UCC Security Interests in Payment Intangibles: Intercompany Loans, Debt Obligations and “Promissory Notes”
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One of the complexities of creating and perfecting liens in intangible property under the UCC is determining the “type” of such collateral under the classification scheme of Article 9. This is especially true of interests in payment intangibles—the rights to receive payments under a contractual obligation that do not otherwise constitute an “account, chattel paper or a promissory note” delineated in Article 9.
Many contractual payment obligations such as intercompany loans, loans called promissory notes, and loans evidenced by electronic records are frequently part of the collateral package in leveraged finance deals. In addition, rights under loans not evidenced by notes, are common in CLOs and participations.
There are specific considerations to create and perfect a security interest in payment intangibles. Counsel advising secured parties and debtors must understand howcontractual payment obligations are treated under the UCC to protect their clients’ interest.
Listen as our authoritative panel of finance practitioners discusses how to create and perfect security interests in debt obligations, intercompany loans/debt, loans called promissory notes, and other payment intangibles under the UCC.
- Article 9 definition of payment intangibles
- Specific types of payment intangibles (commercial loans, intercompany loans and loans called "promissory notes" but that are payment intangibles).
- Difference between a payment intangible, an account, chattel paper and true promissory notes
- Pitfalls facing secured parties with automatic perfection
The panel will review these and other key issues:
- What are the potential pitfalls for secured parties seeking perfection and priority of secured interests in payment intangibles?
- How can counsel determine whether a contractual payment obligation is a payment intangible not falling within any other U.C.C.-delineated category of intangible rights?
- What is the difference between a payment intangible, chattel paper and a true promissory note?
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This presentation is also available in a recorded format, in On-Demand Or CD versions, as shown in the pricing options below.
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|Licenses / Designations / Educational Credits:||CPE|
All US States: 2
All US States: 1.5
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||Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417 or by visiting their website.
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