Uniform Commercial Code (UCC)

News & Analysis as of

En Banc CAFC Requires UCC Sale For On Sale Bar

In an en banc decision issued in The Medicines Company v. Hospira, Inc., the Federal Circuit determined that in order for a commercial transaction to trigger the on-sale bar of § 35 USC 102(b), it must “bear the general...more

Enforcing Personal Guaranties

You might wonder whether lenders can enforce a guaranty of a loan from an individual or entity that has no formal connection with the borrower, i.e. someone who is not an owner or affiliated company. Generally, the answer is...more

Insights North Carolina Adopts Additional Creditor Protections for the Full Payment Check Law

For years, businesses and individuals in North Carolina have quietly settled unliquidated or disputed debts in good faith by tendering a check or other negotiable instrument in full satisfaction of the claim under the common...more

Patent Law: Making On-Sale Bar Jurisprudence Coherent

“Rather than rest our decision on formalities, our focus is on what makes our on-sale bar jurisprudence coherent: preventing inventors from filing for patents a year or more after the invention has been commercially marketed,...more

Federal Circuit Rules for The Medicines Company in Patent Litigation

In an en banc decision on July 12, 2016 in The Medicines Co. v. Hospira, Inc., the Federal Circuit established the circumstances under which a product manufactured according to product-by-process claims is invalid under the...more

Collateral 101: Perfecting Security Interests in Common and Uncommon Collateral

As most people (at least in the banking world) know, a security interest is the granting of an interest in property to secure obligations, usually loan debt. If the borrower defaults under its obligations, the bank can...more

Federal Circuit Clarifies the “Commercial Offer for Sale” Prong of the On-Sale Bar

On July 11, 2016, a unanimous Federal Circuit en banc affirmed that The Medicines Company’s (“TMC”) use of third-party contract manufacturing services did not invalidate U.S. Patent Nos. 7,582,727 and 7,598,343 (the...more

No Sale: Unanimous Federal Circuit Says “Commercial Sale,” Not “Commercial Benefit,” Applies to the Patent Act’s On-Sale Bar for...

On July 11, 2016, in The Medicines Co. v. Hospira, Inc. (Case Nos. 2014-1469, -1504), the en banc Federal Circuit unanimously concluded that “to be ‘on sale’ under § 102(b), a product must be the subject of a commercial sale...more

Federal Circuit Defines Commercial Sale For ‘On-Sale’ Bar

Unanimous en banc Federal Circuit holds that on-sale bar only applies where a commercial sale “bears the general hallmarks of a sale.” On July 11, in a unanimous en banc ruling, the full US Court of Appeals for the...more

Loan Enforcement and Creditors’ Rights

At times, lenders lose the promissory notes on defaulted loans. Lost notes are problematic because, in order to have standing to foreclose, a lender may be required in many states, including in New York, to possess the...more

Don’t Find Yourself SOL: Know Whether the Statute of Limitations Applies to Your Arbitration

Statutes of limitations provide peace of mind for many attorneys and clients, knowing previous conduct cannot lead to liability after a prescribed time period. But, do statutes of limitations apply to arbitration proceedings?...more

Blockchain Technology, Finance and Securitization

Imagine a perfect world where every financial transaction has an electronic chain of proof of title and a history of all prior owners. This is the world of blockchain technology – a world that already exists for Bitcoin, and...more

The Model Form JOA in Hard Times (and Farewell, Rally Possum)

Good morning class. Welcome to an advanced course on what can go wrong with the Model Form just when you need it. FIRST CASE - Do you know where to file your UCC financing statement?...more

MBHB Snippets: A review of developments in Intellectual Property Law - Volume 14, Issue 2 (Spring 2016)

Pre-AIA and Post-AIA Issues Presented by the On-Sale Bar - The “on-sale” bar to patentability refers to a sale or offer for sale of an invention that can invalidate the patent for that invention. The...more

Pre-AIA and Post-AIA Issues Presented by the On-Sale Bar

The “on-sale” bar to patentability refers to a sale or offer for sale of an invention that can invalidate the patent for that invention. The America-Invents-Act (AIA), which altered the language in the statutes that apply to...more

Uniform Voidable Transactions Act Signed Into Law by Iowa Governor

Iowa Code 674 Uniform Fraudulent Conveyance Act amendments were signed by the Iowa Governor on March 31, 2016. A successor to the Uniform Fraudulent Transfer Act (UFTA), this newly-signed Act is now known as the Uniform...more

No Variation Clauses: Worth the Paper They're Written On?

In Globe Motors v TRW Lucas Varity Electric Steering, the English Court of Appeal has considered the effect of 'no variation' clauses that stipulate the formalities required for any subsequent amendment to the parties'...more

Foreclosure of Mortgage Securing Electronic Promissory Note Affirmed

Florida’s Fourth District Court of Appeal recently issued its mandate in Rivera v. Wells Fargo Bank, N.A. confirming the finality of its decision to uphold the enforcement of an electronic promissory note (“e-note”) in a...more

Deposit Account Control Agreements. Who Needs Em?

You just got your committee approvals for a new relation. It is a borrower you have been after for some time. Approvals are fairly standard and call for a secured credit facility with a priority all business asset lien....more

Dot Your “I”s and Cross your “T”s: When It Comes to Perfecting Your Security Interest

It always starts so easy. Borrower comes in and wants to borrow money. Lenders want some form of collateral to secure (potentially) a loan and the Borrower happily agrees to provide, or pledge, collateral to secure a loan. ...more

Lending Risks Associated with Virtual Currencies

The use of virtual currencies, which seemed novel just three years ago, continues to increase and gain momentum with consumers and in various business channels. As this use continues to expand, lenders may increasingly...more

International Sales Contracts: Square Peg, Round Hole

The purpose of a sales contract is to define the parties’ obligations and to optimize outcome if a dispute arises. As such, a contract is a tool to manage risk and prevent loss. The good news is the vast majority of...more

Ontario PPSA Amendments – Is there greater harmony with the UCC?

At the end of last year, I received bulletins from Ontario law firms alerting that the amendments to the Ontario Personal Property Security Act (“PPSA”) changing the definition of the “location” of the debtor in the PPSA...more

US Equipment Leasing and Finance Legal Update – February 2016

1) Implied Warranties for Leased Goods, 2) Recent Changes to the California Finance Lenders Law, 3) Of note – IASB issues IFRS 16 Lease Accounting Standard - The US Equipment Leasing and Finance Legal Update is provided...more

When Worlds Collide: Article 2 of The Uniform Commercial Code and Chapter 11

Picture the scene: You have just received word that your customer has filed Chapter 11. You had followed my advice (see article Reducing a Customer’s Accounts Receivable in the Zone of Insolvency), and put the customer on a...more

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