Business Law
Business Law Annual Review 2017
Content
- 2016 Developments in Internet and Privacy Law
- Agribusiness Committee 2016 Year In Review
- Annual Health Law Review for 2016
- Annual Update of Alternative Dispute Resolution Cases
- Banks Face Wave of Website Accessibility Claims Under the Ada
- Bln Editorial Board: Message from the Editor
- Bls Opinions Committee: Review of Current Developments for 2016
- Business Law News Editorial Team
- Business Law News Table of Contents
- Despite Successes in Fending Off Claims Based on Actual Authority, Franchisors Still Face Difficulties in Defending Claims Based on Ostensible Authority
- Executive Committee: Message from the Chair
- Executive Committee of the Business Law Section 2016-2017
- New Report on Third-Party Closing Opinions for California Limited Liability Companies and Partnerships About To Be Published
- Recent Developments Affecting Insolvency and Commercial Finance in California and the Ninth Circuit
- Selected 2016 Developments in Corporate Law
- Standing Committee Officers of the Business Law Section 2016-2017
- Update on California Finance Lenders Law
- Describing the Collateral Subject to a "Blanket" Lien, or How to Knit a Big, Soft, Warm Blanket
Describing the Collateral Subject to a "Blanket" Lien, or How to Knit a Big, Soft, Warm Blanket
Dean T. Kirby, Jr.
Dean Kirby is a member of firm of Kirby & McGuinn, A P.C., a seven-lawyer boutique firm with offices in San Diego. He represents lenders, creditors, and fiduciaries in bankruptcy, foreclosure, and commercial collection matters. Mr. Kirby is a member of both the Commercial Transactions Committee and the Business Litigation Committee, and editorial contributions were made by members of both committees.
Commercial lenders, more often than not, require a first priority "blanket security interest," which they expect will encumber all personal property assets of the borrower. Why is it not surprising that a lawyer must say . . . "It’s not that simple?"
To begin with, how should the collateral be described in a "blanket" security agreement? Uniform Commercial Code (UCC) Article 9, section 9-102 defines a list of generic types of collateral that, if all of them are used in a collateral description, will create a lien on almost all of the debtor’s personal property that is subject to Article 9. These are the generic types: