Secured Transaction(UCC Article 9) Part I

Chapter I Creditor

’

s Remedies und

er State Law

Assignment 1: unsecured creditor

1.

主线：

Default

?

judgment

?

writ

?

l

evy

< br>?

sale/strict foreclosure

2. Vitale v. Hotel California, Inc. (

446 A.2d 880, 1982)(further l

evis based on the

same writ are authorized und

er the

writ before the return day

if the initial l

evy

d

oes not satisfy the judgment; if want to get amercement because of the failure of

l

evy,

P

must

show

the

officer

’

s

behavior

d

eprived

him

of

substantial

benefit

to

which

he

was

entitl

e

und

er

the

writ,

but

for

officer

’

s

conduct,

he

woul

d

have

received such benefit through execution)

3.

Ell

erbee

v.

County

of

Los

Angelas

(187

.4

th

1206,

2010)

—

拖延

l

e vy,

导致

D

最终没法偿债（

rigid

requirements

for

imposition

of

government

liability:

mandatory

obligatory

+

P

must

show

the

injury

is

one

of

the

consequences which the enacting body sought to prevent through imposing the

alleged mandatory duty

）

--this case fail

ed on prong I

4. Exemption

5.

禁止

Fraudul

ent Transfers

（两类）

?

any transfer mad

e with actual intent to hind

er, d

elay, or d

efraud any creditor

—

需要证明

bad intent

—

很难

?

any

transfer

mad

e

without

receiving

a

reasonably

equivalent

value

in

exchange for the transfer

—

不需要证明

fraudul

ent intent

Assignment 2: Security and Forecl

osure

重点：

?

各种创建

SI

的

transaction

—

见笔记

重点相关法条

:

9-109 (a)(1)

: Except as otherwise provid

ed in subsections (c) and

(d), this article applies to:

a

transaction,

regardl

ess

of

its

form,

that

creates

a

security

interest

in

personal

property or fixtures by contract

其中

sale

of

account

这种创建

SI

的形式相关法条

—

9-102(a)(2), (3)

(2

—

关于

account; 3

—

关于

account d

ebtor)

—

a sal

e of account with recourse is in substance

a secured l

oan; asset securitization

这种创建

SI

的形式，

with/without recourse

都行，

any kind of assets

?

exemptio n

只适用于

unsecured creditor

?

2.3

中涉及到作为

creditor (bank)

的律师，虽然可以为

bank

的

client

提供一

定的服务， 但是要告知他是为

bank

服务的，不能完全

< br>neutral

地处理

bank

和其

client

的问题。

同时律师做 事的时候也要完全从其当事人的角度出发考

虑问题。

?

9-610 (a), (b), (c)

—

d

eposition of collateral after d

efault

?

9-623

—

right to red

eem collateral

Assignment 3: Repossession of Collateral

重点：

?

9-609

secured party

’

s right of possession after debtor

’

s d

efault

(a): possess

的形式：

?

Possess;

?

Leave

equipment

temporarily

in

the

possession

of

D

but

rend

er

it

unusabl

e

(b):

实现方式：

judicial process (

最简单方式：

file action of repl

evin,

拿到

writ

of repl

evin

后可以不给< /p>

D

发

notice

然后

repo)

；

self- help

但注意不能

breach

of peace

9-609(b)(2)

breach

of

peace

的判断基本方式：

potential

for

immediate

viol

ence

+

nature of the premises (Salisbury Livestock Co. v. Col

orad

o Central Credit

Union)

breach of peace

的具体情形：见笔记

?

Self-help against accounts as collateral

Creditors

who

know

the

id

entity

of

the

account

D

can

simply

send

them

written notices to pay directly to the SC.

9-607

9-406

(a)

:

an

account

d

ebtor

on

an

account,

chattel

paper,

or

a

payment

intangibl

e may discharge its obligation by paying the assignor until, but not

after,

the

account

d

ebtor

receives

a

notification,

authenticated

by

the

assignor

or

the

assignee,

that

the

amount

due

or

to

become

due

has

been

assigned and that payment is to be mad

e to the assignee. After receipt of the

notification,

the

account

d

ebtor

may

discharge

its

obligation

by

paying

the

assignee

and

may

not

discharge

the

obligation

by

paying

the

assignor

[notification]

9-406 (c)

: if

requested by the

account d

ebtor, an assignee shall reasonably

furnish

reasonabl

e

proof

that

the

assignment

has

been

mad

e.

Unless

the

assignee complies, the account d

ebtor may discharge its obligation by paying

the

assignor,

even

if

the

account

d

ebtor

has

received

a

notification

und

er

subsection (a)

(9-404(a)

—

rights acquired by assignee)

?

Right to possession pending foreclosure

—

real property

1)

Appointment

of

a

receiver

—

an

officer

of

the

court

with

fiduciary

obligations to all have an interest in the property

—

问题是：

court seld

om

appoint

this

unl

ess

the

mortgage

has

terms

providing

for

such

appointment. The creditor must

show that und

er

the circumstances of

the particular case, its remedy at law is inad

equate)

2)

Assignments of rents as ad

ditional SI in mortgage

Assignment 4 Judicial Sale

(1)

Strict foreclosure: creditor

?

owner of collateral (not result in a sale)

不适用：

contracts for deed or installment land contracts

(2) Judicial sal

e process-

笔记

?

Debtor

的反抗：

officer

违反

law or the judgment of forecl

osure; sale price is

inad

equate (

如何判断< /p>

price

过低

—

笔记

)

?

让

court

不

confirm the sale and

reschedul

e a sale

Price

过低：

Armstrong

v.

Csurilla

(817

P

.2d

1221,

1991

):

10%--40%

of

value

calls

for

special scrutiny by the court to be sure that: ad

ditional circumstances d

o not

produce an inequitabl

e result; the grossly inad

equate price is not confirmed

absent good reason why it shoul

d be.

Two principl

es to d

etermine the price:

1)

Valuation of foreclosed property occurs at the date of the foreclosure sale

2)

The sale price is conclusive of the property

’

s value

?

General rule

—

redeem

（

p ay the full biding price of Buyer in the sale