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Illinois Secured Transactions Under Article 9 of the Uniform Commercial Code: Forms and Practice Manual

by J. Mark Fisher, Esq. and Scott E. Pickens, Esq.

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  • Updated annually
  • 2 volumes, 1190+ pages, 130+ forms
  • ISBN #1-57400-067-5
  • Includes a forms CD

Illinois Secured Transactions Under Article 9 of the Uniform Commercial Code: Forms and Practice Manual

Illinois Secured Transactions Under Article 9 of the Uniform Commercial Code: Forms and Practice Manual

Prominent Illinois attorneys, J. Mark Fisher and Scott E. Pickens, have drawn from their extensive experience to bring you this practical, easy-to-use book, containing a comprehensive collection of all the current rules of Article 9, along with extensive commentaries on how they affect the forms and procedures used in Illinois today.

The First Edition of this forms and practice manual was published in 2000, following the adoption by the Illinois legislature of revised UCC Article 9. Over the course of 14 years, what had been commonly referred to as “Revised Article 9” became firmly entrenched in the legal practice as simply “Article 9.” This Second Edition of Illinois Secured Transactions Under Article 9 of the Uniform Commercial Code: Forms and Practice Manual published in 2015 provides a comprehensive update of the Manual to present an overview of Article 9 for Illinois commercial law practitioners and conveniently provides useful forms on the accompanying CD for your immediate use.

We are dedicated to providing you with the most up-to-date information available and we know that you will find the material in this Second Edition to be both useful and informative. A number of significant additions made in the most recent update include:

  • New and Updated Forms:
    • Collateral Assignment of Insurance of Borrower’s Representations and Warranties in connection with acquisition financing
    • Notice of Default and Reservation of Rights
    • Update to an Amendment and Restatement of Credit Agreement to avoid inadvertent novation
    • Consent to Novation and Release for use in consensual assignment of credit agreement and associated loan facility documents.
  • New Cases in Illinois and neighboring states dealing with Article 9 and related fields bearing on secured transactions, including description of collateral by incorporation by reference to the definition from the security agreement.
  • All Forms in the Manual saved on the accompanying CD.

J. Mark Fisher is a partner at Schiff Hardin, LLP, where he concentrates his nationwide practice in secured and unsecured lending, business reorganization, lender liability litigation and workouts, and creditors’ rights. He was a leader of bar association activities related to the adoption of Uniform Commercial Code (UCC) Article 2A (leasing) and the repeal of UCC Article 6 (bulk sales) in Illinois. He also represented the Illinois Bankers Association as part of the Article 9 Financial Services Coalition to enact revised UCC Article 9 (RA9) 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. Mr. Fisher received his B.A. from Yale University (magna cum laude, with distinction) and his J.D. from the University of Virginia School of Law (Order of the Coif).

Scott E. Pickens is a partner and immediate past Managing Partner at Schiff Hardin, LLP, where he is a member of their Commercial and Corporate Finance Group practicing in the areas of finance, bankruptcy, restructuring, and creditors’ rights. 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. Prior to joining Schiff Hardin in 1980, Mr. Pickens served in several positions with the Harris Trust & Savings Bank of Chicago where, among other things, he managed Harris’ asset based lending division. He received his B.S. at the University of Illinois at Urbana-Champaign, his M.B.A. at the University of Chicago, and his J.D. at Loyola University Chicago School of Law (cum laude).

» View Full Table of Contents [PDF]


Chapter 1: Applicable Law and Transition from Prior Law

Chapter 2: Overview and Definitions

Chapter 3: Creating a Security Interest—Attachment—Making the Secured Party's Rights Enforceable Against the Debtor

Chapter 4: Perfection

Chapter 5: Financing Statement Mechanics

Chapter 6: Prevailing Against Others

Chapter 7: Particular Types of Collateral

Chapter 8: Proceeds

Chapter 9: Changes after Closing

Chapter 10: Third Parties—Account Debtors

Chapter 11: Enforcement

Chapter 12: Secured Party's Obligations

Chapter 13: Penalties Against Secured Parties

Chapter 14: Evaluating a Workout Situation: Issues and Options

Chapter 15: Forms



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