Understanding UCC Article 9 Foreclosures
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Explore whether a UCC foreclosure or an alternative remedy is the best option as the next downturn approaches so that all parties can be prepared.There are indications that an economic downturn may be coming sooner than later, and many secured parties have not had to conduct a UCC foreclosure or otherwise exercise remedies over the last several years. Some of the lessons and nuances of workouts, foreclosures and other remedy enforcement that were learned during the last downturn have been forgotten during the intervening economic boom. This topic reminds both lenders and borrowers of those lessons and nuances. In particular, this topic will explore whether a UCC foreclosure or an alternative remedy is the best option, why workouts often benefit all parties involved and how UCC foreclosures operate when different collateral classes are involved. This information is critical as the next downturn approaches so that all parties can be prepared.
AuthorsReed Mercado, Buchalter
When to Foreclose
• Are All Defaults Created Equally?
• Workouts Can Be Good for Everyone
• Diligence, Diligence, Diligence
How to Foreclose
• Giving the Proper Notice to All Parties
• Different Remedies for Different Collateral and Different Situations
• Whatever You Do, Be Commercially Reasonable
Issues Affecting Foreclosure
• Rights of Third Parties
• Some Lessons Learned in the Trenches