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Commercial Transactions: A Systems Approach
Commercial Transactions: A Systems Approach offers extraordinary authorship, a flexible assignment-based structure, and the Systems Approach, which looks at how the law is applied in actual transactions.
The Fourth Edition continues to offer: outstanding authorship from luminary scholars in secured credit, payment systems, and sales law; the Systems Approach that looks at the specific systems, or infrastructure, that support real transactions in practice; an assignment-based organizational structure that offers flexibility and ease in teaching; well-crafted and up-to-date problems — many of them new to the Fourth Edition; clear and straightforward introductions and explanations; important recent Supreme Court cases; cutting-edge coverage; a clear statement of which baseline version of the UCC is being used in each section; a detailed Teacher’s Manual that includes answers to all of the problems, suggestions for tailoring coverage to three and four-credit courses, and transitional guidance to help you adapt your syllabus to the new edition.
Specific updates in each Part of the Fourth Edition:
Part One: Sales Systems: Phillips v. Cricket Lighters; additional material and new problems on: 2-207 and the battle of the forms; simultaneous acceptance and breach under 2-206; Adequate assurance of future performance and reasonable grounds for insecurity; Measuring damages in the case of anticipatory repudiation
Part Two: Financial Systems: U.S. Bank N.A. v. HMA, L.C.; CitiBank v. Mincks; New Century Financial Services v. Dennegar and DBI Architects v. American Express; Winter Storm Shipping v. Thai Petrochemical and Rivet v. Regions Bank of Louisiana; expanded coverage of wire transfers; new chapters on credit enhancement and letters of credit, including both commercial and standby letters of credit to reflect changes from UCP500 to UCP600
Part Three: Secured Credit: updates to reflect adoption of revised Article 1 by a majority of states — while preserving old Article 1 section numbers for use in states that haven’t made that change yet; chattel paper, instruments, accounts, and payment intangibles, including the celebrated Commercial Money Center case; asset securitization, the sale-lease distinction— including In re Worldcom — and new debtors; updated search methods and costs to reflect migration of the UCC filing systems to the Internet.
For comprehensive coverage of commercial transactions, luminary authorship, and a highly teachable assignment-based approach, look no further than Commercial Transactions: A Systems Approach, now in its Fourth Edition.
The Fourth Edition continues to offer: outstanding authorship from luminary scholars in secured credit, payment systems, and sales law; the Systems Approach that looks at the specific systems, or infrastructure, that support real transactions in practice; an assignment-based organizational structure that offers flexibility and ease in teaching; well-crafted and up-to-date problems — many of them new to the Fourth Edition; clear and straightforward introductions and explanations; important recent Supreme Court cases; cutting-edge coverage; a clear statement of which baseline version of the UCC is being used in each section; a detailed Teacher’s Manual that includes answers to all of the problems, suggestions for tailoring coverage to three and four-credit courses, and transitional guidance to help you adapt your syllabus to the new edition.
Specific updates in each Part of the Fourth Edition:
Part One: Sales Systems: Phillips v. Cricket Lighters; additional material and new problems on: 2-207 and the battle of the forms; simultaneous acceptance and breach under 2-206; Adequate assurance of future performance and reasonable grounds for insecurity; Measuring damages in the case of anticipatory repudiation
Part Two: Financial Systems: U.S. Bank N.A. v. HMA, L.C.; CitiBank v. Mincks; New Century Financial Services v. Dennegar and DBI Architects v. American Express; Winter Storm Shipping v. Thai Petrochemical and Rivet v. Regions Bank of Louisiana; expanded coverage of wire transfers; new chapters on credit enhancement and letters of credit, including both commercial and standby letters of credit to reflect changes from UCP500 to UCP600
Part Three: Secured Credit: updates to reflect adoption of revised Article 1 by a majority of states — while preserving old Article 1 section numbers for use in states that haven’t made that change yet; chattel paper, instruments, accounts, and payment intangibles, including the celebrated Commercial Money Center case; asset securitization, the sale-lease distinction— including In re Worldcom — and new debtors; updated search methods and costs to reflect migration of the UCC filing systems to the Internet.
For comprehensive coverage of commercial transactions, luminary authorship, and a highly teachable assignment-based approach, look no further than Commercial Transactions: A Systems Approach, now in its Fourth Edition.
1184 pages, Hardcover
First published May 28, 1998
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December 23, 2011
This is my second-favorite casebook I’ve come across so far. It is clear and concise and the problems illustrate practical application of the principles. The only thing about it is that commercial law isn’t really about anything, as far as I can tell. This is not the same as administrative law, where I’m sure it is about something, but I just have no idea what that is. We must have spent two or three weeks in my commercial law class discussing how to search databases, and that is just baffling to me. How is that a class? I mean, I understand that searching UCC filings is a potential problem because the search engines suck, but wow, that took about ten seconds to say. Noted. No further explanation necessary.
