Course Details

Understanding UCC Article 9 Foreclosures

Webinar: ID# 1033216
Recorded CD or On-Demand
About This Course:
Many lenders and borrowers aren't familiar with the full range of remedies available after a borrower defaults on a secured obligation, and the lender decides to foreclose on its collateral.

Article 9 of the Uniform Commercial Code is a powerful, but sometimes misunderstood, tool for borrowers and lenders. This webinar helps borrowers, lenders, and their lawyers to understand what they can and can't do under Article 9.

Lenders and their lawyers will learn how to best use their rights under Article 9 to collect on defaulted obligations. Borrowers and their lawyers will learn how to protect their rights against lenders who, in their zeal, may overstep the limits imposed on their powers by Article 9.


Necessary Preparations and Preliminary Steps
  • Identifying Collateral
  • Perfection
  • Default and Right to Foreclose
Public and Private Sales
  • Public and Private Sales Distinguished
  • Procedures for Public and Private Sales
  • Commercially Reasonable Disposition
Strict Foreclosure
  • Distinguishing Features
  • Procedures for Strict Foreclosure
  • Benefits and Risks of Strict Foreclosure
Other Article 9 Remedies
  • Notices to Account Debtors
  • Setting off Deposit Accounts
  • Recording Security Agreement in Land Offices
Application of Proceeds, and Post-Foreclosure Issues
  • How to Apply Proceeds of Collateral
  • Effect on Subordinate Interests
  • Preference and Fraudulent Transfer Issues
About The Presenter

Hugh McCullough
  • Partner in the Seattle office of Davis Wright Tremaine LLP
  • Deputy chair of the firm's commercial-litigation practice and chair of the firm's bankruptcy practice
  • Regularly advises clients in complex commercial and bankruptcy litigation, state-court receiverships, in-court and out-of-court restructurings, and secured-financing transactions
  • Started his legal career with Davis Polk & Wardwell in New York, and joined Davis Wright Tremaine in 2009
  • Member of the American Bankruptcy Institute and the Turnaround Management Association
  • Graduate of Kansas State University and the Northwestern University School of Law
Understanding UCC Article 9 Foreclosures
or via CD or On-Demand
Course Details
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