Table Of Contents:
Preface v
Preface to the Fourth Edition ix
Editing Conventions and Abbreviations xi
Acknowledgments xiii

Table of Cases xxvii

PART I Secured Transactions

Chapter 1 Introduction 2(12)

A Introduction to Debtor-Creditor Law 2(2)

B Introduction to Secured Transactions 4(10)

1 Early Security Devices 4(1)

In re German Publication Society 4(1)

Notes & Questions 5(1)

1 Gilmore, Security Interests in Personal Property 6-7 (1965) 5(1)

Hughbanks, Inc. v. Gourley 6(4)

Notes & Questions 10(1)

2 The Background to Article 9 10(1)

1 Gilmore, Security Interests in Personal Property 288-93 (1965) 10(3)

3 The Vocabulary of Article 9 13(1)

Chapter 2 The Security Interest 14(60)

A Creating the Security Interest 14(17)

1 The Security Agreement and the Collateral 14(1)

Baldwin v. Castro County Feeders I, Ltd. 14(4)

Notes & Questions 18(7)

Notes on Classifying Collateral 25(1)

2 Rights in the Collateral 26(1)

First National Bank of the North v. Automotive Finance Corporation 26(4)

Notes & Questions 30(1)

B The Scope of the Security Interest 31(4)

C.O. Funk & Sons, Inc. v. Sullivan Equipment, Inc. 31(3)

Notes & Questions 34(1)

C Perfecting a Security Interest 35(13)

1 When Filing Is Required 36(1)

Coogan, Article 9---An Agenda for the Next Decade, 87 Yale L.J. 1012 (1978) 36(2)

Problem 38(1)

2 The Effectiveness of a Particular Filing 38(1)

In re: Summit Staffing Polk County, Inc. 39(8)

Notes & Questions 47(1)

D Default 48(26)

In re Robinson 48(6)

Notes & Questions 54(1)

The Bank of New York v. (1) Montana Board of Investments, (2) Party A, (3) Party B 55(17)

Notes & Questions 72(2)

Chapter 3 Priorities 74(54)

A Buyer vs. Secured Party 74(8)

Leasing One Corporation v. Caterpillar Financial Services Corp 74(3)

Notes & Questions 77(1)

Spector United Employees Credit Union v. Smith 78(3)

Notes & Questions 81(1)

B Secured Party vs. Secured Party 82(19)

1 Disputes Over Goods 82(1)

2 Disputes Involving Less Tangible Forms of Collateral 83(1)

Chrysler Credit Corp. v. Sharp 83(3)

Notes & Questions 86(1)

Citizens Valley Bank v. Pacific Materials Co. 87(1)

Notes & Questions 88(1)

Clark, Abstract Rights Versus Paper Rights Under Article 9 of the Uniform Commercial Code, 84 Yale L.J. 445-47, 473-79 (1975) 89(5)

Notes & Questions 94(1)

3 Purchase Money Security Interests 94(1)

Gilmore, The Purchase Money Priority, 76 Harv. L. Rev. 1333, 1337-38 (1963) 94(1)

Problems 95(2)

Zink v. Vanmiddlesworth 97(4)

Notes & Questions 101(1)

C Contests With Prepaying Buyers and Unpaid Sellers 101(27)

1 Prepaying Buyers 101(1)

Introductory Problem 101(1)

Chrysler Corp. v. Adamatic, Inc. 102(7)

Notes & Questions 109(1)

2 Unpaid Sellers 110(1)

Introductory Problems 110(6)

In re Kellstrom Industries, Inc. 116(1)

In re Samules & Co., Inc. 116(10)

Notes & Questions 126(2)

Chapter 4 The Scope of Article 9 128(42)

A The Scope of Each State's Article 9 128(2)

Problems 129(1)

B Transactions on the Border Between Security Interests and Ownership: Leases and Repos 130(17)

In re Copeland 131(5)

Notes & Questions 136(1)

Coogan, Is There a Difference Between a Long-term Lease and an Installment Sale of Personal Property?, 56 N.Y.U.L. Rev. 1036, 1045-49, 1055 (1981) 137(1)

Notes & Questions 138(1)

Note on Consignments as Secured Transactions 138(1)

In re CRIIMI MAE, Inc. 138(8)

Notes & Questions 146(1)

C Article 9 and Interests in Real Property 147(3)

Holt v. Henley 147(1)

Notes & Questions 148(2)

D Other Outer Limits of Article 9 150(20)

