Below, you will find a snippet of how I spend my days. Not only that, but the bolded sentence is my favorite of all of the "Secured Transactions" curriculum found in Article 9 of the Uniform Commercial Code.
"Because the rules governing priority in non-filing collateral contain many exceptions to the "first to file or perfect rule," the UCC contains a special priority rule for certain proceeds of that collateral. A secured party has priority in the proceeds of non-filing collateral if: (i) she has priority in the original collateral, (ii) her security interest in the proceeds is perfected, and (iii) the proceeds are cash proceeds or proceeds of the same type as the original collateral. If the proceeds are proceeds of proceeds, all intervening proceeds must be cash proceeds, proceeds of the same type as the original collateral, or accounts relating to the collateral."
Unbelievable!
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4 comments:
Matt, this is Joel from EHS. I found this link from Taylor Olsens blog...we are surf buddies and good friends from LA. Good to see you enjoy your work. Our family blog is Henriods.blogspot.com
hmmmmmm, who is taylor olsen?
Ha! And you thought Anthropology got too repetitive and mundane!
We hope you are making home a lovely place in Aspen. Are you still homeless?
Dude, they don't limit your UCC studies to Article 2? That blows! And speaking of favorites, my personal favorite multiple-choice are the Constracts-Property crossovers where they actually give you a lease contract and then ask if it was breached :)
Rock on, though!
- Alex
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