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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

  • work Practice Area

    Banking and Finance

Date & Time
  • event Date

    Wednesday, September 1, 2021

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00

This CLE course will provide finance counsel with a thorough understanding of UCC and Bankruptcy Code treatment of security interests in the proceeds of original collateral. In addition, the panel will discuss recent legal developments and special issues concerning attachment, perfection, and the priority of security interests in proceeds.

Faculty

Weise Steven
Shareholder
Proskauer Rose LLP

Mr. Weise practices in all areas of commercial law and has extensive experience in financing, especially in those secured by personal property, including structured financing. He is regarded as one of the foremost authorities on Article 9 of the UCC. He is a member of the Permanent Editorial Board for the UCC and a member of the American Law Institute’s UCC Article 9 Drafting Committee. Mr. Weise is also the past chair of the American Bar Association’s Business Law Section Legal Opinions Committee.

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Nadile Janet
Shareholder
Milbank

Ms. Nadile  is a member of the firm’s Leveraged Finance Group. She practices in the areas of banking and credit and corporate law. Ms. Nadile focuses on advising secured lenders in syndicated bank facilities, particularly on issues concerning UCC Articles 8 and 9. She is a frequent speaker on secured transaction topics.

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Smith Edwin
Shareholder
Morgan, Lewis & Bockius LLP

Mr. Smith concentrates his practice in commercial law, debt financings, structured financings, workouts, bankruptcies, and international transactions. He is particularly knowledgeable on commercial law and insolvency matters, both domestic and cross-border. His representations have included those in major bankruptcies including Lehman and the City of Detroit. Mr. Smith often advises financial institutions on documentation and risk management issues.

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Description

Security interests in proceeds of collateral raise complex issues under UCC Article 9 (pre-and post-petition) and the Bankruptcy Code. A secured party may claim an Article 9 security interest in post-petition proceeds of collateral when the collateral existed pre-petition subject to a perfected security interest. There are specific considerations to create and perfect a security interest in the proceeds of collateral.

Counsel advising secured parties and debtors must understand how the proceeds of collateral are treated under the UCC and Bankruptcy Code to protect their clients' interests adequately. Counsel must stay on top of developments impacting security interests in proceeds of collateral, including recent case law, tracing rules, and unique types of collateral/proceeds.

Listen as our panel of finance attorneys provides best practices for advising clients holding security interests in the proceeds of original collateral in commercial loans. The panelists will also offer their perspectives and experiences navigating the complex and unique issues that arise under Article 9 and the Bankruptcy Code.

Outline

  1. Treatment/restrictions on proceeds of collateral under the UCC and Bankruptcy Code
  2. Legal trends and developments affecting attachment, perfection, and priority of proceeds of collateral
  3. Special issues with unique types of collateral/proceeds

Benefits

The panel will review these and other key issues:

  • How broad is the scope of "proceeds" defined in UCC Article 9? What are the limits on proceeds?
  • How has recent case law addressed the treatment of proceeds of collateral when there are competing claims?
  • What are the potential pitfalls for secured parties seeking attachment, perfection, and priority of secured interests in the proceeds of collateral?