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Uniform Commercial Code/Article 9

Trustee Gloms Proceeds of an Unperfected Consignment, Not Just the Goods

Ninth Circuit interprets UCC § 9-319(a) to permit avoidance of consignor’s interest in proceeds of an unperfected consignment.
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SIPA Bars General Unsecured Claims for Failure to Transfer Accounts Before Filing

The trustee for a bankrupt broker can ignore an individual customer’s request to transfer securities to a solvent broker and may instead transfer customer accounts in bulk.

A Future Advance Clause Saved a Loan from Being Unperfected

Potential harm to the debtor is not a factor in deciding to avoid an unperfected lien.

Reperfecting a Mortgage Isn’t Grounds for a Fraudulent Transfer

Mistakenly cancelling a mortgage can result in a preference but not a fraudulent transfer if the cancellation is later rescinded.

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