Abstract

http://ssrn.com/abstract=2399495
 


 



U.C.C. Article 9, Filing-Based Authority, and Fundamental Property Principles: A Reply to Professor Plank


Steven L. Harris


IIT Chicago-Kent College of Law

Charles W. Mooney Jr.


University of Pennsylvania Law School

September 1, 2013

Business Lawyer, Vol. 69, Pp. 79-92, Nov. 2013
U of Penn, Inst for Law & Econ Research Paper No. 14-13
Chicago-Kent College of Law Research Paper No. 2014-07

Abstract:     
Uniform Commercial Code Article 9 generally follows the common-law principle that one cannot give rights in property that one does not have (nemo dat quod non habet). In many circumstances, however, Article 9’s priority rules, including its rule awarding priority to the first security interest that is perfected or as to which a financing statement has been filed, trump nemo dat and enable a debtor to grant a senior security interest in property that the debtor previously had encumbered. In this article, Professors Steven Harris and Charles Mooney argue that, properly understood, the first-to-file-or-perfect rule confers upon a debtor the power to create a security interest in accounts and other rights to payment that the debtor has already sold and in which it retains no interest. In doing so, they take issue with Professor Thomas Plank, whose argument to the contrary appeared in the February 2013 issue of The Business Lawyer.

Number of Pages in PDF File: 15

Keywords: Article 9, UCC, security interests, priority, first-to-file-or-perfect, nemo dat

JEL Classification: K11, K20

Accepted Paper Series


Download This Paper

Date posted: February 22, 2014 ; Last revised: June 23, 2014

Suggested Citation

Harris, Steven L. and Mooney, Charles W., U.C.C. Article 9, Filing-Based Authority, and Fundamental Property Principles: A Reply to Professor Plank (September 1, 2013). Business Lawyer, Vol. 69, Pp. 79-92, Nov. 2013; U of Penn, Inst for Law & Econ Research Paper No. 14-13; Chicago-Kent College of Law Research Paper No. 2014-07. Available at SSRN: http://ssrn.com/abstract=2399495

Contact Information

Steven L. Harris
IIT Chicago-Kent College of Law ( email )
565 W. Adams St.
Chicago, IL 60661-3691
United States
(312) 906-5218 (Phone)
(312) 906-5280 (Fax)
Charles W. Mooney Jr. (Contact Author)
University of Pennsylvania Law School ( email )
3501 Sansom Street
Philadelphia, PA 19104
United States
Feedback to SSRN


Paper statistics
Abstract Views: 145
Downloads: 45

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo1 in 0.454 seconds