November 04, 2020

Secured Transactions

Secured Transactions

The Business Lawyer at 75 and Secured Transactions Under Article 9 of the Uniform Commercial Code
     Jonathan C. Lipson and Steven O. Weise75(1): 1575-1596 (Winter 2019-2020)
In honor of the seventy-fifth anniversary of The Business Lawyer (TBL), we reviewed the roughly 400 papers published in TBL on secured transactions since inception, in 1946. We find that, while TBL has always provided excellent coverage of secured credit, earlier works were more likely to focus on questions of policy than those published more recently, which tend to be more technical. This is curious, both because secured transactions have been the subject of sometimes ferocious academic debates in other journals about their distributive effects, and because TBL often includes policy-oriented scholarship in other business-law fields (e.g., corporate governance). We argue that TBL should actively seek papers on secured credit policy, in part because technologies like distributed ledgers may threaten to render all secured transactions . . . academic.

The UCC and the ABA’s Business Law Section: In Praise of the Omnium Gatherum
     Carl S. Bjerre, Amelia H. Boss, Steven L. Harris, Charles W. Mooney, Jr., Sandra M. Rocks, Edwin E. Smith, and Steven O. Weise, 75(4): 2411-2426 (Fall 2020)
Most of the Uniform Commercial Code revision and amendment projects of recent decades have drawn invaluable input and energy from the committees, subcommittees, task forces, and working groups of the ABA’s Business Law Section. The projects addressed in this article are the initial promulgation of Article 2A on Leases; the repeal and revision of Article 6 on Bulk Sales; the revisions to Article 8 on Investment Securities; the revision of Article 9 on Secured Transactions; and the “Terrible Two’s” projects involving UETA, the unfulfilled amendments to Articles 2 and 2A on Sales and Leases, and UCITA. Drawing on their first-hand experiences among many other sources, the authors show the wide variety of beneficial forms that the Section’s input has taken.