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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Real Property - Finance

Date & Time
  • event Date

    Tuesday, August 29, 2023

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00
CLE
ALL

This CLE course will provide real estate practitioners with guidance on giving and reviewing opinion letters relating to Uniform Commercial Code (U.C.C.) matters. The webinar will be based on the U.C.C. Opinion Report released in 2019 by the American Bar Association (ABA), the American College of Mortgage Attorneys (ACMA), and the American College of Real Estate Lawyers (ACREL), with the approval of the American College of Commercial Finance Lawyers (ACCFL). In connection with that, the panel will examine various issues associated with creating and perfecting a security interest in personal property collateral, fixtures, and non-fixture real estate collateral under the U.C.C.

Faculty

Steven O. Weise
Partner
Proskauer Rose LLP

Mr. Weise practices in all areas of commercial law and has extensive experience in financing, especially in those secured by personal property, including structured financing. He is regarded as one of the foremost authorities on Article 9 of the UCC. He is a member of the Permanent Editorial Board for the UCC and a member of the American Law Institute’s UCC Article 9 Drafting Committee. Mr. Weise is also the past chair of the American Bar Association’s Business Law Section Legal Opinions Committee.

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R. Marshall Grodner
Member
McGlinchey Stafford PLLC.

Mr. Grodner's practice focuses primarily on commercial transactions, secured transactions, commercial finance, opinion letters, commercial real estate and gaming law. He has an extensive practice representing lenders in large commercial transactions, locally, regionally and nationally. He authored or co-authored articles dealing with secured transactions, commercial real estate and other business law issues, and also presented on issues concerning loan documentation, secured transactions, ethics and professionalism in the transactional context and real estate law.

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Edward J. Levin
Member
Gordon Feinblatt LLC

Mr. Levin focuses his practice in the area of real property law, including real estate financing, leasing, purchase and sale, workouts, foreclosure and rendering third party opinion letters. Mr. Levin was named by Best Lawyers in America as the 2012 Baltimore Real Estate Lawyer of the Year, and frequently writes and lectures on real property subjects within his expertise. 

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Description

While some real estate financings involve only real property, many transactions involve U.C.C. collateral such as fixtures, as-extracted collateral, uncut timber, deposit accounts, investment property, and ordinary personal property used to run the business. Real estate counsel must have a thorough understanding of the U.C.C. when a financing transaction includes these types of collateral.

There are three steps necessary to create a security interest and be in a position so that it may be enforced against the debtor, other secured parties, purchasers, bankruptcy trustees, and other third parties: creation, attachment, and perfection. Critical to the creation and attachment of a security interest is the inclusion of a legally sufficient description of the collateral. Various methods (depending on the collateral) recognized under the U.C.C. work to achieve perfection of the interest.

The U.C.C. Opinion Report explains applicable U.C.C. provisions regarding creation, attachment, and perfection of security interests in various collateral types most often included in real estate financing and includes representative forms of U.C.C. opinions to cover multiple issues. The opinions and accompanying practice points provide a useful framework for U.C.C. practice in real estate finance transactions.

Listen as our authoritative panel provides perspectives and insights into giving and reviewing opinion letters relating to U.C.C. matters and the 2019 Opinion Report.

Outline

  1. Types of U.C.C. collateral often encountered in real estate financings
    1. Personal property
    2. Fixtures
    3. As-extracted collateral, timber
    4. Deposit accounts
    5. Investment property
  2. Requirements for establishing a security interest enforceable against third parties
    1. Creation of the security agreement
    2. Attachment
    3. Perfection
    4. Importance of collateral description
  3. The guidance provided by the 2019 ABA/ACMA/ACREL/ACCFL U.C.C. Opinion Report

Benefits

The panel will review these and other relevant topics:

  • What types of U.C.C. collateral are frequently part of a real estate finance transaction?
  • What terms should be included in a security agreement to ensure the creation of security interests?
  • When is a blanket collateral description sufficient under the U.C.C., and when is it not?
  • How do methods of perfection vary with the type of collateral?
  • What are the best practices in rendering UCC opinions according to the ABA/ACMA/ACREL/ACCFL U.C.C. Opinion Report?