SUPPLEMENT UPDATE: Arizona Secured Transactions Under Article 9 of the Uniform Commercial Code: Forms and Practice Manual

by Douglas R. Chandler (2024)

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SUPPLEMENT UPDATE:  Arizona Secured Transactions Under Article 9 of the Uniform Commercial Code: Forms and Practice Manual

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Douglas R. Chandler retired from active law practice in 2018. He most recently practiced in Phoenix as Douglas R. Chandler, Lawyer, PLC. Before that, he practiced at the Phoenix of̀ ce of Sherman & Howard, at its predecessor, Mohr Hackett Pederson Blakely & Randolph, PC, and for over 34 years at Lewis and Roca LLP. His practice emphasized real estate and commercial transactions, including both real property and personal property foreclosures and workouts as well as sales and purchases of all varieties of real estate, leasing, ̀ nancing and development of commercial and residential projects and related infrastruc-ture. He served as a consultant and expert witness in both professional liability cases, and in lawsuits involving questions of both real estate law and secured trans- actions customary practices, and on behalf of both plaintiffs and defendants. He has particular experience in “third-party opinion practice,” real estate and asset- based secured lending, foreclosures and workouts, and operations and regulation of ̀ nancial enterprises and institutions. He has been a member of State Bar of Arizona committees or subcommittees dealing with the extensive 1984 revisions to the deed of trust laws, the creation of the Arizona Condominium Act, and the preparation of the 1989 report entitled Rendering of Legal Opinions in Business Transactions, and in the writing of its successor report entitled First Amended and Restated Report of the State Bar of Arizona Business Law Section Committee on Rendering Legal Opinions in Business Transactions, dated October 20, 2004 (available through the State Bar of Arizona, Business Law Section, website at http://myazbar.org). He served as Council member and Secretary/Treasurer of the Real Property Section of the State Bar of Arizona from 1986 to 1989. He is a graduate of the University of San Francisco, B.A., where he was elected to Alpha Sigma Nu, the national Jesuit honorary society, and the University of Michigan Law School, J.D., where he was an Administrative Editor of the Michigan Law Review.. 

Important features of this year's supplement include:

  • Late 2022/mid-2023 developments relating to the pending “2022 Amendments” that are making their way through the various states and jurisdictions in the national adoption process.
  • PEB Commentary 27, the “final form” addressing injunctive relief, and two new draft Commentaries regarding (i) aspects of buyer-in-ordinary-course-of-business in Article 9 and (ii) permissible collateral descriptions of Investment Property.
  • Other developments regarding Virtual Currency or Money as collateral (under both current (and future) Article 9 and anticipated new Article 12.
  • Other notable case law developments, especially as impacted by the 2022 Amendments.
  • Updated and expanded citations in Chapter 16 (new crypto sub-section— “DYOR”).
  • New Form 106-B: a detailed, “full-bore” Term Loan Agreement intended to support a major lending transaction, with emphasis on the lending “Obligations” of the Parties.

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