Document Type
Article
Publication Date
2001
Abstract
This Article attempts to describe what bankruptcy lawyers and judges most need to know about the Revised Article 9. (Of course, if bankruptcy judges and lawyers need to know it, a fortiori, secured creditors’ attorneys need to know it.)
At the top of the most-need-to-know list are Revised Article 9’s choice-of-law and filing rules. Section 544(a) of the Bankruptcy Code, the “trustee’s strong-arm” clause, permits the trustee (and debtor-in-possession) to avoid unperfected security interests. For many transactions, Revised Article 9’s choice-of-law provisions will change where the creditor must file to perfect its interest. Those who do not know about Revised Article 9 or more likely, those who do not understand its new choice-of-law rules, will be sitting ducks for the bankruptcy trustee. Avoidance of their interests won’t even be sporting (but it will be lucrative).
Recommended Citation
Michael G. Hillinger & Ingrid Michelsen Hillinger, 2001: A Code Odyssey (New Dawn for the Article 9 Secured Creditor), 106 Com. L. J. 105 (2001).
Comments
Originally published by Commercial Law Journal in 2001.