This three-credit course examines some of the state law remedies available to secured and unsecured creditors in the collection of debts and also examines the corresponding rights of debtors to protect their assets from those creditors. The main part of the course focuses on the rights and duties of parties to secured transactions under Article 9 of the Uniform Commercial Code. This will include the priorities of claims when the debtor has insufficient assets to satisfy all claims and also when the debtor files bankruptcy. Throughout the course students will practice statutory interpretation; consider the relationship among sources of law (including the constitution, common law, and statutes); and public policy issues that are explicit and implicit in this important area of the law. These areas are essential building blocks for any business law practice and for business litigation. In addition, they are included in the Minnesota bar examination.
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