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Secured Transactions 2013: What Lawyers Need to Know About UCC Article 9

Speaker(s): Darrell W. Pierce, Edwin E. Smith, Kenneth Chin, Kenneth J. Carl (Invited), Kristen V. Campana, Mae R. Rogers, Neil B. Cohen, Penelope L. Christophorou, Sandra S. Stern, Tarik J. Haskins
Recorded on: Jan. 9, 2013
PLI Program #: 41996

Mae Rogers’ practice focuses primarily on general banking and finance matters. She has represented investment banks, hedge funds, private equity funds and borrowers in a variety of complex financing transactions, including syndicated secured and unsecured credit facilities, second lien financings, debtor-in-possession financings and workouts. Ms. Rogers also has advised clients with respect to both consensual and nonconsensual foreclosure proceedings, including public sales conducted in accordance with the Uniform Commercial Code.

Ms. Rogers has represented lenders and borrowers in a variety of industries, including consumer products, retail, energy, airline, technology, automotive, chemical, real estate and financial services.

J.D., New York University School of Law, 2001
    Notes Editor, Journal of Legislation and Public Policy
A.B., cum laude, Duke University, 1998

New York, 2002

New York County Lawyers Association

Neil B. Cohen teaches courses in domestic and international commercial law, contracts, and constitutional law. For two decades, Professor Cohen has been a key participant in major domestic and international law reform projects with respect to commercial transactions. He was the Reporter for Revised Article 1 of the Uniform Commercial Code and for the American Law Institute's Restatement of the Law of Suretyship and Guaranty; in honor of his accomplishments as Reporter for the Restatement, he was named as the Institute’s R. Ammi Cutter Reporter. Professor Cohen currently serves as the Director of Research of the Permanent Editorial Board for the Uniform Commercial Code. He is a Fellow and Regent of the American College of Commercial Finance Lawyers and an adviser for the American Law Institute's Principles of the Law of Software Contracts. In addition he has been a member of several drafting committees for revising various articles of the UCC.

Professor Cohen has been active since 1995 in the modernization, harmonization, and internationalization of the law governing secured credit, serving as a member of United States delegation to the United Nations Commission on International Trade Law for its work on harmonizing and modernizing the law of secured credit and as an Observer for the work of the International Institute for the Unification of Private Law (Unidroit) in its development of principles for international contracts. In 2009, he was named to the United States Department of State’s Advisory Committee on Private International Law. He was formerly a professor of law at Seton Hall University School of Law and has served as a visiting professor at Columbia Law School in 1994 and2009.

Professor Cohen is a well-known lecturer on contract and commercial law issues and is a co-author of one of the leading contracts casebooks. He has published numerous law review articles in the field of commercial law, and has also written in areas as diverse as bankruptcy, medical malpractice, probability and statistics, and baseball and the law.

Edwin E. Smith is a partner in the New York City and Boston offices of Morgan, Lewis & Bockius LLP. He concentrates his practice in general commercial and insolvency law. He has been a member of the teaching faculty at the Morin Center for Banking Law Studies at Boston University Law School, where he has taught secured transactions and transnational lending and trade finance. He has also served as a lecturer on secured transactions at Northeastern University Law School of Law, Harvard Law School and Suffolk Law School. 

As a Uniform Law Commissioner for the Commonwealth of Massachusetts, he has served as a member of the drafting committees for the 1995 revisions of Article 5 (letters of credit) and the 1999 revisions of Article 9 (secured transactions) of the Uniform Commercial Code and as the chair of the drafting committees that formulated the 2002 amendments to Articles 3 (negotiable instruments) and 4 (bank deposits and collections) of the Uniform Commercial Code, the 2010 amendments to Article 9 (secured transactions) of the Uniform Commercial Code, the 2014 amendments to the Uniform Voidable Transactions Act (formerly the Uniform Fraudulent Transfer Act) and the 2018 Amendments to Articles 1, 3, 8 and 9 of the Uniform Commercial Code to address electronic mortgage notes secured by residential real property and registered in a federal registry. He has also served on the drafting committees for the Uniform Certificate of Title Act (2005), the Uniform Assignment of Rents Act (2005), the Uniform Manufactured Housing Act (2012), the Uniform Limited Liability Company Protected Series Act (2017), the Uniform Regulation of Virtual-Currency Businesses Act (2017), and the Uniform Supplemental Commercial Law for the Uniform Regulation of Virtual-Currency Businesses Act (2018). 

He is currently serving as a member of the Permanent Editorial Board for the Uniform Commercial Code and as chair of an American Law Institute/Uniform Law Commission study committee examining whether the Uniform Commercial Code should be amended for emerging technologies. Mr. Smith is a past Chair of the Uniform Commercial Code Committee of the Business Law Section of the American Bar Association and a past member of the Council for the Business Law Section. He also served as a U.S. delegate on the United Nations Convention on the Assignment of Receivables in International Trade and as a U.S. delegate to the United Nations Commission on International Trade Law (UNCITRAL) working group on creating a secured transactions guide for legislation in United Nations member countries. 