The commercial law class I took went through the UCC articles 2, 4, and 9, so it is a pretty good overview of the UCC if you’ve already taken sales. I mean, you can easily take it if you haven’t taken sales too because sales = goods are anything moveable. Now you’ve learned sales. By the same token, securities transactions = watch your collateral. I think that usually UCC-related finals have a significant multiple-choice component, so that is something to be aware of. If you take this class, definitely get the book Questions & Answers: Secured Transactions because it is a lifesaver. The questions on my final were not nearly as hard as the questions in that book, so it was excellent practice. I know I got at least one wrong, and that is so annoying to me because I totally knew that if a debtor changes location and adds after-acquired collateral of the same type covered in the security agreement description, that collateral is secured with the other covered collateral for four months after the move. But, I said after-acquired wasn’t covered! What was I thinking? Lame.
Interesting fact of note: credit and cash are treated differently as proceeds of collateral. So, say Eh! loans $10 to me and the collateral secured by our agreement is my copy of Lips Touch: Three Times and any proceeds from the book. But, then I sell my copy of Lips Touch to Ceridwen for $5 and a pie. Ceridwen pays the $5 with her credit card from her paypal account, and mails me the pie. So, Eh! probably has security in the pie until I eat it, so if I don’t pay her back, she can demand the pie, but she might not have security in the paypal money unless her security agreement specifically provided for “payment intangibles.” That is my understanding at least. So, security in credit transactions is effectively disfavored. If Ceridwen had paid me in cash, Eh! would have had a security in that with no problems. This could be different from state to state, but most, if not all, states adopt the UCC as written with few variations. If you were wondering, after I eat the pie, Eh!’s security is probably worth shit . . . literally!!
Even if Eh! has no security in collateral for the loan, though, I would still owe her the money. It just means that the loan is unsecured debt, which is disfavored almost unilaterally. To enforce payment of unsecured debt, you have to go through the judicial system and have the sheriff levy on property, and it is quite a hassle. If the debt is secured in pie, you can just go to the person’s house and take the pie out of the window sill, as long as you don’t disturb the peace. Which, who has ever seen any cartoon animal disturb the peace by taking pie out of a window sill. It is unheard of.
My advice: don’t secure your debt with pie unless it is inventory of a pie store. That collateral turns to shit proceeds pretty quickly.
The commercial law class I took went through the UCC articles 2, 4, and 9, so it is a pretty good overview of the UCC if you’ve already taken sales. I mean, you can easily take it if you haven’t taken sales too because sales = goods are anything moveable. Now you’ve learned sales. By the same token, securities transactions = watch your collateral. I think that usually UCC-related finals have a significant multiple-choice component, so that is something to be aware of. If you take this class, definitely get the book Questions & Answers: Secured Transactions because it is a lifesaver. The questions on my final were not nearly as hard as the questions in that book, so it was excellent practice. I know I got at least one wrong, and that is so annoying to me because I totally knew that if a debtor changes location and adds after-acquired collateral of the same type covered in the security agreement description, that collateral is secured with the other covered collateral for four months after the move. But, I said after-acquired wasn’t covered! What was I thinking? Lame.
Interesting fact of note: credit and cash are treated differently as proceeds of collateral. So, say Eh! loans $10 to me and the collateral secured by our agreement is my copy of Lips Touch: Three Times and any proceeds from the book. But, then I sell my copy of Lips Touch to Ceridwen for $5 and a pie. Ceridwen pays the $5 with her credit card from her paypal account, and mails me the pie. So, Eh! probably has security in the pie until I eat it, so if I don’t pay her back, she can demand the pie, but she might not have security in the paypal money unless her security agreement specifically provided for “payment intangibles.” That is my understanding at least. So, security in credit transactions is effectively disfavored. If Ceridwen had paid me in cash, Eh! would have had a security in that with no problems. This could be different from state to state, but most, if not all, states adopt the UCC as written with few variations. If you were wondering, after I eat the pie, Eh!’s security is probably worth shit . . . literally!!
Even if Eh! has no security in collateral for the loan, though, I would still owe her the money. It just means that the loan is unsecured debt, which is disfavored almost unilaterally. To enforce payment of unsecured debt, you have to go through the judicial system and have the sheriff levy on property, and it is quite a hassle. If the debt is secured in pie, you can just go to the person’s house and take the pie out of the window sill, as long as you don’t disturb the peace. Which, who has ever seen any cartoon animal disturb the peace by taking pie out of a window sill. It is unheard of.
My advice: don’t secure your debt with pie unless it is inventory of a pie store. That collateral turns to shit proceeds pretty quickly.
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