Course Details

UCC Security Interests in Payment Intangibles: Intercompany Loans, Debt Obligations and “Promissory Notes”

Webinar: ID# 1015077
Recorded CD or On-Demand
About This Course:
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?

Credits Available

This program has been approved for 2.0 CPE hours through Strafford Publications. CPE Credit is available only for the LIVE webcast. Recorded versions do not qualify for credit.

Strafford 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.


To obtain CPE credit, attendees must participate in the live event, return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person.

Credit Confirmation

Strafford will mail a certificate of credit within approximately 2 weeks of receiving an attendee's completed Official Record of Attendance—provided all required conditions have been satisfied.


Handout materials and the phone number for live presentations are made available to you 1 day prior to the event via email from the presenter. Copies of the presentations are included with recorded versions.

If you order a recorded version of the webinar, CD's will be mailed out approximately 10 days after the live event. Shipping is included in the price of recorded versions.

UCC Security Interests in Payment Intangibles: Intercompany Loans, Debt Obligations and “Promissory Notes”
or via CD or On-Demand
Course Details
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