Table Of Contents:
Preface xxiii
Acknowledgments xxv
A Special Message on Article 1 1

Introduction

The Unsecured Creditor 1(3)

Bankruptcy Process 4(5)

Part I Introdcution to Article 9 and Classification of Collateral 9(50)

The Typical Secured Transaction 11(16)

Introduction 11(8)

The Problem Presented 11(2)

The Concept of Secured Credit 13(2)

Necessity as the Mother of Invention 15(1)

Enter the Uniform Commercial Code 16(2)

The ``New'' Article 9 18(1)

Preparation 19(1)

Problems and Cases 20(7)

Problems 20(2)

Brown v. Indiana National Bank 22(2)

Questions on Brown 24(1)

Problem 25(2)

Types of Goods 27(14)

Introduction 27(2)

Preparation 29(1)

Problems and Cases 29(12)

Problem 29(1)

Note 30(1)

In re Estate of Joseph M. Silver 30(2)

Question on Silver 32(1)

Problems 32(1)

The Cooperative Finance Association, Inc. v. B&J Cattle Co. 33(2)

Question on B&J Cattle 35(1)

Problem 35(1)

Kubota Crdit Corporation, USA v. Tillman 36(5)

The ``Intangibles'' and ``Quasi-Intangibles'' 41

Introduction 41(1)

Preparation 41(1)

Problems and Cases 42

Problems 42(3)

Lake Region Credit Union v. Crystal Pure Water, Inc. 45(2)

Problem 47

Types of Investment Property 49(12)

Introduction 49(1)

Preparation 50(1)

Problems and Cases 51(8)

In re Estate of Washburn 51(2)

Problem 53(1)

Securities Investor Protection Corp. v. First Entertainment Holding Corp 54(2)

Problems 56(3)

Part II Creation of the Article 9 Interest---Attachment 59(64)

The Security Agreement 61(20)

Introduction 61(1)

Preparation 61(1)

Problems and Cases 62(19)

In re Yantz 62(5)

Shelby County State Bank v. Van Diest Supply Company 67(6)

Problem 73(1)

In re Sothern Illinois Rail Car Co. 73(3)

Baldwin v. Catro County Feeders I, Ltd 76(3)

Question on Southern Illinois Rail Car and Baldwin 79(2)

``Value'' Given and the Debtor's ``Rights In'' the Collateral 81(16)

Introduction 81(1)

Preparation 81(1)

Problems and Cases 82(15)

Problems 82(1)

National Pawn Brokers Unlimited v. Osterman, Inc 83(2)

Questions on National Pawan Brokers 85(1)

Jerke Construction, Inc. v. Home Federal Savings Bank 86(4)

Question on Jerke Construction 90(1)

Fifth Third Bank v. Comark, Inc. 90(4)

Question on Fifth Third Bank 94(1)

Problems 94(1)

Question on § 9-204(b) 95(2)

Introduction to the Purchase-Money Security Interest 97(16)

Introduction 97(1)

Preparation 97(1)

Problems and Cases 98(15)

Problems 98(1)

A Brief Note on the Following Two Cases 99(1)

North Platte State Bank v. Production Credit Ass'n 100(4)

General Electric Capital Commercial Automotive Finance, Inc. v. Spartan Motors, Ltd 104(9)

Further Issues Regarding the PMSI 113(10)

Introduction 113(1)

Preparation 114(1)

Problems and Cases 114(9)

First National Bank of Steeleville, N.A. v. ERB Equipment Co., Inc 114(4)

Question on First National Bank of Steeleville 118(1)

In the Matter of Hillard 118(4)

Question on Hillard 122(1)

Part III Protection of the Article 9 Interest---Perfection 123(84)

Introduction to Perfection, Perfection by Filing, and Where to File 125(6)

Introduction 125(3)

The Nature of ``Perfection'' 125(1)

The Means of Perfection 126(1)

Perfection by Filing 126(1)

Where to file 127(1)

Preparation 128(1)

Problems and Cases 128(3)

Problems 128(3)

The Initial Financing Statement 131(20)

Introduction 131(1)

Preparation 132(1)

Problems and Cases 133(18)

In re FV Steel and Wire Company 133(3)

Problems 136(1)

In re Kinderknecht 137(4)

Questions on Knderknecht 141(1)

Pankratz Implement Co. v. Citizens National Bank 141(4)

Problem 145(1)

In re Pickle Logging, Inc 145(3)

Questions on Pickle Logging 148(1)

Problems 149(2)

The Process of Filing 151(8)

Introduction 151(1)

Preparation 151(1)

Problems and Cases 152(7)

Problems 152(1)

United States of America v. Orrego 153(3)

Questions on Orrego 156(1)

Problems 157(2)

