LAW 622: Secured Transactions, 3 credits
Course Syllabus, Summer 2021
Professor Coordes
Phone: (480) 965-8976; Email: laura.coordes@asu.edu
Virtual Office Hours: by appointment. Simply send me an email with a few times that you
are available, and we will set something up. These will take place using Zoom. I am always
happy to correspond with you throughout the course.
Course Objectives: In this course, you will be introduced to the main types of secured
transactions prevalent today.
Learning Outcomes: By the end of this course, you will be able to:
1. Accurately identify and categorize all types of personal property collateral
2. Understand and apply the steps required for formation (attachment) of a security
interest
3. Understand and apply the steps required to properly perfect a security interest and
maintain perfection thereof
4. Determine priority among competing security interests in the same collateral
5. Understand what happens to a security interest upon the sale or disposition of collateral
6. Identify other transactions that fall within the scope of Article 9
7. Understand and apply the remedies available to a secured creditor in the event of a
default
Exams and Grading: Grades are assigned pursuant to Section VII of the Statement of Student
Policies.
This is a pass/fail course. To pass, you must timely complete all readings and watch all
videos. You must timely complete all of the Assigned Problems. When submitting the Assigned
Problems, you must cite to the Uniform Commercial Code in your answers. Please note that I am
assessing the Assigned Problems for completeness, not correctness. You must also post to the
Discussion Board a minimum of eight (8) times as described below. Finally, you must pass a
three-hour final examination at the end of the course.
Five or more “deductions,” as defined below, constitute a failing grade:
•1 deduction for the first 24 hours submission of the Assigned Problems is late (i.e., from 1
second up to 24 hours); an additional 1 deduction, for a total of 2 deductions, for the next
24 hours (i.e., 24 hours and 1 second to 48 hours); an additional 1 deduction, for a total
of 3 deductions, for any Assigned Problems submitted more than 48 hours late or not
turned in at all. Note that assignment due dates follow Arizona Standard
Time.
•1 deduction for lack of a good-faith effort on the Assigned Problems. I will notify you if,
in my discretion, the submission evidences a lack of good-faith effort. Repeated failure to
cite to UCC provisions in answers and repeated one-word answers are non-exclusive
examples of lack of good-faith effort.
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• 1 deduction for each failure to meet the minimum number of posts to the Discussion
Board. For example, if you post seven times instead of eight, you will receive 1 deduction;
if you post six times instead of eight, you will receive 2 deductions, and so on.
• 5 deductions for lack of a good-faith effort on the exam (that is, “failing” the exam). A
failing exam does not demonstrate minimum competence with the learning outcomes
(see above) for this course.
Required Materials:
• PROBLEMS AND CASES ON SECURED TRANSACTIONS, James Brook (3rd ed., Wolters Kluwer
2016)
• A statutory supplement that includes the Uniform Commercial Code (“UCC”) and its
Official Comments. I strongly recommend purchasing a hard copy, although you are
free to use a Web-based version if you choose. If you do purchase a hard copy, I
recommend SELECTED COMMERCIAL STATUTES, Chomsky, Kunz, Schiltz, and Tabb (West).
Any edition from 2017 forward will be fine for our purposes. If you choose to use a Web-
based version, please make sure you are able to access the Official Comments, as they are
often part of your assigned reading.
Recommended Reading:
• If you would like to take a deeper dive into this topic, a good source to consider is
UNDERSTANDING SECURED TRANSACTIONS, Lawrence, Henning, and Freyermuth
(LexisNexis 2012).
• The EXAMPLES & EXPLANATIONS for this subject (written by James Brook, our casebook
author) is also a useful resource for additional practice problems. It is published by
Wolters Kluwer, and the latest edition is the 6th, published in 2013.
Academic Integrity: The College of Law’s Honor Code lists specific conduct that is prohibited,
including plagiarism, and students are obligated to understand and read those rules.
Slides: Slides are used in the Lecture and Assigned Problems videos. They will be available to
you on Canvas after the class in which they are used.
Preparation: Prior to reviewing the Lecture videos in each Unit, do the assigned reading. At
times, you may also be asked to look over certain problems before viewing the Lecture. Please
note that when the casebook asks you to read parts of the UCC in the Preparation
section, you are expected to do so and to be familiar with those UCC provisions
prior to viewing the Lecture video.
