ARTICLE: Rights and Remedies Between U.C.C. Article 9 Secured Parties with Conflicting Security Interests in Goods Skip over navigation
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Copyright (c) 1983 Iowa University
Iowa Law Review

ARTICLE: Rights and Remedies Between U.C.C. Article 9 Secured Parties with Conflicting Security Interests in Goods

January, 1983

68 Iowa L. Rev. 217

Author

Steve H. Nickles *

Excerpt

Debtors sometimes give security interests in the same property to several different creditors. Often, however, the property's value is insufficient to support fully the multiple interests. Consequently, the relative priority of these interests becomes an important issue if the debtor defaults. Article 9 of the Uniform Commercial Code 1 has a complete set of rules for determining the priority of conflicting security interests in the same personal property. 2 Yet, Article 9 fails altogether to explain the privileges of priority.

The principal purpose of this Article is to examine a secured party's rights and remedies when a subordinate secured party asserts control over goods in which both creditors have Article 9 security interests. 3 A secured party is subordinate or junior when another creditor's security interest is accorded priority under the provisions of Article 9. This Article is not concerned with the rules that determine priority between competing secured parties. Rather, it examines the circumstances under which, and the means by which, a secured party's interest can be enforced against a junior secured party who has taken the collateral from the debtor.

Section I of this Article explains the doctrinal basis for allowing a secured party to repossess collateral from a junior secured party in possession of the property. 4 Section II deals generally with a senior secured party's correlative right to dispose of repossessed collateral notwithstanding the existence of a subordinate security interest in the property. 5 This section also details the duties that a foreclosing ...
 
 
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