He is a member of the American Law Institute, the National Bankruptcy Conference (for which he serves on the executive committee), the American College of Bankruptcy (for which he served as a member on the board of directors and as chair of the Policy Committee) and the International Insolvency Institute and is a past President of the American College of Commercial Finance Lawyers. He is a graduate of Yale University and Harvard Law School.


Darrell Pierce is a member of Dykema’s Corporate Finance group.  He focuses his practice in the areas of commercial and corporate finance law, handling debt finance transactions, restructurings and workouts.  He is a member of the group’s opinion committee, a co-leader of the firm's Lending Team, and supervises the firm’s UCC Filing Team.  He served as a member of the Article 9 Study Committee, as Chair of the Article 9 Filing Project and as a consultant to the International Association of Commercial Administrators in connection with the development of their Model Administrative Rules for Article 9 filing offices.  He serves as Co-Chair of the ABA’s Filing Office Operations and Search Logic Task Force and as Chair of the Uniform Commercial Code Committee for the Business Law Section of the State Bar of Michigan.  Darrell is a member of the American Law Institute and the American College of Commercial Finance Lawyers. 

Kristen V. Campana represents a wide variety of direct and alternative lenders, particularly those involving private sources of capital, including private debt funds, hedge funds, specialty finance companies, business development companies, private equity investors, and issuers in domestic and cross-border financings across the capital structure in connection with acquisitions, leveraged buyouts, convertible debt, equity investments, letters of credit, and project financings.

Kristen has experience in bankruptcy reorganizations and liquidations, work-outs, and distressed debt purchases and sales, as well as second lien and mezzanine financings, and other subordinated debt financings. She represents debtors, debtor-in-possession lenders, pre-petition lenders, and unsecured creditors' committees, as well as other creditors in bankruptcy proceedings. She also advises clients on energy company and real estate restructurings, and provides general credit review analysis for lenders and potential debt purchasers.

Penelope L. Christophorou is counsel at Cleary Gottlieb Steen & Hamilton LLP, based in its New York office.  Ms. Christophorou’s practice focuses on commercial financing, including secured transactions and bankruptcy law, derivative products and structured finance.  She represents leading financial institutions, corporate borrowers, private investment funds and sovereign clients on these matters.

Ms. Christophorou is a frequent speaker at leading conferences on matters involving commercial finance.

Ms. Christophorou has been elected to the American Law Institute, a leading independent organization in the United States producing scholarly work to clarify, modernize, and otherwise improve the law.

Ms. Christophorou is Chair-Elect of the American Bar Association Business Law Section.  From 2009 to 2012, Ms. Christophorou was the chairperson of the Uniform Commercial Code Committee of the ABA’s Business Law Section.  She previously was chairperson of its Investment Securities Subcommittee.

From 2018 to 2019 Ms. Christophorou was President of the American College of Commercial Finance Lawyers, a professional association of lawyers, jurists and academics in commercial finance law.

Ms. Christophorou served as chairperson from 2000 to 2003 of the Uniform State Laws Committee of The Association of the Bar of the City of New York. 

Ms. Christophorou is Vice Chair of the Board of Directors of Citizens Union, a non-profit organization that works to enhance good governance in New York City and New York State.

Ms. Christophorou previously served as a director on the Board of Directors of the Brooklyn Bridge Park Conservancy from 2007 to 2017.

Ms. Christophorou received a J.D. degree, magna cum laude, from Harvard Law School and an undergraduate degree, magna cum laude, from the Georgetown University School of Foreign Service. From 1994 through 1995, Ms. Christophorou served as law clerk to the Honorable Joanna Seybert in the U.S. District Court, Eastern District of New York.

Ms. Christophorou is a member of the Bar in New York.

Admitted: Massachusetts; Minnesota; New York; U.S. District Court, District of Minnesota; U.S. Court of Appeals, Eighth Circuit

Law School: Harvard Law School, LL.B.
College: Goucher College, B.A., highest honors.

In private practice since 1994, concentrating in commercial finance, including secured transactions and letters of credit. Ms. Stern counsels commercial banks and nonbank lenders as well as corporate borrowers.

Previously: Senior Vice President and General Counsel, Banco Santander, 1993-1994. First Vice President and Deputy General Counsel, Republic National Bank of New York, 1980-1993.

Author: “Structuring and Drafting Commercial Loan Agreements” LexisNexis; “Structuring Loan Participations,” A.S. Pratt.

