This course (formerly titled Commercial Law) covers the two central devices in commercial credit: security interests in personal property and negotiable instruments. The law of these devices is found principally in Articles 9 and 3, respectively, of the Uniform Commercial Code. The former subject is perhaps the most important and common foundation for obtaining credit in the United States. The course addresses the creation and perfection of security interests in personal property, the priority among competing creditors, and the remedies of interest holders upon default. The treatment of security interests in bankruptcy and in related fields of law is also covered.
The subject of negotiable instruments deals principally with drafts (e.g., checks) and notes (e.g., promissory notes). The course will cover the role of negotiable instruments in facilitating commercial transactions, the requisites for negotiability, the obligations of issuers, and the rights of holders (especially, the significant benefits of “holder in due course” status). Students who have taken Secured Transactions may not take this course; students who have taken Payment Systems may only take this course with the prior approval of the instructor. Students who take Commercial Law may take Sales and Sales Financing, but may not take Secured Transactions.
Current & Previous Instructors:
Michael P. Van Alstine;
|This course is not currently scheduled.|