Secured Credit
This course surveys the law of raising funds by granting security interests in personal property. Security interests affect the creditor's rights if the debtor is unable to repay the loan; as a result, they significantly affect the terms on which capital can be raised. They affect industries ranging from traditional manufacturing to high tech start-ups; they also play a role in consumer loans (and help explain the movie "Repo Man"). The course focuses primarily on Article 9 of the Uniform Commercial Code, but also considers the federal Bankruptcy Code, the federal intellectual property statutes, and other state and federal laws. This is the second of three courses (the other two are Bankruptcy and Payment Systems) dealing with the financing of commercial ventures through means other than the sale of corporate stock. These courses may be taken in any order: neither presupposes any knowledge of the others. Students who cannot take all three should probably prioritize them in the order they are listed-that is, Bankruptcy is the single most important course to take, then Secured Credit, then Payment Systems. Please note that Payment Systems is not offered every year.