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Video

  • 10 minutes

Taking Control of Collateral - UCC Article 9 Foreclosures

 

Taking possession of collateral is not legally required, but under many circumstances will be necessary as practical matter.

As a secured party you have a right to take possession of collateral. That is the default right under the UCC, and you are also likely to have a separate right under the security agreement to take possession of property. The debtor has the obligation to help with that and assemble the collateral. This video reviews why taking possession does not change ownership and what the duties are while the secured party is in possession of the property.

Runtime: 9 minutes
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Agenda

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Faculty

Hugh McCullough

Hugh McCullough

Davis Wright Tremaine LLP

  • Partner in the Seattle office of Davis Wright Tremaine LLP
  • Advises clients in litigations and transactions involving bankruptcy, the payments industry, and secured financings; regularly helps clients with matters that never reach a courtroom, but in cases requiring litigation, he has argued and won in the Washington Supreme Court, the 9th Circuit Court of Appeals, and federal courts around the country
  • American Bankruptcy Institute; board of directors, Turnaround Management Association, Pacific Northwest chapter; board member, 2016-present; president, board of directors, 2016-2018 – Consumer Education and Training Services (CENTS); Amicus Brief Committee, Washington State Bar Association, 2014-2016
  • J.D. degree, Northwestern University School of Law
  • Can be contacted at 206-757-8189 or [email protected]
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