Later Filings and Changes in the Situation 159(10)

Introduction 159(2)

Preparation 161(1)

Problems and Cases 162(7)

Problem 162(1)

Barnes v. Turner 162(3)

Problems 165(2)

Note 167(1)

Problems 167(2)

Perfection by Possession 169(12)

Introduction 169(1)

Preparation 169(1)

Problems and Cases 170(11)

Problem 170(1)

National Pawn Brokers Unlimited v. Osterman, Inc 171(2)

Problem 173(1)

In re Equitale Financial Management, Inc 173(4)

Problem 177(1)

Note on the Duites of a Secured Party Having Possession 178(1)

Problems 178(3)

Automatic Perfection---The PMSI in Consumer Goods 181(4)

Introduction 181(1)

Preparation 181(1)

Problems and Cases 182(3)

Problems 182(1)

Considering the Rule of § 9-309 (1) 182(1)

Problems 183(2)

Perfection on and Through Instruments and Documents 185(8)

Introduction 185(1)

Preparation 186(1)

Problems and Cases 186(7)

Problems 186(7)

Perfection by Control 193(4)

Introduction 193(1)

Preparation 194(1)

Problems and Cases 194(3)

Problems 194(3)

Goods Covered by Certificates of Title 197(10)

Introduction 197(2)

Preparation 199(1)

Problems and Cases 199(8)

Problems 199(1)

In re Lortz 200(4)

Problem 204(1)

Union Planters Bank, N.A. v. Peninsula Bank 204(3)

Part IV Priority Issues 207(78)

Introduction to Priority and the Basic Rules of Priority 209(10)

Introduction 209(3)

Matters of Priority 209(1)

The Secured Party vs. the Lien Creditor 210(1)

The Secured Party vs. the Trustee in Bankruptcy 210(1)

Secured Party vs. Secured Party 211(1)

Where Are the Cases? 212(1)

Preparation 212(1)

Problems and Cases 212(7)

Problems 212(2)

Revisiting Some Earlier Cases 214(1)

Problems 214(2)

Revisiting an Earlier Case 216(1)

Problem 216(3)

Special Priority for the PMSI 219(10)

Introduction 219(1)

Preparation 220(1)

Problems and Cases 220(9)

Problem 220(1)

Questions on § 9-317(e) and § 9-324(a) 221(1)

Brodie Hotel Supply, Inc. v. United States 221(3)

Questions on Brodie 224(1)

Problems 224(1)

Revisiting Some Earlier Cases 225(1)

Question on § 9-324(b) and (c) 226(1)

Problem 226(3)

Priority in Investment Property and Deposit Accounts 229(4)

Introduction 229(1)

Preparation 230(1)

Problems and Cases 230(3)

Problems 230(3)

Fixtures 233(26)

Introduction 233(6)

As Goods Become ``Fixtures'' 233(1)

Goods Brought onto Land 234(2)

The Test (s) for What Constitutes a Fixture 236(1)

Taking Interest in Fixtures 237(1)

Perfecting on and Priority in Fixtures 238(1)

Preparation 239(1)

Problems and Cases 239(20)

Pella Plastics, Inc. v. Engineered Plastic Components, Inc 239(4)

Note on Pella Plastics 243(1)

Problems 243(2)

In the Matter of Bennett 245(4)

Note on Trailers, Mobile Homes, and Manufactured Homes 249(1)

Problem 249(1)

Tustian v. Schriever 250(5)

Note on Tustian 255(1)

Note on Accessions and Commingled Goods 256(1)

Problems 256(1)

A Look Ahead to Farmers Cooperative Elevator 257(2)

Claims Arising Under Article 2 259(10)

Introduction 259(1)

Preparation 260(1)

Problems and Cases 261(8)

Problems 261(2)

In re Tucker 263(4)

Note on the Seller's Right of Reclamation Under the Bankruptcy Code 267(2)

Special Issues in Bankruptcy 269(16)

Introduction 269(7)

The Bankruptcy Trustee's Avoidance Powers 269(1)

Preferential Transfers 270(4)

Fraudulent Transfers 274(2)

Preparation 276(9)

Problems 276(2)

Note on the Automatic Stay 278(1)

Problem 279(1)

In the Matter of Clark Pipe and Supply Co., Inc 280(3)

Problem 283(2)

Part V Sales and Other Dispositions of Collateral 285(56)

Does the Interest Survive the Disposition? 287(24)

Introduction 287(1)

Preparation 288(1)

Problems and Cases 289(22)

Problems 289(1)

Snow Machines, Inc. v. South Slope Development Corporation 289(3)

Problem 292(1)

International Harvester Co. v. Glendenning 292(5)

Question on International Harvester 297(1)

