Webinar: UCC Article 9 Default Provisions: What Secured Creditors Need to Know

Start: 3:00 pm
End: 4:30 pm
Event Days: 04/17/2013 - 04/17/2013

Upon the event of a default, UCC Article 9 authorizes a credit union to only take certain actions and only after specific notice is given to the member.  This webinar will explain the proper way for a credit union to handle defaults and avoid costly mistakes.  It will examine various types of defaults (both payment and non-payment) and how some credit unions unwittingly waive defaults through their course of dealing.  This webinar also will explain the repossession process under the UCC, starting with the required notices and ending with the sale of collateral at a public or private sale.  The most-common errors in the repossession process will be addressed.

About This Session:

This webinar will cover the following topics:

  • What constitutes an event of default?
  • When does a course of dealing waive a member's default?
  • Is an "insecurity clause" enforceable?
  • Why is an acceleration clause important?
  • When is a right-to-cure notice required?
  • When is it appropriate to conduct self-help repossession?
  • What is required for a commercially-reasonable sale?
    • UCC Article 9 default and repossession checklist to ensure you don't miss a step

Who Should Participate:

This informative session is designed for all loan personnel, including loan officers, loan operations personnel, credit administration staff, managers, collectors, compliance officers, and attorneys.

About the Presenter:

Elizabeth Fast, JD, CPA, Spencer Fane Britt & Browne, LLP

Elizabeth Fast is a partner with Spencer Fane Britt & Browne LLP where she specializes in the representation of financial institutions.  Elizabeth is the head of the firm's training division.  She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University.  In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant.  Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions.  She is a member of the Missouri State Banking Board by appointment of the Governor.