In re: Cybernetic Services, Inc. 150(13)

Notes & Questions 163(7)

PART II Enforcement of Judgments

Chapter 5 Enforcement of Judgments 170(54)

Riesenfeld, Collection of Money Judgments in American Law---A Historical Inventory and a Prospectus, 42 Iowa L. Rev. 155, 156-63 (1957) 170(4)

A Property Beyond the Reach of Creditors 174(31)

1 Nonexempt Property Interests Beyond the Reach of Creditors 174(1)

Networks Solutions, Inc. v. Umbro International, Inc. 174(7)

Notes & Questions 181(1)

Adams v. Dugan 181(6)

Notes & Questions 187(1)

Notes on Spendthrift Trusts 188(2)

Patterson v. Shumate 190(5)

Notes & Questions 195(2)

2 Express Exemptions 197(1)

State v. Avco Financial Service of New York, Inc. 197(3)

Notes & Questions 200(1)

Edwards v. Henry 201(3)

Notes & Questions 204(1)

B Methods of Creating Post-Judgment Interests in Property 205(9)

Stockton Christian Life Center, Inc. v. McCarthy 205(8)

Notes & Questions 213(1)

C Priorities 214(10)

United States ex rel. Solera Construction, Inc. v. J.A. Jones Construction Group, LLC 214(7)

Notes & Questions 221(3)

PART III Insolvency Proceedings

Chapter 6 Introduction to Insolvency Proceedings 224(39)

A State Law Alternatives to Bankruptcy 224(16)

Shimm, The Impact of State Law on Bankruptcy, 1971 Duke L.J. 879, 881-94 224(4)

First Federal Savings & Loan Association of Coeur D'Alene v. Marsh 228(7)

Notes & Questions 235(1)

Pobreslo v. Joseph M. Boyd Co. 236(3)

Notes & Questions 239(1)

B Federal Bankruptcy Legislation and Court Structure 240(11)

1 Early Bankruptcy Legislation 240(2)

2 The Bankruptcy Reform Act of 1978 and Amendments 242(1)

3 Bankruptcy Court Structure 243(7)

4 Time Pattern of Bankruptcy Filings 250(1)

C Constitutional Limits on Bankruptcy Legislation 251(12)

1 Uniform Laws 251(1)

2 Constitutional Limits on Affecting Property Interests in Bankruptcy 252(1)

Louisville Joint Stock Land Bank v. Radford 252(3)

Wright v. Vinton Branch of the Mountain Trust Bank of Roanoke 255(4)

Notes & Questions 259(4)

Chapter 7 Commencement of the Case and Its Effects 263(43)

Introductory Questions About Commencement of the Case 263(1)

A Assets of the Estate 264(13)

In re Bonham 266(6)

Notes & Questions 272(1)

Note on Asset Securitization and Substantive Consolidation 273(4)

B Turnover of Property 277(9)

United States v. Whiting Pools, Inc. 277(7)

Notes & Questions 284(2)

C The Automatic Stay 286(8)

Introductory Problems 286(1)

In re The Minoco Group of Companies, Ltd. 286(3)

Notes & Questions 289(2)

Citizens Bank of Maryland v. Strumpf 291(3)

Notes & Questions 294(1)

D Adequate Protection (§ 361) 294(12)

In re Murel Holding Corp 294(2)

United Savings Association of Texas v. Timbers of Inwood Forest Associates, Ltd. 296(9)

Notes & Questions 305(1)

Chapter 8 Operating and Regulating the Estate 306(79)

A Operating the Bankrupt Entity 306(53)

1 Executory Contracts and Unexpired Leases (§ 365) 306(1)

In re Columbia Gas System Inc. 306(9)

Notes & Questions 315(1)

Note on § 365(b): Default and Adequate Assurance 316(1)

In re Catapult Entertainment, Inc. 317(7)

Notes & Questions 324(1)

Note on Section 365's Anti-Avoidance Provisions 324(3)

Note on Contracts Excepted From § 365 327(2)

Note on the General Problem of Avoiding Entanglements With Bankrupts 329(1)

2 Use, Sale, or Lease of Property (§ 363) 330(1)

In re Las Vegas Monorail Company 330(15)

Notes & Questions 345(1)

Precision Industries, Inc. v. Qualitech Steel SBQ, LLC 345(5)

Notes & Questions 350(1)

3 Financing the Debtor (§ 364) 351(1)

In re Snowshoe Company, Inc. 351(5)