Problems 298(1)

Fin Ag, Inc. v. Hufnagle, Inc 299(7)

Note on the Food Security Act of 1985 306(5)

What Are Proceeds? 311(6)

Introduction 311(1)

Preparation 312(1)

Problems and Cases 312(5)

Problems 312(1)

Farmers Cooperative Elevator Co. v. Union State Bank 313(2)

Question on Farmers Cooperative Elevator 315(2)

Attachement, Perfection, and Priority in Proceeds 317(12)

Introduction 317(1)

Preparation 318(1)

Problems and Cases 318(11)

Revisiting an Earlier Case 318(1)

Problems 319(1)

Van Diest Supply Co. v. Shelby County State Bank 320(5)

Question on Van Diest 325(1)

Problem 326(1)

Metropolitan National Bank v. La Sher Oil Company 326(1)

Problems 327(2)

Chattel Paper and Account Financing 329(12)

Introduction 329(2)

Preparation 331(1)

Problems and Cases 332(9)

Problems 332(1)

Aetna Finance Co. v. Henderickson 333(5)

Problem 338(3)

Part VI Further on the Scope of Article 9 341(58)

Leases of Goods and Article 9 343(16)

Introduction 343(2)

Preparation 345(1)

Problems and Cases 346(13)

Problem 346(1)

In re Grubbs Construction Company 346(1)

Problem 346(13)

Other Transctions Governed by Article 9 359(14)

Introduction 359(1)

Preparation 359(1)

Problems and Cases 360(13)

Problem 360(1)

On the Agricultural Lien 360(1)

Problems 361(1)

On the Sale of Receivables 362(1)

Problems 362(2)

On Those Consignments Governed by Article 9 364(1)

Problem 364(1)

In re Morgansen's Ltd 365(8)

Interests Not Covered by Article 9 373(26)

Introduction 373(1)

Certain Interests Not Covered 373(1)

When Federal Law Preempts 373(1)

The Federal Tax Lien Act 374(1)

Miscellaneous Other Liens or Interests 374(1)

Preparation 374(1)

Problems and Cases 375(24)

Problems 375(1)

In re Cybernetic Services, Inc 375(10)

Perfecting on Intellectual Property 385(1)

The Federal Tax Lien 386(3)

In re Spearing Tool and Manufacturing Co., Inc 389(4)

On the Spearing Tool Decision 393(1)

In re Alston 393(4)

Question on Alston 397(1)

Problem 397(2)

Part VII Default and Enforcement 399(70)

Defautl 401(16)

Introduction 401(2)

``Events of Default'' 401(1)

General Insecurity and Acceleration Clauses 402(1)

Preparation 403(1)

Problems and Cases 403(14)

Problem 403(1)

Star Bank, Kenton County, Inc. v. Parnell 404(4)

Note on Star Bank and the Standard for Good Faith 408(1)

Problem 409(1)

Moe v. John Deere Company 410(7)

Repossession 417(18)

Introduction 417(3)

The Secured Party's Options upon Default 417(1)

Collectin on Receivables 418(1)

Self-Help Repossession 419(1)

Preparation 420(1)

Problems and Cases 420(15)

Callaway v. Whittenton 420(4)

Excerpts from Two Cases Cited by the Court in Callaway 424(1)

Chrysler Credit Corporation v. Koontz 424(1)

James v. Ford Motor Credit Company 425(1)

Problems 426(2)

Eley v. Mid/East Acceptance Corp. of N.C., Inc 428(4)

Note on the Duties of the Secured Party with Respect to Repossessed Collateral 432(3)

The Foreclosure Sale 435(24)

Introduction 435(5)

The Secured Party's Right to Dispose of the Collateral 435(1)

Dividing Up the Proceeds of Disposition 436(1)

Protections for the Debtor 437(1)

Debtor's Remedies for the Secured Party's Noncompliance 438(2)

Preparation 440(1)

Problems and Cases 440(19)

Problem 440(1)

Federal Express Credit Union v. Lanier 441(6)

A Brief Excerpt on the Notification Requirement 447(1)

Panora State Bank v. Dickinson 447(1)

Problems 447(2)

Coxall v. Clover Commercial Corp. 449(7)

Note on Coxall 456(3)

Strict Foreclosure and the Right of Redemption 459(10)

Introduction 459(1)

Preparation 459(1)

Problems and Cases 459(10)

Problems 149(312)

Tee Vee Toons Inc. v. Prudential Securities Credits Corp., LLC 461(3)

Problem 464(1)

Automotive Finance Corp. v. Smart Auto Center, Inc 465(2)

Problem 467(2)
Appendix of Sample Forms 469(8)
Table of Cases 477(2)
Table of Statutes 479(4)
Index 483