UCC Security Interests in Payment Intangibles: Intercompany Debt, Promissory Notes, and Debt Obligations
Perfecting Interests in Financial Instruments and Contractual Payment Obligations
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE course will examine the treatment of UCC security interests in debt obligations, intercompany loans, promissory notes, and other payment intangibles under the UCC. The program will guide counsel in creating and perfecting security interests in these contractual payment obligations.
Outline
- Article 9 definition of payment intangibles
- Specific types of payment intangibles (commercial loans, intercompany loans, and loans called promissory notes, but that are payment intangibles)
- Difference between a payment intangible, an account, chattel paper, and true promissory notes
- Pitfalls facing secured parties with automatic perfection
Benefits
The panel will review these and other key issues:
- What are the potential pitfalls for secured parties seeking perfection and priority of security interests in payment intangibles?
- How can counsel determine whether a contractual payment obligation is a payment intangible not falling within any other UCC category of intangible rights?
- What is the difference between a payment intangible, an account, chattel paper, and a true promissory note?
- What impact will the impending 2022 amendments to the UCC have on answering these questions?
Faculty
Professor Thomas E. Plank
Joel A. Katz Distinguished Professor of Law
University of Tennessee College of Law
Mr. Plank is a nationally recognized speicalist on mortgage backed and asset backed securities. Before joining the UT... | Read More
Mr. Plank is a nationally recognized speicalist on mortgage backed and asset backed securities. Before joining the UT faculty, he concentrated his law practice in real estate finance, commercial finance, public fiance, securities transactions and bankruptcy. He published many articles on bankruptcy law, securitization, and the treatment of receivables under Article 9 of the Uniform Commercial Code. Mr. Plank is also Of Counsel, Morgan Lewis & Bockius LLP.
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Edwin E. Smith
Partner
Morgan, Lewis & Bockius
Mr. Smith concentrates his practice in commercial law, debt financings, structured financings, workouts, bankruptcies,... | Read More
Mr. Smith concentrates his practice in commercial law, debt financings, structured financings, workouts, bankruptcies, and international transactions. He is particularly knowledgeable on commercial law and insolvency matters, both domestic and cross-border. His representations have included those in major bankruptcies including Lehman and the City of Detroit. Mr. Smith often advises financial institutions on documentation and risk management issues.
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Steven O. Weise
Partner
Proskauer Rose
Mr. Weise practices in all areas of commercial law and has extensive experience in financing, especially in those... | Read More
Mr. Weise practices in all areas of commercial law and has extensive experience in financing, especially in those secured by personal property, including structured financing. He is regarded as one of the foremost authorities on Article 9 of the UCC. He is a member of the Permanent Editorial Board for the UCC and a member of the American Law Institute’s UCC Article 9 Drafting Committee. Mr. Weise is also the past chair of the American Bar Association’s Business Law Section Legal Opinions Committee.
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