Lectures: After you have completed the assigned reading, watch the Lecture video for that
chapter. I strongly suggest watching the videos with the UCC in hand so that you can pause the
video to look up the sections referenced if you don’t know what they are.
Assigned Problems: After each Lecture, complete and submit the Assigned Problems. When
answering the assigned problems, always cite to the relevant UCC provision (or case) to justify
your answer. This course is ultimately about the statute, and you should get used to reading and
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citing to the statute from the very first problem set. Once you have submitted the Assigned
Problems, you will be able to unlock the explanatory video for those problems.
Discussions: The purpose of the Discussion Board in this course is to help each other gain a
better understanding of the subject matter. Students must post to the Discussion Board a
minimum of eight (8) times during the course. You should post to the Discussion Board in one
of three ways:
1. You may post a question that you have that you would like feedback or input on from
other students. (For example, you might post, “Could someone please explain UCC §9-
103?” or “Does anyone have a good example of types of collateral that would qualify as
inventory?”)
2. You may respond to a question directly. You may also respond to feedback that other
students give.
3. You may post a link to a case, news article, or other information that relates to our study
of Secured Transactions, along with a short explanation of why the link you are posting is
relevant.
I will also be monitoring the Discussion Board and will add my thoughts and comments as
needed or desired.
Please note that you are not being graded on the quality of questions or responses that you give.
This means that you should feel free to ask questions that would be helpful to your
understanding of the course. I want to see that you are engaging with the material enough to be
able to ask questions about it, but there is no judgment about whether a question is “smart” or
“dumb,” “good” or “bad.” The same goes for the feedback. I will correct any feedback that is
misguided, but an honest attempt to answer another student’s question or to provide a relevant
example is all that is required.
The Discussion Board is intended to be a professional center of collaboration, as well as a way
for me to see how you are engaging with the material. Please use it professionally and
responsibly.
Practice Problems: At the end of nearly every topical unit, I will release practice problem sets
and answer keys. Completion of these problem sets is completely optional and for your benefit
and extra practice only. These practice problems do not count toward your grade in any way and
are there simply to give you extra practice should you want it. Although I have indicated on the
syllabus when I recommend you complete these practice problems, you may complete them at
any time you wish during the course. These problems are distinct from the Assigned
Problems that are provided for in every Unit!
Course Review: The last Lecture video is a high-level course review. There is no new
substantive content in that lecture.
Disability Accommodations: Per College of Law and university policies,
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The College of Law will provide reasonable accommodations for students with
documented disabilities. College of Law accommodations can be made after the student
requesting accommodations has met with the Disability Resource Center staff and
eligibility has been established. Accommodations that fundamentally alter the
prescribed course of studies must be approved by the College of Law. Students with
disabilities that require accommodation(s) and/or adjustments should contact the
College of Law Assistant Dean for Academic Affairs in order to make arrangements for
reasonable accommodations.
Title IX: Title IX is a federal law that provides that no person be excluded on the basis of sex
from participation in, be denied benefits of, or be subjected to discrimination under any
education program or activity. Both Title IX and university policy make clear that sexual
violence and harassment based on sex is prohibited. An individual who believes they have been
subjected to sexual violence or harassed on the basis of sex can seek support, including
counseling and academic support, from the university. If you or someone you know has been
harassed on the basis of sex or sexually assaulted, you can find information and resources at
https://sexualviolenceprevention.asu.edu/faqs.
As a mandated reporter, I am obligated to report any information I become aware of regarding
alleged acts of sexual discrimination, including sexual violence and dating violence. ASU
Counseling Services, https://eoss.asu.edu/counseling, is available if you wish to discuss any
concerns confidentially and privately.
Syllabus Revisions: Information in this syllabus, other than grading and attendance policies,
is subject to change with reasonable notice.
Copyright Material: Pursuant to § 304-06 of the Academic Affairs Manual, “all contents of
the lectures, including written materials distributed to the class, are under copyright
protection.”
In accordance with ACD 304-10, students must refrain from uploading to any course shell,
discussion board, or website used by the course instructor or other course forum, material that
is not the student’s original work, unless the students first comply with all applicable copyright
laws; faculty members reserve the right to delete materials on the grounds of suspected
copyright infringement.
