I. "Co11lnurcinl Reasonnbulli!ss" - Each aspect of the foreclosure sale must be
"commercially reasonable." Rev. 9-610(b); Ark. Code Ann. 9-610(b). A low price alone does not render a sale not "commercially reasonable," bur such a price suggests that a court should carefully scrutinize all pares of the disposition. Rev.
9-610; Ark. Code Ann. 9-610. j. "Good Fai,h" - The definition of "good faith" in RA9 is consistenc with the revisions to other UCC articles, and includes "honesty in faCt and the observance of reasonable commercial standards of fair
dealing." Rev. 9-102(a)(43). SUMMARY: (I) Revised Article 9 broadens irs scope as to what may be encumbered pursuant to it, and expands certain existing categories, notably "accounes."
III. Ilf III. III III III III III III III III. III III III III III III. III III. III.
Arkansas Bar Association CLE Calendar FALL LEGAL INSTITlTTE
HEALlll LAw SECIlON SEMINAR
Ftiday. Oerober 26, 200 I
VIDEO CoNFERENCE - REGIONAL SITES
Town Center
February 8 TBA
Fayeneville, Arkansas Update by Professors Track I - Business law Track 2 - Technology
51ll DISTRICT TRIAL PRAGncr February 15. 2002 Fordyce
(2) It expands me definition of "proceeds."
BRIDGING THE GAP
cover distributions on stock and licensing proceeds. with the same result. (3) It extends me Article 8 concept of "control" ro deposit accounts and letters of credit.
November 1-3,2001 UALR Bowen School of Law Linle Rock
(4) Ir expands the definition of "purchase
CML LITIGATION SYMPOSIUM
to
money security interest" and clarifies priotities among competing PMSI lenders, although at the cost of less certainty in traditional crop production lending. (5) It makes perfection easier by permitting filing on instruments, by reducing the need for an inked debtor signature, by
simplifYing where
to
file. and clarifYing the
rules on collateral descriptions. (6) It eliminates local filing except for fixtures, timber and agricultural products, and standardizes forms and rules for central
41ST ANNUAL NATURAL REsoURCES LAwlNSTITlTTE
February 20-23, 2002 Arlington Hotel, Hot Springs
DISCOVERY AND FlUNG December 7.2001 UALR Bowen School of Law Linle Rock
ANNUAL MEETING
June 12-15.2002 Arlington Hotel Hot Springs
ELECfRONIC
40TH ANNUAL FEDERAL TAX INSTITlTTE
December 13-14,2001 DoubleTree Hotel Little Rock
BEST OF CLE June 24-28. 2002 UALR Bowen School of Law Little Rock THE
Seminars scheduled for March, April and May appear on the Arkansas Bar Association web sire, www.arkbar.com
filings. (7) It encourages certainty and uniformity in foreclosure situations.
(8) It makes collateral more easily pledgable. including deposit accounes. (9) It provides for a manageable transition
period. Once fully implemented. Revised Article 9 will benefit lenders and borrowers alike (but generally nOt trustees in bankruptcy) .•
5TH ANNUAL BANKRUPTCY-
DEBTOR/CREDITOR LAw INSTITlTTE
January II. 2002 Fayetteville
MID-YEAR MEEnNG January 24-26, 2002 Peabody Hotel Memphis
For mo~ information, contact Virginia Hardgrave, Arkansas Bar Association, 800-609-
5668, 501-375-3957, yh..-dlUave@..-kbar.com OR CHECK OUT THE Cll PAGE at www.arkbar.com