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Chapter 1 — Creation of an Article 9 Security Interest
- I. [1.1] Introduction
- II. [1.2] History of Article 9
- III. [1.3] Overview and Basic Terminology
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IV. Application of Article 9
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V. Classification of Collateral
- [1.6] In General
- [1.7] Goods, Equipment, and Inventory
- [1.8] Accounts
- [1.9] Instruments
- [1.10] Promissory Notes
- [1.11] Chattel Paper
- [1.12] Letter-of-Credit Rights
- [1.13] Supporting Obligations
- [1.14] Healthcare Insurance Receivables
- [1.15] General Intangibles
- [1.16] Payment Intangibles
- [1.17] Software
- [1.18] Deposit Accounts
- [1.19] Investment Property
- [1.20] Commercial Tort Claims
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VI. Security Interests
- [1.21] In General
- [1.22] “Security Interest” Defined
- [1.23] Attachment and Enforceability of Security Interests
- [1.24] Debtor Must Have Obtained Rights or Power To Transfer Rights in Collateral
- [1.25] Creditor Must Give Value
- [1.26] Valid Authenticated Security Agreement or Possession or Control of Collateral
- [1.27] Timing of Attachment
- [1.28] Attachment vs. Perfection
- VII. [1.29] Secured Creditor’s Rights in Proceeds of Collateral
- VIII. [1.30] After-Acquired Property and Future Advances
- IX. [1.31] Purchase-Money Security Interests
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X. Required Elements of Written Agreement
- XI. [1.36] Disposition of Collateral
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Chapter 2 — Perfecting Article 9 Security Interests Under Illinois Law
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Chapter 3 — Priorities Among Article 9 Security Interests and Competing Rights
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Chapter 4 — Rights and Remedies upon Default
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Chapter 5 — Special Types of Collateral
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Chapter 6 — Equipment Leasing
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Chapter 7 — Agricultural Financing in Illinois Under Article 9
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Chapter 8 — Treatment of Secured Interests in Bankruptcy
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Chapter 9 — Subordination and Intercreditor Agreements
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Chapter 10 — Letters of Credit
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Chapter 11 — Avoidance of Security Interests as Fraudulent Transfers
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Chapter 12 — Guaranties
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Chapter 13 — Lender Liability and Equitable Subordination
- List of Forms
- Index
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Jeffrey E. Altshul
Jeffrey E. Altshul
Jeffrey E. Altshul practices at Carlson Dash, LLC, in Chicago, where he focuses on commercial finance, transactions, workouts, and bankruptcy. He is a member of the American Bankruptcy Institute, American Bar Association, and Wisconsin State Bar Association. Mr. Altshul received his undergraduate degree with honors from the University of Wisconsin-Milwaukee and his J.D. from Drake University Law School.
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Kimberly A. Bacher
Kimberly A. Bacher
No bio available.
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Paul J. Catanese
Paul J. Catanese
Paul J. Catanese is an associate at McGuireWoods LLP in Chicago, where he focuses his practice on restructuring and insolvency, commercial litigation, and financial services litigation. Following law school, he served as a law clerk for the Honorable Stephen C. St. John, U.S. Bankruptcy Judge for the Eastern District of Virginia. He is a member of the Chicago and Illinois State Bar Associations. Mr. Catanese received his B.A. from Boston College and his J.D. cum laude from the University of Richmond School of Law, where he was Lead Articles Editor of the University of Richmond Law Review.
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Michelle P. Clatfelter
Michelle P. Clatfelter
No bio available.
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Thomas J. Cunningham
Thomas J. Cunningham
No bio available.
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Robert M. Fishman
Robert M. Fishman
Robert M. Fishman is a Member of Shaw Fishman Glantz & Towbin LLC in Chicago, where he concentrates his practice in the areas of business bankruptcy and insolvency. Mr. Fishman has been an author and lecturer on a variety of business bankruptcy topics for numerous organizations, including the American Bankruptcy Institute, the American Institute of Certified Public Accountants, and the National Conference of Bankruptcy Judges. He is listed in the Guide to the World’s Leading Insolvency Lawyers, the Guide to Leading U.S. Insolvency Lawyers, and the Best Lawyers in America. He has also been selected as one of Illinois’ leading business bankruptcy attorneys by Leading Lawyers and Super Lawyers. Mr. Fishman is a member of the American Bankruptcy Institute (and former President and Chair of the Board and member of the Executive and Management Committees) and of the American Bar Association. A Fellow of the American College of Bankruptcy, Mr. Fishman received his B.A. from the University of Illinois and his J.D. from George Washington University Law School.
