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About the Teleseminar
Foreclosures of liens under UCC Article 9 are, in a nutshell, a complex series of decisions with points of liability. Collateral may be retained in satisfaction of a lien or it may be sold in private or public (including online) sale depending on the type of property involved. Public sales have extensive notice and advertising requirements – notice to certain interested parties and advertising to the broader. Private sale are appropriate in only certain circumstances and are fraught with risk. However the collateral is sold, or otherwise disposed of, other creditors have certain rights that cannot be abridged. This program will provide you with a real-world guide to the substantive legal requirements of foreclose under UCC Article 9, practical financial and logistical choices to be made by creditors, and guidance on reducing foreclosure costs and recovering value.
- Foreclosures under UCC Article 9 – substantive legal requirements and practical considerations
- Methods of disposition – outright public sales, leases or licenses, online sales, retention of collateral
- Circumstances when private disposition is permitted and liability risks
- Notice and advertising requirements of public sales and rights of other creditors
- Securities law issues in foreclosures
- Practical guidance on reducing the costs of foreclosure and retaining value
About the Speakers
Steven O. Weise is a partner in the Los Angeles office Proskauer Rose, LLP, where his practice encompasses all areas of commercial law. He has extensive experience in financings, particularly those secured by personal property. He also handles matters involving real property anti-deficiency laws, workouts, guarantees, sales of goods, letters of credit, commercial paper and checks, and investment securities. Mr. Weise formerly served as chair of the ABA Business Law Section. He has also served as a member of the Permanent Editorial Board of the UCC and as an Advisor to the UCC Code Article 9 Drafting Committee. Mr. Weise received his B.A. from Yale University and his J.D. from the University of California, Berkeley, Boalt Hall School of Law.
John Murdock is a partner in the Nashville office of Bradley Arant Boult Cummings, LLP, where his practice includes business acquisitions and dispositions, commercial lending, and commercial law generally. He is a member of the Commercial Financial Services Committee of the ABA Business Law Section and formerly served as chair of its Lender Liability Subcommittee. He is also a Fellow of the American College of Commercial Finance Lawyers. Mr. Murdock received his B.S., magna cum laude, from Vanderbilt University and his J.D. from Vanderbilt University Law School.
Mandatory MCLE Credit Hours
This seminar qualifies for 1.0 MCLE Credit Hour (Tentative)