Course Outline and Reading Assignments
“Brook” refers to the casebook
Unit 0: Welcome
• Watch introductory video
• Read the syllabus carefully; reach out with any questions
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Unit 1: Introduction to Article 9; Collateral Classification; Security Agreements
Complete the following by June 5:
• Module 1:
o Read Brook Chapter 1: The Typical Secured Transaction & Problems 1.1, 1.3
o Watch Chapter 1 Lecture Video
o Do Assigned Problems: 1.2 & 1.4
o Watch Assigned Problems Chapter 1 explanatory video
o Read Brook Introduction Part A (“The Unsecured Creditor”) & Chapter 2: Types
of Goods
o Watch Chapter 2 Lecture Video
o Do Assigned Problems: 2.1, 2.2, 2.3, 2.4 & 2.5
o Watch Assigned Problems Chapter 2 explanatory video
• Module 2:
o Read Brook Chapters 3 & 4: Intangibles and Quasi-Intangibles, Types of
Investment Property
o Watch Chapters 3 & 4 Lecture Video
o Do Assigned Problems: 3.1, 3.2, 3.3, 3.4, 3.5, 3.6, 3.7, 3.8, 4.1, 4.2, 4.3 & 4.4
o Watch Assigned Problems Chapters 3-4 explanatory video
o Read Brook Chapter 5: The Security Agreement
o Watch Chapter 5 Lecture Video
o Do Assigned Problems 5,1, 5.2, 5.3 & 5.4
o Watch Assigned Problems Chapter 5 explanatory video
*Optional: Complete Problem Set 1
Unit 2: Attachment; PMSIs; Perfection
Complete the following by June 14:
• Module 3:
o Read Brook Chapter 6: Value Given and Debtor’s Rights in Collateral
o Watch Chapter 6 Lecture Video
o Do Assigned Problems: 6.1, 6.2, 6.3 & 6.4
o Watch Assigned Problems Chapter 6 explanatory video
o Read Brook Chapter 7: Introduction to PMSIs, Problems 7.1 & 7.2
o Watch Chapter 7 Lecture Video
o Do Assigned Problems: 7.3 & 7.4
o Watch Assigned Problems Chapter 7 explanatory video
• Module 4:
o Read Brook Chapter 8: Further Issues Regarding the PMSI
o Watch Chapter 8 Lecture Video
o Do Assigned Problems: 8.1
o Watch Assigned Problems Chapter 8 explanatory video
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o Read Brook Introduction Part B (“The Bankruptcy Process”) & Brook Chapter 9:
Perfection, Problems 9.1 9.2 & 9.3
o Watch Chapter 9 Lecture Video
o Do Assigned Problems: 9.4, 9.5 & 9.6
o Watch Assigned Problems Chapter 9 explanatory video
*Optional: Complete Problem Set 2
Unit 3: The Financing Statement; Other Methods of Perfection
Complete the following by June 23:*
• Module 5:
o Read Brook Chapter 10: Financing Statement
o Watch Chapter 10 Lecture Video
o Do Assigned Problems: 10.1, 10.2, 10.3, 10.4, 10.5, 10.6, 10.7, 10.8, 10.9 & 10.10
o Watch Assigned Problems Chapter 10 explanatory video
o Read Brook Chapters 11 & 12: The Filing Process, Problem 11.1, Later Filings &
Changes
o Watch Chapters 11-12 Lecture Video
o Do Assigned Problems: 11.2, 11.3, 11.4, 11.5, 11.6, 12.1, 12.2, 12.3, 12.4, 12.5, 12.6,
12.7 & 12.8
o Watch Assigned Problems Chapters 11-12 explanatory video
• Module 6:
o Read Brook Chapter 13: Perfection by Possession & Problem 13.1
o Watch Chapter 13 Lecture Video
o Do Assigned Problems: 13.2, 13.3, 13.4 & 13.5
o Watch Assigned Problems Chapter 13 explanatory video
o Read Brook Chapters 14 & 16: Automatic Perfection, Problem 14.1, Perfection by
Control, Problem 16.1
o Watch Chapters 14 & 16 Lecture Video
o Do Assigned Problems: 14.2, 14.3, 14.4, 14.5, 16.2, 16.3, 16.4, 16.5 & 16.6
o Watch Assigned Problems Chapters 14 & 16 explanatory video
*Note: if you don’t have a state in mind for the problems that call for one, you can review