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Robert W. Glantz
Robert W. Glantz
Robert W. Glantz is a Founding Member of Shaw Fishman Glantz & Towbin LLC in Chicago, where he concentrates his practice in all aspects of creditors’ rights, bankruptcy, and financing matters. A Certified Public Accountant, Mr. Glantz has been an adjunct professor of law at IIT Chicago-Kent College of Law and is a frequent lecturer for the National Business Institute and IICLE®. He has been listed as an Illinois Super Lawyer since 2007 and an Illinois Leading Lawyer since 2009. He is a member of the American Bankruptcy Institute, the American Bar Association, and the Turnaround Management Association. Mr. Glantz received his B.S. from the University of Illinois and his J.D. from the University of Illinois College of Law.
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Timothy J. Howard
Timothy J. Howard
Timothy J. Howard is a Member of Howard & Howard Attorneys PLLC in Peoria, where he concentrates his practice in business and commercial litigation, bankruptcy, real estate, and trust litigation. He has been named an Illinois Super Lawyer in 2007 – 2016 and an Illinois Leading Lawyer in 2003 – 2016. He is admitted to both the Illinois and Michigan Bars. He is a member of the Illinois State (Senior Lawyer Section Council Secretary 2015 – 2016) and Peoria County Bar Associations (President 2015 – 2016); a Fellow of the American Bar Foundation; and a member of the American Bar Association, the American Agricultural Law Association, and the American Bankruptcy Institute. Mr. Howard received his A.B. from Princeton University and his J.D. from the University of Notre Dame Law School.
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Thomas E. Howard
Thomas E. Howard
Thomas E. Howard is an associate at Howard & Howard Attorneys PLLC in Peoria, where he concentrates his practice in creditors’ rights, bankruptcy, and commercial litigation. He has been named both an Illinois Super Lawyer Rising Star and an Illinois Leading Lawyers Emerging Lawyer in 2015 and 2016. He is a member of the American, Illinois State (Standing Committee on Mental Health Law), and Peoria County Bar Associations. Mr. Howard received his B.A. from Illinois Wesleyan University and his J.D. from Marquette University Law School.
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Richard J. Mason
Richard J. Mason
Richard J. Mason is an Equity Partner at McGuireWoods LLP in Chicago, concentrating his practice in business insolvency and other business matters. He has written numerous articles for continuing legal education programs and law journals and has spoken at programs sponsored by, among others, the International Bar Association, the American Bankruptcy Institute, and the American Bar Association. Mr. Mason is former Chair of the American Bar Association Business Bankruptcy Committee on Use and Disposition of Property and is a longtime Fellow of the College of American Bankruptcy and the International Insolvency Institute, both invitation-only organizations. He is a member of the Illinois State and Chicago Bar Associations, the Commercial Law League of America, and the American Bankruptcy Institute. Mr. Mason received his B.A. with honors from the University of Illinois, his M.B.A. from the University of Chicago, and his J.D. from the University of Notre Dame Law School.
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William J. McKenna
William J. McKenna
William J. McKenna is a Partner at Foley & Lardner LLP, in Chicago, and focuses his practice on litigation. Mr. McKenna is an adjunct professor of trial advocacy at Northwestern University Law School, is a Fellow in the American College of Trial Lawyers, and has been included in The Best Lawyers of America since 2008. He received his J.D. from the University of Chicago and his B.A. from Middlebury College.
