Way back in the previous millennium, the National Conference of Commissioners on Uniform State Laws (NCCUSL) issued Revised Article 9 of the Uniform Commercial Code. Revised Art. 9 substantially changed the previous version, which, with some minor amendments, had been in place since 1972. Revised Art. 9 was adopted by all of the states and took effect in 2001.
That year I publised a pice (abstract here) titled How Revised Article 9 Will Turn the Trustee's Strong Arm into a Weak Finger. I took a number of significant cases decided under old Art. 9 and demonstrated how the result would have been affected had Revised Art. 9 been the law. In particular, I predicted that the net effect of Rev. Art. 9 would be to reduce the avoiding powers of a trustee in bankruptcy.
Ten years passed and NCCUSL has proposed amendments to Revised Art. 9. Most states have adopted them and it looks likely all will do so within the next year. To commemorate the effects of the 2001 revisions, I have posted my earlier article to the SSRN network. I beleive it can still prove a useful resource for lawyers and judges as they continue to deal with the changes made more than a decade ago.
That year I publised a pice (abstract here) titled How Revised Article 9 Will Turn the Trustee's Strong Arm into a Weak Finger. I took a number of significant cases decided under old Art. 9 and demonstrated how the result would have been affected had Revised Art. 9 been the law. In particular, I predicted that the net effect of Rev. Art. 9 would be to reduce the avoiding powers of a trustee in bankruptcy.
Ten years passed and NCCUSL has proposed amendments to Revised Art. 9. Most states have adopted them and it looks likely all will do so within the next year. To commemorate the effects of the 2001 revisions, I have posted my earlier article to the SSRN network. I beleive it can still prove a useful resource for lawyers and judges as they continue to deal with the changes made more than a decade ago.
No comments:
Post a Comment