SUPPLEMENT UPDATE: Illinois Secured Transactions Under Article 9 of the Uniform Commercial Code: Forms and Practice Manual November 2023 (2.8)

by J. Mark Fisher, Esq. and Scott E. Pickens, Esq (2023)

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SUPPLEMENT UPDATE: Illinois Secured Transactions Under Article 9 of the Uniform Commercial Code: Forms and Practice Manual November 2023 (2.8)

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J. Mark Fisher is a partner in ArentFox Schiff LLP and the leader of its bankruptcy and creditors’ rights practice. He is a graduate of Yale College, Phi Beta Kappa and magna cum laude. He received his law degree from the University of Virginia, where he was an editor of the Virginia Law Review and the recipient of the Traynor Award for the ablest oral argument in the moot court competition.

For 44 years, Mr. Fisher has had a national practice in the documentation and enforcement of secured transactions and leases. He is admitted to practice before the Illinois Supreme Court, the United States Supreme Court and numerous federal courts of appeal, district courts and bankruptcy courts around the country. Mr. Fisher has won national awards in the field of alternative dispute resolution and service to the lending industry for the preparation of an intercreditor agreement among distribution finance companies to resolve their previously frequent disputes in the financing of dealers in many billions of dollars of annual transactions.

He participated in the legislative effort to enact UCC Article 2A (leases) and to repeal UCC Article 6 (bulk sales) in Illinois. Most recently, Mr. Fisher led the successful effort of the Illinois Article 9 Financial Services Coalition to enact Revised UCC Article 9 in Illinois while conforming it to existing Illinois law favorable to lenders. He is a frequent writer and lecturer on these topics. For his work on Revised Article 9, the Illinois Banker’s Association awarded Mr. Fisher its 2000 Distinguished Bank Counsel Award. Mr. Fisher also has been recognized as an Illinois “Leading Lawyer,” “Super Lawyer,” one of the Best Lawyers in America, and a member of the American College of Commercial Finance Lawyers.).

Scott E. Pickens is a partner in Schiff ArentFox, LLP's Commercial and Corporate Finance Group. He concentrates his practice in the areas of corporate, securities, and commercial law, especially in the representation of creditors in financing transactions. He has represented major insurance companies, commercial banks, and asset-based lenders in a variety of financing transactions and "workouts." He also is a member of the firm's Executive Committee and recently served as its Managing Partner.

Prior to joining the firm in 1980, Mr. Pickens was an Assistant Vice President of the Harris Trust & Savings Bank of Chicago. His last position at that bank was Interim Manager in charge of the asset-based lending division. Prior to joining the Harris Trust & Savings Bank in 1974, Mr. Pickens served as Financial Analyst and Supervisor of Disbursements for Nalco Chemical Company.


ArentFox Schiff LLP

For over 150 years, ArentFox Schiff LLP and its predecessor Schiff Hardin LLP have been a leading business law firm. Its 800 attorneys are principally based in Chicago and Washington D.C. with other offices in Ann Arbor, Boston, Los Angeles, New York City, San Francisco, and Lake Forest, Illinois.

ArentFox Schiff LLP’s capabilities and experience long have focused on secured transactions and financing by indenture trustees, banks, finance companies, mezzanine funds and insurance companies. The firm’s documentation experience includes secured and unsecured loans, financing of aircraft, rolling stock, equipment leasing, private placements, securitizations, leveraged transactions and acquisition financing. Clients also benefit from the firm complementary experience in regulation of banks and savings and loans, merger and acquisition, healthcare, international trade, intellectual property, taxation, computer and internet law, class action defense and general litigation. The firm’s financing practice is complemented by its national bankruptcy and insolvency practice to handle the enforcement and recovery on secured credits in bankruptcies, receiverships, foreclosures, and assignments for the benefit of creditors.


Important features of this year's supplement include:

  • New and Updated Forms:
    • Inducement Agreement for sharing proceeds of collateral with private equity sponsor to keep sponsor engaged in management through going concern sale of borrower;
    • LLC Agreement with modifications compatible with Inducement Agreement;
  • Summary of 2022 UCC Amendments to Articles 1 and 8 and New Article 12 regarding the definition, perfection by control and priority of security interests in electronic forms of accounts, money, chattel paper and payment intangibles and assets held by securities intermediaries. While not yet introduced in Illinois, they are enacted in 10 states and introduced in 18 states with a common effective date of July 1, 2025.


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