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The Scope and Limits of Article 9
When one thinks of personal property collateral, one surely thinks of Article 9 of the U.C.C. Article 9 covers not only the obvious types of personal property collateral like equipment and chattel paper, but it also covers many types of collateral one might not have expected, such as commercial tort claims, certain health care insurance receivables, letters of credit, nonpossessory statutory agricultural liens, public finance transactions, security interests arising under Articles 2, 2A, 4 and 5 of the U.C.C., software and supporting obligations. Article 9 even applies to consignments and sales of accounts, chattel paper, payment intangibles and promissory notes. Despite its breadth, however, there are many types of personal property excluded from Article 9. Additionally, in some cases, Article 9 applies only in part, such as where it defers to specific state or federal laws for perfection or priority issues, but still governs enforcement.
The following is a discussion of the three major categories of personal property liens excluded from Article 9, in whole or in part.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.