Course DescriptionThe subject of this course is secured financing using personal property as collateral. Everything from such familiar transactions as automobile loans secured by interests in the automobiles to less familiar multimillion dollar business financing secured by interests in inventory and accounts receivables to sophisticated and complicated financing involving the use of intellectual property as collateral is considered. Most such financing is governed by Article 9 of the Uniform Commercial Code. A new Article 9 has been proposed for adoption by the states. Arizona adopted new Article 9 in May of 1999, effective July 1 of 2001. Most other states have adopted new Article 9 as well. The course material and class discussion focuses on the new Article 9. Other articles of the UCC, such as that governing warehouse receipts and bills of lading (Article 7) and that dealing with investment property (Article 8) and, necessarily, and those dealing with such basic concepts as bona fide purchaser and holder in due course doctrines (Article 2 and 3) receives such attention as is appropriate and time permits.