法学外文文献翻译担保交易.docx

法学外文文献翻译担保交易.docx

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法学外文文献翻译担保交易

SecuredTransaction

RichardColson

.Introduction

Inthebusinessword,apromisetopayisrarelyenough.Thepromisewantstobesecured.Thisisthebasisoftheconceptofthesecuredtransaction.Thebestknowsecuritydeviceisthemortgageonreal（immovable）property.Themortgagesecuresthepromiseofrealpropertyownertorepaytheloanofthefinancier.Personal（movable）propertyisusedinavarietyofmethodstosecureanindebtednessorapromisetopayinthefuture.MostofthesemethodsareregulatedbyArticle9oftheUniformCommercialCode（UCC）,asamendedin1974,whichhasbeenadopted（withsomemodification）byallU.S.jurisdiction,exceptLouisiana.Thecodificationhassupersededmostpriorlegislationandtheearliercommomlawofsecuredtransaction.Conceptlikeconditionalsale（inwhichthesellerownership）andchattelmortgage（inwhichpersonalpropertyismortgage）havebecomeobsolete.Thispaperdealswithsecuritydevicesthat,inaccordancewithUCCArticle9,arecreatedbyexpressagreement,so-calledconsensualliens.Itdoesnotdealwithsecuritydevicesthatarecreatedbylaw,suchasabank’srighttoselloffacustomer’sbalanceondepositagainstclaimsthatthebankmayhaveagainstthecustomer,orthelien,

Thatawarehousemanhasagainstapartywhoowesstoragefees,oramechanic’slien,aninnkeeper’slien,orlawyer’slien.Thesesecurityrightsarecreatedbylaw,notbyagreementbetweentheparties.Practicallyspeaking,theydonotariseunlessasserted.Thereis,however,onesecuritydevicethatarisesautomatically,namelyacourtjudgment.Acourtjudgmentcreatesalienagainstthepropertyofthepartyagainstwhomthejudgmentisrendered.Inmostjurisdictions,thelienattachesautomaticallytorealpropertyownedbyajudgmentdebtor,whilesomefurtheradministrativeproceduresarerequiredtoattachthetopersonalproperty.

Article9oftheUCCisaverycomplexanddetailedpieceoflegislation.Legalscholarandcourtshavedevotedagreatdealofattentiontoit.Hereisanoutlineofthetopicinthemostgeneralterms.

Onewhowishestoacquireapieceofabusinessmustfirstinquirewhetherthepropertyorbusinessisencumberedwithastatutorylien,orwhetheritisthesubjectofasecuredtransaction.Thissearch,whichmustbeconductedinvariousgovernmentaloffices,isgenerallyentrustedbyattorneyforthebuyertooneofanumberoforganizationsinthisfiled.

Ifadebtorbecomesbankrupt,asecuredcreditorhasapreferentialposition.Thisoneoftheprincipalreasonsforsecuringatransaction.

Thepropertyorpropertyrightthatisusedtosecureapromiseiscalledcollateralproperty,orcollateral,forshort.Accountsreceivable,chattelpaper,andevengrowingcropsmaybecollateral.ThewordchattelisanoldEnglishwordthatdenotespersonal（movable）property.TheofficialcommenttoSec.9-105oftheUCCillustratesthemeaningofthetermchattelpaper.Itisquotedherebecauseitalsoillustratesotherpertinentconcept.

“Adealersellsatractortofarmonaconditionalcontract.Theconditionalsalescontractisasecurityagreement,thefarmerisdebtor,thedealeristhesecuredparty,andtractoristhecollateral.Butnowdealertransfersthecontracttohisbank,eitherbyoutrightsaleortosecurealoan.Sincetheconditionalsalescontractisasecurityagreementrelatingtospecificequipment,theconditionalsalescontractisnowthetypeofcollateralcalledchattelpaper.”

Anypropertyhavingvaluemaybeusedascollateral.Ifthepurchaseofapropertyisfinanced,theverypropertymaybeusedascollateral.Forinstance,ifthesharesofacorporationaresold,thesellermayretainownershipofsharesuntiltheyarefullypaidfor（inwhichcaseheissaidtoapurchasemoneysecurityinterest）:

or,ifthepurchaseisfinancedbyathirdparty,thesharesmaybetransferredascollateraltosuchthirdparty.

Asecurityagreementmustbeinwringinginordertobebindingbetweentheparties.Inordertobebindingonthirdparties,itmustbepubliclydisclosedbyfilingafinancingstatement（SeeSection3,below）orbyphysicalmanifestationofdelivery.

ThesubjectmatterofsecuredtransactionsisofinteresttoforeignersdoingbusinessintheU.S.intwoinstance:

（a）iftheywishtofinanceatransactionwithorinthe

U.S.,and（b）iftheyareunsecuredcreditorsandfindthemselvesinconflictwithcreditorswhoclaimtobesecured.

