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.
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Why Lorman?
Over 37 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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Credit
More Program Information
Why Lorman?
Over 37 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
OnDemand Course
This course was last revised on August 31, 2020.
Call 1-866-352-9540 for further credit information.
- 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.
- IL CLE 1.5
- This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
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.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 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
GoDocs.com
- General Counsel of GoDocs.com
- Current responsibilities include managing and training the document preparation team, representing the company with regard to third-party contracts, acting as the product owner for software products offered by the company, and overseeing all legal issues presented by the company and its customers when using the software products
- 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
- 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
- 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 in psychology, magna cum laude, and B.S. degree in political science, magna cum laude, University of Utah
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Why Lorman?
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