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OnDemand Course

Understand the Legal Issues and Guidelines to Repossessing Personal Property

Learn how to perfect your security interest in personal property and how to stay complaint during a situation where repossession of personal property is necessary.

Lenders and borrowers are often confused and unsure about the process of how a lender properly perfects a lien against the wide variety of tangible items and intangible rights constituting personal property collateral that can be pledged to secure a borrower's obligations under a commercial loan transaction. This confusion extends to both the lender's options for the enforcement of a personal property lien and the borrower's potential defenses against such enforcement action. This material will walk through the labyrinth of securing a perfected lien against personal property and explain the range of remedies, and defenses thereto, available once a loan default occurs. The material also explains the proper documents and key provisions to be included in commercial loan documents with respect to a personal property secured loan. Failing to properly document and perfect a UCC lien or not understanding the range of remedies, and the consequences of pursuing each particular remedy, can leave a lender with an unsatisfactory recovery on a defaulted loan. This topic will clarify the range choices and the consequences that lenders and borrowers will encounter when agreeing to a pledge of personal property as collateral for a commercial financing.

Runtime: 90 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Security Agreements to Be Used for Obtaining a Security Interest in Various Types of Personal Property

  • When a Pledge Agreement Is Needed
  • When an Assignment of Rights and Interests Is Used
  • Purpose of and Parties to a Control Agreement

Role and Purpose of UCC-1 Financing Statement

Perfection Issues

  • Possession
  • Control
  • Security Agreement + UCC-1 Financing Statement

What Are the Steps and Procedures That Need to Take Place During a Repossession?

What Are the Alternatives to Repossession?

Redemption of Repossessed Property by Its Original Owner

  • When It Can Be Pursued
  • How It Is Accomplished

What Legal Guidelines Need to Be Followed in a Repossession?

What Are the Legal Pitfalls to Avoid During a Repossession?

What to Do in a Situation Where the Property Is Damaged or Cannot Be Found

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

MP3 Download

  • AK CLE 1.5
     
  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • ME CLE 1.5
     
  • MO CLE 1.8
     
  • NJ CLE 1.8
     
  • NM CLE 1.5
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • OR CLE 1.5
     
  • UT CLE 1.5
     
  • VT CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on August 31, 2020.

Call 1-866-352-9540 for further credit information.

  • AK CLE 1.5
     
  • Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
     
  • AL CLE 1.5
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.5 hours credit.
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CO CLE 2.0
     
  • Lorman Education Services is a Certified Provider, as recognized by the Colorado Supreme Court Continuing Legal and Judicial Education Committee. This program is approved for 2.0 credit hours.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • FL CLE 2.0 including Real Estate 2
     
  • This course has been approved by The Florida Bar for a total of 2.0 hours of CLE credit. The course is approved for the following: Real Estate for 2.00 hours.
     
  • GA CLE 1.5
     
  • This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.5 CLE hours.
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IA CLE 1.5
     
  • Understand the Legal Issues and Guidelines to Repossessing Personal Property is accredited under the regulations of the Iowa Supreme Court Commission on Continuing Legal Education. It is planned that this program will provide up to a maximum of 1.5 hour(s) of unmoderated credit towards the mandatory continuing legal education requirements under the Iowa rule. Please note: you can receive a maximum of 6 hours of unmoderated activities per calendar year.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • IN CLE 1.5
     
  • This program has been approved by the Indiana Commission on Continuing Legal Education. Participating attorneys are eligible to receive up to 1.5 hours of Distance Education credit.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 12.
     
  • MN CLE 1.5
     
  • This program has been approved by the Minnesota Board of Continuing Legal Education for 1.5 hours of credit.
     
  • MO CLE 1.8
     
  • This course qualifies for self-study CLE credit in Missouri.
     
  • NC CLE 1.5
     
  • This program has been approved by the North Carolina State Bar Board of Continuing Legal Education for 1.5 CLE hours.
     
  • ND CLE 1.5
     
  • North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.5 hours of CLE credit.
     