.Guaranty

Thesimplestsecurityisaguaranty.ItisnotevenmentionedinUCCArticle9.Inmanypartsoftheworld,acreditorwillaskforguaranty.Americanbanksgenerallyarenotallowedtoissueaguaranty.Instead,theywillissueastandbyletterofcredit,whichisevenbetterthanguarantybecauseitconstitutesaprimaryobligationofthebank.TheFederalComptrolleroftheCurrency,whoforbidsbankguaranties,hasexpresslyapprovedthestandbyletterofcredit.Iftheobligorisasubsidiaryofafinanciallystrongparentcompany,theguarantyoftheparentcompanymayalsobeusedasasecuritydevice.U.S.parentcompaniesdonotreadilyissuesuchguarantiesbecausetheyexpecttheirsubsidiariestostandontheirownfinancialfeet.Acorporateguarantyisgenerallynotavailable,andmightnotbevalidunderapplicablestatelaw,unlesstheobligorisasubsidiary.Arelatedsecuritydevice,alsonotcoveredbyUCCArticle9,istheperformancebond.Aperformancebondisgenerallyavailableformatypeofinsurerknowasasuretycompany.Thebondinsuresthattheobligorwillperforminaccordance.Itisgenerallycoupledwithapenaltyprovisionincaseofdelay.Thebondissuerisliableiftheobligordefaults.Performancebondsarecustomaryintheconstructionindustry,buttheycanalsobeusedinotherfieldsofbusiness.

TherestofthispaperreferstosecuritytransactionembracedbyUCCArticle9.

.PerfectionoftheSecurityInterest

Inordertohaveasecurityinterestthatisgoodagainstthirdparties,thesecurityinterestmustbeperfected.Thiscanbedoneindifferentways,dependingonthekindofcollateralinvolved.Asecurityinterestmaybeperfectedwhenitattaches,oritmayrequirethetransferofpossessionformthedebtortothesecuredparty.Transferofpossessionisnecessaryif,forexample,onepledgesstockassecurityforaloan.Theusualmannerofperfectingasecurityinterestisthefilingofaf

inancingstatement（seeSection,below）.Sometimes,thereareconflictingperfectedsecurityinterests.Inthatcase,thequestionofpriorityarises.Themanneroftheresolvingthatissueisaddressedbythestate.

Wheneitherfilingorthetransferofpossessionofcollateralisnecessaryforperfection,thatactmayoccurpriortotheattachmentofthesecurityinterest.Thesecurityinterestisperfectedwhenthelastoftheeventsnecessaryforattachmentandperfectionhasoccurred.Asthereisanadvantageinsecuringprioritybyanearlyfilingofthefinancingstatement,thefinanciersometimesdoesnotpartwithanyvalueuntilafterthefilinghasoccurred.

Thestatuteprovidesthatasecurityinterestwillattachonlyifthreerequirementsaremet:

（a）theremustbesecurityagreement,（b）thefinanciermustgivevalue,and（c）thedebtormusthaverightsinthecollateral.Thislastrequirementseemssimple.ButrecentlyaBritishbankranafoulofthisprovision.ThecaseinvolvedthepurchaseofayachtinCalifornia.Theyachtdealer’sinventorywasfinancedbyChryslerCorporation,whichheldasecurityinterestintheinventory.Thedealersoldtheyachttoanindividual,whofinancedthetransactionthroughtheBritishbank.Actually,theindividualhadnoassignablerightsintheyachtasitwaspartofChrysler’scollateralsecurity.ThecourtruledthattheBritishbankhadacquirednosecurityinterestand,therefore,thatnointerestwascapableofbeingperfected.Thisrulingcontradictsthegeneralruleininventoryfinancing,（statedbelowinSection7）,butitservesasacautionarysignaltointerestedparties.

.Filing

Wherefillingisrequiredtoperfectasecurityinterest,thedocumentfilediscalledafinancingstatement.Printedstatutoryformsareavailableandgenerallyused.

Thefinancingstatementissimple.Itneedcontainonlythenames,addressesandsignatures.Ifthesecuredpartyisentitledtotheproceedsofanysaleofthecollateral,oroftheproductsthataremanufacturedwiththecollateral,thisalsoshouldbestatedinthefinancingstatement.The1974revisionoftheUCChasabolishedtherequirementthatthisbementioned.Itisnowpresumedthatproceedsarealwayscoveredbythefinancingstatement.However,notallstateshaveacceptedthischange.

Thesufficiencyofthedescriptionofthecollateralhassometimesbeenchallengedinlitigation.Itisthereforeadvisabletodescriptionasspecificaspossible.Itisalsoadvisabletoavoidattachingseparatedocumentstothefinancingstatement.Thestatutesaysthatminorerrorsinafinancingstatementwillbeoverlookediftheyarenotseriouslymisleading.Thishasledtoconflictingdecisionsincaseswhereanerroroccurredinthedescriptionofthenameofthedebtor.Thedescriptionmisleadingofitimpedesasearcher-if,forinstance,adebtorcorporationislistedunderthenameofitsdivision.

Therulesforfilingafinancingstatementvaryindifferentstates.Generallylocalfilinginthecountyofthedebtor’sresidenceorbusinessandcentralfilinginthestatecapitalarerequired.

Afinancingstatementlosesitseffectfiveyearsafterfiling.However,acontinuationstatementmaybefiled,whichextendstheeffectivenessforanadditionalfiveyearperiod.Thereisnolimittothenumber