Lecture Ten: Secured Transactions and Priority Rules
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Lecture Ten: Secured Transactions and Priority Rules
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This lecture provides a comprehensive overview of secured transactions under the Uniform Commercial Code, focusing on the nature and creation of security interests, the perfection of those interests, and the rules governing priority among competing claimants. It emphasizes the importance of attachment, perfection, and the rights of debtors in the context of default and enforcement.
Key Takeaways
Secured Transactions are heavily tested areas on the bar exam.
A secured transaction involves a debtor conveying a security interest to a creditor.
Attachment is essential for a security interest to be enforceable.
Perfection protects the secured party's rights against third parties.
Priority rules determine who prevails in competing claims.
A PMSI automatically perfects and has priority over earlier interests.
Debtors have rights to redeem their collateral before sale.
Self-help repossession must be conducted without breaching the peace.
Failure to provide adequate notice can prevent deficiency recovery.
Understanding Article 9 is crucial for analyzing priority conflicts.