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Cynde H. Munzer
Cynde H. Munzer
Cynde H. Munzer is a Member of Aronberg Goldgehn Davis & Garmisa in Chicago, where she practices in the Banking and Finance and Business Law and Transactions areas, representing clients in business and transactional matters. She has been recognized as an Illinois Leading Lawyer in Closely & Privately Held Business Law by Leading Lawyers magazine since 2014 and was the recipient of the Anti-Defamation League’s Women of Achievement Award in 2003. She is a member of Vision 2020 (Illinois delegate), the Chicago Chapter of the American Technion Society, and the Chicago Chapter of the National Association of Women Business Owners. Ms. Munzer received her B.S. from the University of Illinois and her J.D. with high honors from IIT Chicago-Kent College of Law.
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John F. Pollick
John F. Pollick
John F. Pollick is a Member of Pollick & Schmahl, LLC, in Glenview, concentrating in corporate bankruptcy. He has spoken at programs on commercial lending and bankruptcy and has been an adjunct professor of bankruptcy law at IIT Chicago-Kent College of Law. Mr. Pollick received his B.A. from Yale University and his J.D. from the University of Michigan Law School.
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Mark L. Radtke
Mark L. Radtke
Mark L. Radtke is a Member of Shaw Fishman Glantz & Towbin LLC in Chicago, where he concentrates his practice in corporate reorganization, creditors’ rights, bankruptcy, and commercial litigation. He has spoken and written for numerous organizations, including IICLE® and the American Bankruptcy. He is a member of the American Bankruptcy Institute, currently serving on two advisory boards and recently completing a two-year term as the Cochair of the Young and New Members Committee. Mr. Radtke received his B.B.A. from the University of Iowa and his J.D. with high honors from IIT Chicago-Kent College of Law, where he was a member of the Order of the Coif and was the Executive Articles Editor of the Chicago-Kent Law Review.
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Donald P. Seberger
Donald P. Seberger
No bio available.
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Brian L. Shaw
Brian L. Shaw
Brian L. Shaw is a Member of Shaw Fishman Glantz & Towbin LLC in Chicago, where he practices in all aspects of bankruptcy practice, regularly representing both debtors and creditors in a variety of reorganization and liquidation proceedings as well as in attendant litigation. He has authored and coauthored numerous articles in publications such as the American Bankruptcy Institute Journal, the Norton Bankruptcy Law Letter, and The Bankruptcy Strategist and previously served as a Contributing Editor of the American Bankruptcy Institute Journal. He has spoken on a variety of bankruptcy-related topics at regional and national conferences. Previously, he served as the President and the Vice President of Membership of the American Bankruptcy Institute as well as the Cochair of both the American Bankruptcy Institute’s Chicago Conference and its Inaugural Professional Development Program. He is also a Past Chair of the Chicago Bar Association’s Bankruptcy and Reorganization Section and served a three-year term on the University of Illinois College of Law Recent Alumni Advisory Board. Mr. Shaw received his B.A. cum laude from Tufts Unviersity and his J.D. magna cum laude from the University of Illinois College of Law.
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Robert N. Sodikoff
Robert N. Sodikoff
Robert N. Sodikoff is a Member of the Chicago firm Aronberg Goldgehn Davis & Garmisa, where he is Cochair of the Real Estate Group, focusing his practice on corporate and real estate law matters. He has taught courses on the Uniform Commercial Code and the introduction to law. He has been recognized as an Illinois Leading Lawyer in Banking and Financial Institutions Law since 2004 and has been named an Illinois Super Lawyer in Real Estate and Closely Held Business Law since 2006. He is a member of the American Bar Association and of the Real Estate Law Section of both the Illinois State and Chicago Bar Associations. Mr. Sodikoff received his B.A. with honors from the University of Illinois and his J.D. cum laude from Northwestern University School of Law.
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Howard J. Swibel
Howard J. Swibel
Howard J. Swibel is a Partner at Arnstein & Lehr LLP in Chicago, where he has developed substantial expertise in both the corporate transactional and litigation areas over a legal career spanning more than 30 years. He has spoken on a broad range of topics related to the corporate and litigation areas, including for the American and Chicago Bar Associations. He is active in a wide range of professional and civic activities. He has served for many years as an Illinois Commissioner to the National Conference of Commissioners on Uniform State Laws and as a trustee of the Uniform Law Foundation. In 2007, he completed his service as president of the National Conference of Commissioners on Uniform State Laws. He has served as an arbitrator for the National Association of Securities Dealers, hearing complex claims. He also serves as Chair of the Executive Committee of the Illinois Holocaust Museum and Education Center. Mr. Swibel received both his A.B. and his J.D. cum laude from Harvard University.
