perfect rule of U.C.C. § 9-322(a), as to both original collateral and proceeds.
Electronic Exercise 5-E: Priority in Deposit Accounts
This exercise explores the Article 9 priority rules regarding deposit accounts.
Electronic Exercise 5-F: Protection for BICOBs
This exercise explores who qualifies as a buyer in ordinary course of business and the operation of U.C.C. § 9-320(a).
Electronic Exercise 5-G: Priority Review
This exercise addresses the application of Article 9 priority rules to a complicated factual scenario. This scenario requires identifying the collateral, identifying who has interests, selecting and applying the appropriate priority rules, and determining a final answer as to who has priority in each piece of collateral.