Untitled Document

2015 Commercial Law Developments, Prepared by the Business Law Section Commercial Transactions Committee for the 2015 Business Law Section Annual Report
Table of Contents

  • Steven O. Weise, Proskauer Rose LLP, Los Angeles, California
  • Teresa Wilton Harmon, Sidley Austin LLP, Chicago, Illinois
  • John F. Hilson, UCLA School of Law, Los Angeles, California
  • Stephen S. Sepinuck, Gonzaga University School of Law, Gonzaga, Washington
  • Edwin E. Smith, Morgan, Lwis & Bockius LLP, New York, New York and Boston, Massachusetts
  • Lynn A. Soukup, Pillsbury Winthrop Shaw Pittman LLP, Washington, DC

I. Personal Property Secured Transactions

A. Scope of Article 9 and Existence of a Secured Transaction

  1. General
  2. Insurance
  3. Consignments
  4. Real Property
  5. Leasing
  6. Sales
  7. Intellectual Property and Licenses
  8. Tort
  9. Government Debtors

B. Security Agreement and Attachment of Security Interest

  1. Security Agreement
  2. Value and Obligation Secured
  3. Rights in the Collateral
  4. Restrictions on Transfer

C. Description or Indication of Collateral and the Secured Debt — Security Agreements and Financing Statements

D. Perfection

  1. Automatic
  2. Certificates of Title
  3. Control
  4. Possession
  5. Authority to File Financing Statement
  6. Financing Statements: Debtor and Secured Party Name; Other Contents
  7. Filing of Financing Statement — Manner and Location
  8. Amendments, Termination and Lapse of Financing Statement

E. Priority

  1. Lien Creditors
  2. Statutory Liens; Forfeiture
  3. Buyers and Other Transferees
  4. Subordination and Subrogation
  5. Set Off
  6. Competing Security Interests
  7. Purchase-Money Security Interests
  8. Proceeds

F. Default and Foreclosure

  1. Default
  2. Repossession of Collateral
  3. Notice of Foreclosure Sale
  4. Commercial Reasonableness of Foreclosure Sale
  5. Effect of Failure to Give Notice, Conduct Commercially Reasonable Foreclosure Sale, or Otherwise Comply with Part 6 of Article 9
  6. Successor Liability

G. Collection

H. Retention of collateral

II. Real Property Secured Transactions

III. Guaranties

IV. Fraudulent Transfers

V. Secured Party and Borrower Liability

A. Regulatory and Tort Claims – Good Faith, Fiduciary Duties, Interference With Prospective Economic Advantage, Libel, Invasion of Privacy

B. Obligations Under Corporate and Securities Laws

C. Borrower Liability

D. Disputes Among Creditors and Intercreditor

VI. U.C.C. – Sales and Personal Property Leasing

A. Scope

  1. General
  2. Software and Other Intangibles

B. Contract Formation and Modification; Statute of Frauds; ‘Battle of the Forms’; Contract Interpretation; Title Issues

  1. General
  2. Battle of the Forms

C. Warranties and Products Liability

  1. Warranties
  2. Limitation of Liability
  3. Economic Loss’ Doctrine

D. Performance, Breach and Damages

E. Personal Property Leasing

VII. Commercial Paper and Electronic Funds Transfers

A. Negotiable Instruments and Holder in Due Course

B. Electronic Funds Transfer

VIII. Letters of Credit, Investment Securities, and Documents of Title

A. Letters of Credit

B. Investment Securities

IX. Contracts

A. Formation, Scope and Modification

B. Interpretation and Meaning of Agreement

C. Adhesion Contracts, Unconscionable Agreements, Good Faith and Other Public Policy Limits, Interference with Contract

D. Risk Allocation

E. Choice of Law and Forum

F. Damages and Remedies

G. Arbitration

H. Personal Jurisdiction

X. Other Laws Affecting Commercial Transactions

A. Bankruptcy

  1. Bankruptcy Estate
  2. Automatic Stay
  3. Substantive Consolidation
  4. Secured Parties, Set Off, Leases
  5. Avoidance Actions
  6. Executory Contract
  7. Claims
  8. Plan
  9. Other

B. Consumer Law

C. Professional Liability

I. Personal Property Secured Transactions