  • NH MCLE 1.5
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 90 Minutes.
     
  • NJ CLE 1.8
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
     
  • NM CLE 1.5
     
  • This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.5 hours of credit.
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • OH CLE 1.5
     
  • This course has been approved by the Ohio Supreme Court Commission on Continuing Legal Education for 1.5 CLE credit hours. Please note: No more than twelve (12) hours of self-study CLE credit for any biennial reporting period may be earned by an Attorney or Judge under Regulation 409.2. To fulfill CLE requirements for self-study, web-based programs, you must complete 100% of the polling questions during the program. Your hours will be filed electronically within thirty (30) business days by Lorman Education Services provided you fulfilled 100% attendance and polling questions answered.
     
  • OR CLE 1.5
     
  • Approved for 1.5 CLE credits in Oregon.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.5
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
     
  • TN CLE 1.5
     
  • This program has been approved as a distance learning format by the Tennessee Commission on Continuing Legal Education for a maximum of 1.5 hours of credit.
     
  • TX MCLE 1.5
     
  • This program has been approved for Minimum Continuing Legal Education credit by the State Bar of Texas Committee on MCLE in the amount of 1.5 credit hours. Lorman Education Services is an accredited sponsor, approved by the State Bar of Texas, Committee on MCLE. This program has been approved by the Texas State Bar College for 1.5 hours of CLE credit.
     
  • UT CLE 1.5
     
  • This program has been approved by the Utah State Board of Continuing Legal Education for 1.5 CLE hours.
     
  • VA CLE 1.5
     
  • This program has been approved by the Virginia Mandatory Continuing Legal Education Board for 1.5 CLE credit hours.
     
  • VT CLE 1.5
     
  • This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 6 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of A/V credit under the Law & Legal Procedure category.
     
  • WI CLE 1.5
     
  • This program qualifies for 1.5 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
     
  • WV MCLE 1.8
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
     
  • NALA 1.5
     
  • This program is applicable for continuing legal assistant education credit. Please check with your accrediting board to see if this course will qualify towards your recertification requirements. Program Length: 1.5 hour(s).
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York. Other states do not need to supply the CLE Code to apply for CLE credit.

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

Virginia MCLE requirements do not allow approval for programs that do not include an audio or audiovisual component.

This program was previously offered as a live webinar. Virginia MCLE requirements do not allow approval for attendance at duplicate programs.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Ren R. Hayhurst

Ren R. Hayhurst

Bryan Cave LLP

  • Partner in the Irvine office of Bryan Cave LLP
  • Practice focuses on all aspects of lender representation, including real estate and commercial loan documentation, real estate loan workouts and foreclosure, receivership and loan/guaranty enforcement litigation
  • Negotiated and documented standard and revolving line of credit loans for the acquisition, development and construction of regional shopping centers, retail power centers, office properties, single family and multi-family residential housing projects, industrial buildings and warehouses, cogeneration facility financing, and mixed collateral for commercial bankers
  • Has documented and closed loans involving real property security in every state in the country; he also has negotiated and documented real estate syndication/participation loans and REMIC conduit loan packages
  • Has a vigorous real estate practice on the lender’s side, and also routinely advises clients on the developer’s side, having negotiated and documented real estate purchase and sale transactions involving shopping center, industrial building and hotel projects
  • Was a trial attorney for the first nine years of his professional life and has represented lenders and borrowers in litigation matters concerning the enforcement of secured and unsecured loan transactions
  • Recently has been heavily involved in negotiating and documenting a wide variety of real estate workout transactions, both pre-bankruptcy and following the filing of a bankruptcy petition
  • Teaching for the past 4 years graduate classes on Alternative Dispute Resolution, FCPA, and Corporate Responsibility at the UC Irvine campus as part of joint certificate program between the law school and the graduate business program
  • J.D. degree, Order of the Coif, University of Utah; B.S. degree, magna cum laude, University of Utah
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 407044
Published 2020
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