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Hot Topics in Secured Transactions

Synopsis Through the use of newsletter stories and personal experiences, the presenter takes an in-depth look at the most pressing topics concerning secured transactions in today’s consumer world. He addresses the Uniform Commercial Code and how it relates to the hanging paragraph, purchase money security interest, negative equity, surrender in full satisfaction, consumer class actions, consumer secured transactions, and consumer deposit accounts as collateral. He also addresses the ever-frustrating question of determining an individual debtor’s name.

Outline

I. Introduction
II. The Hanging Paragraph
        A. Bankruptcy Cramdown
        B. Purchase Money Security Interest
        C. Negative Equity
                1. Rolled Into the Installment Contract
                2. Part of Purchase Money Security Interest?
                3. What Constitutes Price?
        D. Public Policy
                1. Legislative History
                2. The Other Side
        E. Surrender in Full Satisfaction
                1. As Unsecured Claim in Chapter 13
                2. Surrender Under the Bankruptcy Code
                3. A Case Example
                4. Paying Off the Secured Creditor
III. Minimum Civil Penalty
        A. Article 9 Applicability
        B. Case Examples
        C. Double Whammy
        D. Consumer Class Actions
                1. Ultimate Spectre
                2. The Ratner Case
                3. Case in Ohio
                        a. Case Details
                        b. Case Outcome
IV. What Is an Individual Debtor’s Name?
        A. Background
        B. Sampling of Cases
        C. State Legislature
V. State Certificate-of-Title Laws
        A. DMV Office Filing Errors
        B. Debtor Name Errors
VI. Article 9 Trumps Real-Estate Law
VII. Consumer Secured Transactions
VIII. Consumer Deposit Accounts as Collateral
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The Penn State Dickinson School of Law

Founded in 1834 by Judge John Reed, The Dickinson School of Law is the oldest law school in Pennsylvania and the fifth oldest in the nation. Throughout its history, the law school has trained distinguished graduates who have gone on to become leaders of the bar, of the judiciary, of government, and of business. These alumni include the first secretary of the U.S. Department of Homeland Security, five governors, three U.S. senators, and more than 100 federal, state and county judges and countless prominent lawyers and civic leaders. In 2000, the law school merged with Penn State, one of the country’s premier research universities, and stepped into a new era of legal excellence.



Speaker / Author:

Photo of Barkley Clark

Barkley Clark
Stinson Morrison Hecker LLP

Barkley Clark is a partner in the law firm of Stinson Morrison Hecker LLP. His practice focuses on various aspects of commercial law for banks and other financial institution clients. His areas of experience include payment systems, secured transactions, bankruptcy, letters of credit, consumer credit and general bank regulation. He serves as a consultant and frequently qualifies as an expert witness in commercial law litigation around the country. For a number of years he has been listed in The Best Lawyers in America and is a member of the American College of Commercial Finance Attorneys and the National Association of Consumer Finance Attorneys.

Mr. Clark has served 20 years as a law professor at the University of Kansas and the George Washington University National Law Center. He has also taught on a part-time basis at the University of Colorado, the University of Oregon and the University of Michigan. He has also taught the UCC at Georgetown in Washington and, most recently, at the University of Virginia. He is a frequent speaker at legal seminars throughout the country on commercial/banking law subjects.

Mr. Clark is a well-known author or co-author of treatises such as The Law of Bank Deposits, Collections and Credit Cards, The Law of Secured Transactions Under the UCC, The Law of Product Warranties, Truth in Savings and Regulation CC, Compliance Guide to Payment Systems, and Clark’s Guide to Electronic Check Collection. These treatises are used by attorneys and financial institutions around the country and have been cited by many federal and state appellate courts. In all, he has written eight books and 30 law review articles on a variety of commercial law and banking subjects. He has been active in commercial law reform, serving on the original committee to draft Revised Article 9 of the UCC (sponsored by the American Law Institute and the National Conference of Commissioners on Uniform State Laws).

Mr. Clark received his A.B. in 1962 from Amherst College and his LL.B. in 1965 from Harvard University. He is a member of the District of Columbia, Missouri, Colorado and Kansas bars.