SECURED DEVICES AND TRANSACTIONS

SPRING SEMESTER, 2017

MW 5:40 7:00 pm
Room number 129

Professor contact information

Tracie J. Woods
Office: 295
Office hours: Times by Appointment
Office phone: (225) 769-8732 (Home office) (225) 771-4900 (Office number)
Office e-mails: twoods@sulc.edu, twoods8888@aol.com

Course catalog description:

This course will introduce the concepts of Louisiana secured devices and introduce you
to the secured transaction concepts in the UCC Article 9, mortgages and other Louisiana
secured devices.

Instructional Methods:

Instructional methods may include lecture, class discussion, and individual conferencing
to discuss written feedback of students work.

Course Books: (1) Problems and Cases on Secured Transactions 3rd Edition, (2)
Secured Credit: Louisiana and American Perspectives ISBN 9781454887546 (3)
Louisiana Security Devices-A Precis 2nd Editions, (3) Article 9 2014 Supplemental
(4) Louisiana Civil Code Volume 1.

Attendance: SULCs class attendance policy requires students to attend at least eighty
percent (80%) of the classes. There are no excused absences. If you do not attend eighty
percent (80%) of the classes, you will receive a grade of F.

Class decorum: Students are expected to respect the professor and their classmates by
being prepared for class, speaking only when called on, ensuring cell phones are turned
off or set to vibrate before entering the classroom, and using laptops only for taking notes
or as directed by the professor.

Policy regarding assignments: Each student is responsible for completing and turning in
his or her own assignments. Students who commit academic misconduct may be referred
to the Honor Code Committee or may receive a failing grade in the course.

TWEN: Students must register online for the West TWEN service and are responsible
for keeping their e-mail addresses current.
Accommodations: If you believe that you have a learning disability or physical limitation
that requires you to have accommodations for the course work, please see Beryl
Thompson, Dean of Academic Support, immediately.

Grades and methods of evaluation:

Class Problems...50 points
Mid-Term Exam Exercise..75 points
Final Exam...150 points
Class Participation.25 points

Total Points..300 points

Course plan:

Week 1 January 9, 2017 Suretyship

Introduction, creation of the Suretyship
Contract
(a) Introduction
(b) Creation of the Surety Contract
(1) In writing
(2) Express
(3) Implied Surety of Ostensible Principals
Suretys Rights Against the Principle Obligor
and Other Sureties
(a) Rights Against the Principal Obligor
(1) Reimbursement
(2) Subrogation
(b) Rights Against Co-Sureties

Week 2-January 16, 2017 Suretys Defenses Against the Creditor

(a) No Division or Discussion
(b) Defenses of the Principal Obligor, including
Remission
(c) Defenses Specific to the Surety
(1) Three Types of Suretyship
(2) Suretyship Defenses
(d) Waiver of Defenses
Termination

Week 3-January 23, 2017 Mortgages

Introduction, Establishment of Mortgages
(a) Introduction
(b) Conventional Mortgages
(1) Written Contract
 (2) Signed by the Mortgagor
(3) State the Amount Secured
(4) Describe the Mortgaged Property
(c) Legal and Judicial Mortgages
(1) Special v. General Mortgages
(2) Legal Mortgages
(3) Judicial Mortgages
Perfection of Mortgages and Mortgaged
Property
(a) Filing for Recordation
(b) Lapse and Re-inscription
Ranking

Week 4-January 30, 2017 Transfer of Mortgages and Mortgaged Property

(a) Transfer of the Secured Principal Obligation
(b) Transfer of the Mortgaged Property
Vendors Mortgages, & Privileges, Sale with a
Right of Redemption and Bond for Deed
Contracts
Collateral Mortgages and Multiple Indebtedness
Mortgages
(a) Construction
(b) Fluctuating Lines of Credit
(c) The Collateral Mortgage Package
(1) Pledge of the Collateral Mortgage Note (Ne
Varietur Note)
(2) Hands Note(s)
(3) The Collateral Mortgage
(4) Prescription
(d) Multiple Indebtedness Mortgages

Week 5 February 6, 2017 Selected Privileges

Privileges in Improved Immovables-the the Private
Works Act Privileges
(a) Overview: The Context and Nature of Private
Works act Privileges
(b) Rights Against the Property Owner and the
Property
(c) Owners Defense: Notice of Contract and Bond
(d) Filing Requirements, Enforcement of PWA
Privileges
(1) What to file
(2) When to file
(3) Enforcement of PWA Privileges
(4) Ranking and priority PWA privileges
Week 6-February 13, 2017 Midterm Exercise

Week 7- February 20, 2017 UCC Article 9

Introduction, Categories of Movable collateral

(a) Introduction
(b) Categories of Article 9 Collateral
(1) Goods
(A.)Consumer Goods
(2) Goods
(B.) Consumer Goods
(C.) Farm Products
(D.)Inventory and Equipment
(3) Documentary of Collateral
(A.) Instruments
(B.) Chattel Paper
(C.) Documents
(D.)Inventory Property
(4) Incorporeal Movables
(A) Accounts
(B) Deposit Accounts
(C) General Intangibles
(D) Tort claims and Judgments

Week 8 February 27, 2017 Mardi Gras Holiday

Attachment of Security Interests The
security Agreement
(a) Value
(b) Rights in collateral
Perfection of Security Interests by Filing-the
Financing Statement (UCC-1)
(a) Indexing and searching on the Debtors Name
(b) Description of collateral
(c) Other information
(d) Component parts (Fixtures) and Fixture
Filings
(1) Un-harvested Crops
(2) Standing timber
(3) As-Extracted collateral
Week 9- March 6, 2017
Alternative Perfection Methods
(a) Filing outside the UCC System (Including
Certificate of Title collateral)
(b) Possession
(c) Control
(1) Control over deposit accounts
(2) Control over life insurance policies
(3) Control over investment property
(A) Certificated securities
(B) Un-certificated securities
(C) Indirect holdings securities
entitlements and securities accounts
(D) Automatic perfection PMSIs in consumer
Week 10- March 13, 2017

Attachment and perfection of security interests

in proceeds
(a) Automatic attachment
(b) Automatic and non-automatic perfection
Jurisdiction and choice of Law (Conflicts)
Where to file

Changes Affecting Perfection over Time

(a) Change in Use of collateral
(b) Debtor Name changes (including Post-Merger)
(c) Location of Debtor of Collateral Changes
(d) Automatic Lapse of filing perfection,
continuation
Week 11 March 20, 2017

Priorities
(a) Article 9 secured Creditors v. Lien Creditors
(1) Judicial Lien Creditors
(2) Statutory Lien holders-Privilege Creditors
(3) The Special Case of the IRS and Federal
Tax Liens
(4) Special rules for future advances
(5) The trustees in bankruptcy
(A) Strong arm
(B) Preferences
Week 12-March 27, 2017
(b) Article 9 secured creditors v. buyers/lessees of
collateral
(1) Unperfected security interests (and future
advances)
 (2) Buyers in ordinary course of business
(3) The garage sale Exception
(c) Priority among article 9 secured creditors
(1) General rules
(2) Exceptions for alternative perfection
methods
(3) PMSI exceptions
(4) Article 9 interests in component parts
(Fixtures) v. Mortgages
Enforcement Remedies
(a) Default
(b) Repossession
(c) Redemption or foreclosure
(1) Judicial disposition
(2) Creditor disposition
(3) Strict foreclosure (Dation en Paiement)

Weeks 13 and 14 April 3/10, 2017 Review and Catch-up