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LAWS 5434. Secured Transactions. 3 Units.

This course deals with Article 9 of the UCC and other legal and equitable rules relating to the use of personal property as security for debts. Topics covered include creation of a security interest (mortgage), rights and obligations of the debtor (mortgagor) and the secured party (mortgagee), priority of interests in the same property, redemption rights of the debtor, and foreclosure of a security interest by the mortgagee. May not be taken by students who have taken or are taking the 4-credit Sales and Secured Transactions course (LAWS 5435). Students who have taken or are planning to take the 3-credit Sales (LAWS 4404) course may enroll.