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Stephen A. Tagge
Stephen A. Tagge
Stephen A. Tagge is an attorney at Sorling Northrup in Springfield, where he concentrates his practice in transactions, banking, and bankruptcy (creditor). He has participated as a lecturer and author in continuing legal education courses in banking, secured transactions, mortgage foreclosure, creditors’ rights, and environmental duties of buyers and sellers of real estate for numerous organizations. He received his B.A. from Knox College and his J.D. from the University of Chicago Law School.
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Jason M. Torf
Jason M. Torf
Jason M. Torf is a Partner in Horwood Marcus & Berk Chartered, where he concentrates his practice in bankruptcy and creditors’ rights in the firm’s Litigation Group. He has authored materials and has been a speaker for numerous organizations, including IICLE® and the American Bar Association. He is a member of the American Bar Association Section of Business Law, Committee on Business Bankruptcy; the Chicago Bar Association; and the American Bankruptcy Institute. Mr. Torf received both his B.S. and his J.D. from the University of Illinois.
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Michael L. Weissman
Michael L. Weissman
Michael L. Weissman is Of Counsel to Levin Ginsburg in Chicago and formerly served as Executive Vice President of and General Counsel to Bridgeview Bank Group. His practice is focused on banking and commercial lending. Mr. Weissman has also actively prosecuted civil and bankruptcy matters on behalf of financial institutions and defended them in lender liability lawsuits. He has a wealth of experience in the legal and business aspects of secured and unsecured lending for all types of credit facilities. He has represented most of the major banks and commercial lenders in the Chicago area. His articles are frequently published in journals devoted to banking and commercial finance, and he has lectured for such diverse groups as the American Bar Association, the Association of Commercial Finance Attorneys, the Risk Management Association, the Commercial Finance Association, the Illinois Bankers Association, the Federal Reserve Bank of Chicago, the Illinois CPA Society, the Chicago-Midwest Credit Service Corporation, the Mississippi Law Institute, the Wyoming Bankers Association, the Chicago Association of Commerce and Industry, the Midwest Finance Conference, the Illinois Credit Union League, the National Credit Union Association, and IICLE®. Mr. Weissman has been a panelist for many seminars sponsored by the Lender’s Forum, the Banking Law Institute, the Bank Lending Institute, State of the Art Seminars, Infocast, Inc., the Lenders Educational Institute, the Bank Administration Institute, and Clarion Legal. He has also taught secured lending at The John Marshall Law School and conducts in-house training programs for banks such as Bank of Oklahoma and Wilmington Trust Company. He has been a member of the Committee on Commercial Financial Services of the ABA’s Section on Business Law and is a former Director of the Association of Commercial Finance Attorneys; a former Vice Chair of the Bank Counsel Committee of the Illinois Bankers Association; a Director, Member of the Executive Committee, and Chair (2001 – 2002) of IICLE®; and former Chair of the Banking Group at the Union League Club of Chicago. He writes a monthly column on recent developments of interest to financial services attorneys for IICLE®’s FlashPoints at www.iicle.com/flashpoints. In 2018, he received the Addis E. Hull Award of Excellence from IICLE®. Mr. Weissman received his B.S. in Economics from Northwestern University, received his M.B.A. from the Wharton Graduate Division of the University of Pennsylvania, was a Fulbright Scholar at the University of Sydney (Australia) Faculty of Law, and received his J.D. from the Harvard Law School. He is on the Roster of Fulbright Senior Specialists maintained by the Council for the International Exchange of Scholars. He was a Fulbright Senior Specialist at the School of Business Administration, Turiba, in Riga, Latvia, in 2006; a Fulbright Senior Specialist at the National University in Vientiane, Laos, in 2008; an instructor in the American Bar Association’s International Senior Lawyers Project in Capetown, South Africa, in 2009; and an instructor for the International Law Institute’s African Center for Legal Excellence in Zanzibar, Tanzania, in 2013.
Secured Transactions (ARCHIVED 2013 EDITION)
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