Overview
The Fifth Edition continues the emphasis on real-life problems and transactions that has distinguished these teaching materials for decades. As in previous editions, the Problems are tailored to focus the student's attention on the relevant statutory language and its application to common patterns of secured financing. They emphasize counseling, planning, drafting, and litigation skills. In addition to more traditional Problems, which ask the student to predict the outcome, many of the Problems ask the student to give advice to clients, to structure transactions, and to draft certain provisions of documents. Many of the Problems are based upon Prototype transactions that feature actual transaction documents. The first financing an automobile dealer's inventory and financing a consumer buyer's purchase of an automobile from the dealer affords the basis for a discussion of basic Article 9 concepts in a concrete setting. The second Prototype features an accounts and inventory borrowing-base secured credit facility and includes a revolving credit agreement and security agreement. This Prototype forms the basis for detailed coverage of various types of financing secured by receivables and other intangible property.