As case law exposes costly and needless drafting errors and as courts wrestle with applying a complex law to increasingly intricate deals, Hillman on Documenting Secured Transactions: Effective Drafting and Litigation aims to share best practices in documenting secured transactions within the broad legal framework and to maintain its role as the leading practical guide for attorneys drafting and litigating under Article 9 of the Uniform Commercial Code. 

Updated content from the new release includes:

• Expanded § 2:4, Rights in the Collateral, explains that a debtor may not grant a security interest in property that is in custodia legis even if the property belongs to the debtor.
• Expanded § 3:8.2, Leases Under Current Law, discusses how excise tax cases may provide useful guidance on whether the economic realities of the transaction make it a lease or a secured loan.
• Expanded § 14:3, Generic and Other Broad Descriptions, explores the risks in using terms that are similar, but not the same as, the Code generics.
• Expanded § 19:2.2, The Superior Rights of Purchase-Money Secured Parties, explains that the starting date of the twenty-day clock for a PMSI claimant to perfect depends on whether the debtor receives the goods in a single lot or in multiple lots on different days.

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