Volume 6, Issue 1 (Summer 2010)
Introduction
Welcome again to the Newsletter of the UCC Division of First American Title Insurance Company. As always, we try to stay ahead of the commercial law curve and to keep our readers informed of significant issues in commercial law, especially Article 9 of the Uniform Commercial Code. Our policies shift the attachment, perfection and priority concerns of our insureds to us, so "we" need to be informed.
As with many of our past issues, this issue of the Newsletter will review recent cases on Personal Property Secured Transactions.We want to thank again our good friend Steven O. Weise of Proskauer Rose LLP, Los Angeles office, and his co-author, Teresa Wilton Harmon of Sidley Austin LLP, Chicago, for supplying the case summaries. The case summaries were part of their presentation to the Spring Meeting of the Business Law Section of the American Bar Association titled 2009 Commercial Law Developments.
If you missed any of our prior issues, you can retrieve them from our website's Newsletter Archive.
Also in this Newsletter is the reprint of an article titled Revision Committee Wrestles with Individual Debtor Name Problem by Barkley Clark from Clarks' Secured Transactions Monthly. (By the way, to receive a complimentary issue of Secured Transactions Monthly, or learn about other A.S. Pratt publications by Barkley and Barbara Clark, go to http://www.sheshunoff.com/products/Clarks%27-Secured-Transactions-Monthly.html). This article, better than any other article on the topic of individual debtor name and the machinations of the Review Committee evaluating changes to Article 9, describes the name approaches under contention - primarily the "safe-harbor" and the "only-if" approaches. As Barkley Clark begins: "Next summer, the Joint Review Committee on UCC Article 9 will seek final approval for a significant package of amendments to the statute. The state legislatures will begin to consider this package in late 2010 and early 2011. Most of the proposed amendments are important, but not controversial. The one area that has generated substantial controversy, and taken a huge chunk of the Committee's time, is the problem of how to create a clearer standard for designating the name of an individual debtor on financing statements."
[Read the rest of the Introduction]