Notes & Questions 356(3)

B Regulating the Bankrupt Entity 359(26)

1 Corporate Governance 359(1)

Manville Corporation v. The Equity Security Holders Committee 359(9)

Notes & Questions 368(1)

2 Government Regulation 369(1)

Federal Communications Commission v. Nextwave Personal Communications Inc. 369(12)

Notes & Questions 381(4)

Chapter 9 Apportioning the Estate 385(63)

A Claims 385(34)

1 The Priority of Secured Claims 385(2)

Note on Justifications for Secured Creditor Priority 387(11)

Questions 398(1)

Note on the Value of a Secured Claim 398(1)

2 Unsecured Claims 399(1)

Vanston Bondholders Protective Committee v. Green 399(4)

Notes & Questions 403(3)

In re Grossman's Inc. 406(11)

Notes & Questions 417(2)

B Priorities and Distribution 419(29)

1 Administrative Priority 420(1)

Reading Co. v. Brown 420(5)

Notes & Questions 425(2)

In re Debbie Reynolds Hotel & Casino, Inc. 427(5)

Notes & Questions 432(1)

2 Equitable Subordination and Other Disallowance 433(1)

Taylor v. Standard Gas & Electric Co. 433(5)

Notes & Questions 438(5)

Notes & Questions 443(1)

Note on Limits of Equitable Subordination and Other Disallowances 443(5)

Chapter 10 The Trustee's Powers 448(104)

2 Gilmore, Security Interests in Personal Property, § 45.2, at 1286-89 (1965) 448(2)

A Fraudulent Conveyances 450(42)

1 Basic Doctrine 450(1)

Clark, The Duties of the Corporate Debtor to Its Creditors, 90 Harv. L. Rev. 505, 506-13 (1977) 450(3)

Notes & Questions 453(1)

Reade v. Livingston 454(5)

Notes & Questions 459(2)

Introductory § 544(b) Problems 461(1)

2 Fraudulent Conveyances and Modern Corporate Transactions 461(1)

In re Image Worldwide, Ltd. 461(8)

Notes & Questions 469(2)

Wood v. National City Bank 471(2)

Notes & Questions 473(1)

In re Richmond Produce Company, Inc. 473(7)

Notes & Questions 480(7)

Note on Safe Harbors for Shareholders and Derivatives 487(1)

In re Sassard & Kimball, Inc. (Moore v. Bay) 488(2)

Moore v. Bay 490(1)

Notes & Questions 490(2)

B The Trustee as Hypothetical Creditor (§ 544(a)) 492(5)

Introductory § 544(a) Problems 492(1)

Belisle v. Plunkett 493(4)

Notes & Questions 497(1)

C Preferences (§ 547) 497(50)

1 Establishing a Preference: Satisfying § 547(b) 498(1)

In re McDowell 498(6)

Notes & Questions 504(1)

In re Smith's Home Furnishings, Inc. 504(13)

Notes & Questions 517(1)

2 The Basic Exceptions 517(1)

In re Tolona Pizza Products Corporation 518(4)

Notes & Questions 522(4)

Barnhill v. Johnson 526(6)

Notes & Questions 532(1)

3 Section 547(e)(3) and Inventory and Receivables Financing 532(1)

In re Ebbler Furniture and Appliances, Inc. 532(5)

Notes & Questions 537(3)

Kronman, The Treatment of Security Interests in After-Acquired Property Under the Proposed Bankruptcy Act, 124 U. Pa. L. Rev. 110, 144-47 (1975) 540(1)

Notes & Questions 541(2)

In re Riddervold 543(3)

Notes & Questions 546(1)

D Statutory Liens (§ 545) 547(5)

Jackson, Bankruptcy, Non-Bankruptcy Entitlements, and the Creditors' Bargain, 91 Yale L.J. 857, 902-06 (1982) 547(2)

Notes & Questions 549(3)

Chapter 11 Reorganizations 552(134)

A Introduction 552(5)

1 When Might a Reorganization Law Be Needed? 552(1)

2 The Background of Modern Business Reorganization Laws 553(1)

Clark, The Interdisciplinary Study of Legal Evolution, 90 Yale L.J. 1238, 1250-54 (1981) 553(4)

3 The Purpose of Chapter 11 Proceedings 557(1)

B The Trustee; Creditors' Committees 557(7)

In re Liberal Market, Inc. 558(5)

Notes & Questions 563(1)

C Background to Confirmation of Chapter 11 Plans 564(25)