Arizona’s filing requirements and search logic by consulting these sites:
• https://azsos.gov/business/uniform-commercial-code-ucc
• https://apps.azsos.gov/apps/ucc/search/ (Tip: click on the “Help” link in the upper
right-hand corner)
**Optional: Complete Problem Set 3
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Unit 4: Priority; Fixtures; Survival of the Security Interest
Complete the following by July 2:
• Module 7:
o Read Brook Chapter 18: Basic Rules, Problems 18.1, 18.2 & 18.5
o Watch Chapter 18 Lecture Video
o Do Assigned Problems: 18.3, 18.4 & 18.6
o Watch Assigned Problems Chapter 18 explanatory video
o Read Brook Chapter 19: PMSI Priority & Problem 19.1
o Watch Chapter 19 Lecture Video
o Do Assigned Problems: 19.2, 19.3 & 19.4
o Watch Assigned Problems Chapter 19 explanatory video
• Module 8:
o Read Brook Chapter 21: Fixtures
o Watch Chapter 21 Lecture Video
o Do Assigned Problems: 21.1, 21.2, 21.3, 21.4, 21.5, 21.6, 21.7 & 21.8
o Watch Assigned Problems Chapter 21 explanatory video
o Read Brook Chapter 24: Survival
o Watch Chapter 24 Lecture Video
o Do Assigned Problems: 24.1, 24.2, 24.3, 24.4, 24.5, 24.6 & 24.7
o Watch Assigned Problems Chapter 24 explanatory video
*Optional: Complete Problem Set 4
Unit 5: Proceeds; Leases; Other Article 9 Transactions
Complete the following by July 11:
• Module 9:
o Read Brook Chapter 25: Proceeds
o Watch Chapter 25 Lecture Video
o Do Assigned Problems: 25.1, 25.2, 25.3, 25.4 & 25.5
o Watch Assigned Problems Chapter 25 explanatory video
o Read Brook Chapter 26: Proceeds Continued, Problems 26.1 & 26.2
o Watch Chapter 26 Lecture Video
o Do Assigned Problems: 26.3, 26.4, 26.5 & 26.6
o Watch Assigned Problems Chapter 26 explanatory video
• Module 10:
o Read Brook Chapter 28: Leases of Goods
o Watch Chapter 28 Lecture Video
o Do Assigned Problems: 28.1 & 28.2
o Watch Assigned Problems Chapter 28 explanatory video
o Read Brook Chapter 29: Other Transactions, Problems 29.1, 29.7 & 29.8
o Watch Chapter 29 Lecture Video
o Do Assigned Problems: 29.2, 29.3, 29.4, 29.5 & 29.6
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o Watch Assigned Problems Chapter 29 explanatory video
*Optional: Complete Problem Set 5
Unit 6: Non-Article 9 Interests; Default, Repossession, and Foreclosure
Complete the following by July 19:
• Module 11:
o Read Brook Chapter 30: Interests Not Covered by Article 9
o Watch Chapter 30 Lecture Video
o Do Assigned Problems: 30.1, 30.2 & 30.3
o Watch Assigned Problems Chapter 30 explanatory video
o Read Brook Chapter 31: Default
o Watch Chapter 31 Lecture Video
o Do Assigned Problems: 31.1 & 31.2
o Watch Assigned Problems Chapter 31 explanatory video
• Module 12:
o Read Brook Chapter 32: Repossession
o Watch Chapter 32 Lecture Video
o Do Assigned Problems: 32.1, 32.2, 32.3, 32.4 & 32.5
o Watch Assigned Problems Chapter 32 explanatory video
o Read Brook Chapter 33: Foreclosure
o Watch Chapter 33 Lecture Video
o Do Assigned Problems: 33.1, 33.2, 33.3, 33.4 & 33.5
o Watch Assigned Problems Chapter 33 explanatory video
Unit 7: Strict Foreclosure and Redemption
Complete the following by July 22:
• Module 13:
o Read Brook Chapter 34: Strict Foreclosure
o Watch Chapter 34 Lecture Video
o Do Assigned Problems: 34.1, 34.2, 34.3, 34.4, 34.5, 34.6 & 34.7
o Watch Assigned Problems Chapter 34 explanatory video
*Optional: Complete Problem Set 6
On or after July 22:
• Watch Review Lecture Video
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