Secured credit -- in the form of bank lending, mortgages, and asset securitizations -- has fueled the American economy. The details and the consequences of secured credit have been a major preoccupation of everyone dealing with the current economic crisis. This course deals primarily with understanding what secured credit is all about -- the various aspects of the use of credit and collateral in sale and loan transactions, ranging from routine consumer purchases to complex business transactions. This is a course about commercial lawyering. It is a problem-based exploration of commercial deal-making that considers statutory interpretation and policy in meeting the needs, and reconciling the interests, of the various parties to secured transactions -- consumers, manufacturers, dealers, lenders, insurers, and the government. The focus is on developing legal strategies appropriate to specific situations. Grades will be based principally on a final in-class examination but perhaps also, to some extent, on class participation or assigned classroom exercises.
Text: LoPucki and Warren, Secured Credit: A Systems Approach (7th ed. Aspen 2011); Warren, Bankruptcy and Article 9 Statutory Supplement (2014 VisiLaw or regular version.)