1 Valuation 564(1)

1 J. Bonbright, The Valuation of Property 233-66 (1937) 565(8)

Question 573(1)

2 The Development of Absolute Priority 574(1)

Railroad Company v. Howard 574(5)

Notes & Questions 579(1)

Case v. Los Angeles Lumber Products Co., Limited 580(8)

Notes & Questions 588(1)

D Confirmation Under Chapter 11 589(48)

1 Impairment 589(1)

In re Rolling Green Country Club 589(4)

Notes & Questions 593(1)

2 Cram Down, Absolute Priority 594(1)

Note on Deviations From Absolute Priority in Large Cases 595(3)

Note on Disclosure 598(1)

Bank of America National Trust and Savings Association v. 203 North LaSalle Street Partnership 599(13)

Notes & Questions 612(1)

In re Iridium Operating LLC 613(9)

Notes & Questions 622(1)

3 Classification of Claims 622(1)

In re Bryson Properties, XVIII 622(5)

Notes & Questions 627(4)

In re Figter Limited 631(5)

Notes & Questions 636(1)

Notes on the Effect of Confirmation of a Plan 637(1)

E The Partially Secured Creditor's Election Under Section 1111(b) 637(7)

Note on the Background of Section 1111(b) 637(2)

In re Griffiths 639(4)

Notes & Questions 643(1)

F Sales Under § 363 644(16)

In re Chrysler LLC 644(12)

Jackson, Bankruptcy, Non-Bankruptcy Entitlements, and the Creditors' Bargain, 91 Yale L.J. 857, 893-96 (1982) 656(2)

Notes & Questions 658(2)

G Specially Protected Groups 660(8)

New York Typographical Union No. 6 v. Maxwell Newspapers, Inc. 660(7)

Notes & Questions 667(1)

H Assessing the Operation of Chapter 11 668(18)

1 The Downside of Attempted Reorganizations 668(2)

2 The Upside 670(10)

3 Small Businesses 680(1)

4 Costs of Chapter 11 681(5)

Chapter 12 The Consumer Debtor 686(139)

A Limiting Access to Chapter 7 687(8)

In re Tate 687(5)

Notes & Questions 692(3)

B Exemptions in Bankruptcy 695(24)

Notes on Bankruptcy Exemptions 695(2)

Notes on Constitutional Issues Under § 522 697(1)

1 Lien Avoidance 697(1)

In re Weinstein 697(7)

Notes & Questions 704(1)

In re Silveira 705(4)

Notes & Questions 709(1)

2 Converting Property to Exempt Categories 710(1)

Norwest Bank Nebraska v. Tveten 710(9)

Notes & Questions 719(1)

C Nonexempt Property Beyond the Reach of Creditors 719(5)

In re Lawrence 719(4)

Notes & Questions 723(1)

D Discharge 724(61)

Weistart, The Costs of Bankruptcy, 41 Law & Contemp. Probs. 107, 108-12 (1977) 724(3)

T. Jackson, The Logic and Limits of Bankruptcy Law, (1986) 228-37, 243, 255-57 727(6)

Notes & Questions 733(1)

1 Effect on Liens 733(1)

In re Dumont 734(13)

Notes & Questions 747(2)

In re Reagan 749(3)

Notes & Questions 752(1)

2 The Scope of the Discharge 752(1)

Ohio v. Kovacs 752(5)

Notes & Questions 757(1)

3 Exceptions to Discharge 758(3)

In re Ellingsworth 761(14)

Notes & Questions 775(1)

Boyle v. Abilene Lumber, Inc. 776(8)

Notes & Questions 784(1)

E Chapter 13 785(40)

House Report No. 95-595, 95th Cong., 1st Sess. 118 (1977) 785(1)

Problem 786(1)

1 Minimum Payments to Creditors; Good Faith 786(1)

In re McGovern 786(9)

Notes & Questions 795(2)

Hamilton v. Lanning 797(9)

Notes & Questions 806(1)

2 Classification of Claims 807(1)

In re Sanders 807(3)

Notes & Questions 810(1)

3 The Treatment of Long Term Obligations 810(1)

In re Taddeo 810(5)

Notes & Questions 815(1)

4 The Treatment of Secured Claims in Chapter 13 816(1)

Johnson v. Home State Bank 816(5)

Notes & Questions 821(1)

5 Codebtors 822(1)

In re Burton 822(2)

Notes & Questions 824(1)
Index 825