This course will introduce the concepts of Louisiana secured devices and introduce you
to the secured transaction concepts in the UCC Article 9, mortgages and other Louisiana
secured devices.
Instructional Methods:
Instructional methods may include lecture, class discussion, and individual conferencing
to discuss written feedback of students work.
Course Books: (1) Problems and Cases on Secured Transactions 3rd Edition, (2)
Secured Credit: Louisiana and American Perspectives ISBN 9781454887546 (3)
Louisiana Security Devices-A Precis 2nd Editions, (3) Article 9 2014 Supplemental
(4) Louisiana Civil Code Volume 1.
Attendance: SULCs class attendance policy requires students to attend at least eighty
percent (80%) of the classes. There are no excused absences. If you do not attend eighty
percent (80%) of the classes, you will receive a grade of F.
Class decorum: Students are expected to respect the professor and their classmates by
being prepared for class, speaking only when called on, ensuring cell phones are turned
off or set to vibrate before entering the classroom, and using laptops only for taking notes
or as directed by the professor.
Policy regarding assignments: Each student is responsible for completing and turning in
his or her own assignments. Students who commit academic misconduct may be referred
to the Honor Code Committee or may receive a failing grade in the course.
TWEN: Students must register online for the West TWEN service and are responsible
for keeping their e-mail addresses current.
Accommodations: If you believe that you have a learning disability or physical limitation
that requires you to have accommodations for the course work, please see Beryl
Thompson, Dean of Academic Support, immediately.
Course plan:
Priorities
(a) Article 9 secured Creditors v. Lien Creditors
(1) Judicial Lien Creditors
(2) Statutory Lien holders-Privilege Creditors
(3) The Special Case of the IRS and Federal
Tax Liens
(4) Special rules for future advances
(5) The trustees in bankruptcy
(A) Strong arm
(B) Preferences
Week 12-March 27, 2017
(b) Article 9 secured creditors v. buyers/lessees of
collateral
(1) Unperfected security interests (and future
advances)
(2) Buyers in ordinary course of business
(3) The garage sale Exception
(c) Priority among article 9 secured creditors
(1) General rules
(2) Exceptions for alternative perfection
methods
(3) PMSI exceptions
(4) Article 9 interests in component parts
(Fixtures) v. Mortgages
Enforcement Remedies
(a) Default
(b) Repossession
(c) Redemption or foreclosure
(1) Judicial disposition
(2) Creditor disposition
(3) Strict foreclosure (Dation en Paiement)