‘Shoot the Moon’: True Sales Versus Secured Loans

Practitioners may have a tendency to think of Uniform Commercial Code Article 9 as applicable just to secured financings. But as many of us are often reminded, Article 9 also governs sales of certain assets. UCC §9-109 details the different types of transactions that are subject to the purview of UCC Article 9. Among those are sales of accounts, chattel paper, payment intangibles and promissory notes.