Appointments: Commissioner, Uniform Law Commission, 1992, elected Life Member, 2012; Drafting Committee to Revise Uniform Commercial Code Article 5, Letters of Credit, 1993-; Drafting Committee to Revise Uniform Commercial Code Article 7, Documents of Title, 2000-; Drafting Committee to Revise Uniform Commercial Code Article 9, Secured Transactions, 1994-; Committee to Revise Articles 1,3, and 9 (present);  Drafting Committee on Uniform Money Services Act, 1996-1999; Chair, Study Committee on Payment Systems, 2006-; Uniform Commercial Code Committee, 2010-.

Expert Witness testimony in: Subaru Distributors Corp. v. Subaru of America, Inc., United States District Court, Southern District of New York, 98 Civ. 5566, 2002 Westlaw 413808, March 18, 2002 and In re CRIIMI MAE INC., et. al., United States Bankruptcy Court, District of Maryland, Bankruptcy Case No. 98-2-3115-DK.

Fellow: American College of Commercial Finance Lawyers, 1995-.

Member: The Association of the Bar of the City of New York (Member, Committee on Uniform State Laws, 1999-2005); New York State Bar Association (Chair, Business Law Section, 1998-1999; Chair, Banking Law Committee of Business Law Section, 1990-1994); New York County Lawyers' Association (Chair, Banking Law Committee, 1986-1989); New York State Bankers Association (Member, Lawyers Advisory Committee on Legislation and Regulation, 1990-1993).

Tarik’s practice covers a range of commercial transactions including mergers and acquisitions, secured financings, joint ventures, securitization and business counseling. 

Tarik also provides alternative-entity related advice in the context of transaction and alternative entity litigation.

Tarik also focuses on organizational and operational issues related to limited liability companies, limited partnerships and statutory trusts. In addition, he regularly represents sponsors and conflicts committees of master limited partnerships (MLPs).

He is involved in the preparation of third-party legal opinions in connection with a range of transactional matters, and he regularly counsels other attorneys domestically and internationally on matters relating to Delaware partnerships, limited liability companies and statutory trusts.

Tarik is a member of the Delaware State Bar Association (DSBA) Statutory Trust Committee, responsible for updating the Delaware Statutory Trust Act.

Tarik is a frequent presenter and writer on issues relating to Delaware alternative entity law and secured transactions. In 2021, he contributed the Delaware law chapter in an ABA guidebook on Global Financial Collateral. He also serves as a member of the Editorial Board of Business Law Today, the ABA Business Law Section’s monthly business law publication.

Tarik also serves on the Morris Nichols Executive Committee and Lawyer Development Committee and he chairs the firm’s Diversity Committee.


Law Clerk to the Honorable E. Norman Veasey, Chief Justice, Delaware Supreme Court, 2003-2004


University of Cincinnati College of Law, JD, 2003

University of Cincinnati Law Review, Editor-in-Chief

Clark-Atlanta University, BA, 1998


Delaware, 2003


Chambers USA: Guide to America’s Leading Lawyers, ranked in Delaware M&A and alternative entities, 2019-present

The Legal 500 US, mentioned in M&A commercial, 2019

FLR1000 United States, listed as a leading Delaware attorney, 2020-2021

Lawdragon 500 Leading Dealmakers in America, included for corporate, M&A and finance, 2021


American Bar Association (Business Law Section, Secured Lending Subcommittee of the Commercial Finance Committee (Former Chair), Business Law Today (Managing Editor), Committee on Mergers and Acquisitions, Revised Model Asset Purchase Agreement Task Force, Joint Task Force on Security Interest in LLC and Other Unincorporated Entity Interest)

American Bar Foundation (Fellow)

Delaware Council of Development Finance

Delaware State Bar Association (Statutory Trust Committee and Uniform Commercial Code Subcommittee)

Named the 2021 recipient of the Delaware State Bar Association award for Distinguished Mentoring.

Kenneth Chin counsels and represents lenders and borrowers in connection with corporate and financing transactions.

For over 30 years, Mr. Chin has provided legal and transactional advice to a diverse group of clients, including many of the world’s leading commercial banks; investment banks; debt fund affiliates of major hedge funds and private equity firms; other alternative lenders; and borrowers, in large complex transactions such as leveraged financings, leveraged buyouts, recapitalizations, acquisitions, refinancings, debtor-in-possession financings, workouts and foreclosures.  Mr. Chin’s work on behalf of these clients includes:  secured credit facilities for cash flow loans, asset-based loans and reserve-based loans; bridge loan facilities; second lien facilities; high-yield bond offerings; convertible bond offerings; securitization facilities; insurance premium finance facilities; debtor-in-possession facilities; and mezzanine facilities.

Mr. Chin is an elected member of the American Law Institute.  He is also a regent and fellow of the American College of Commercial Finance Lawyers.  Chambers USA has also recognized him in the areas of banking and finance, lauding him as a lawyer who, according to clients, is “very knowledgeable” and “very creative … in finding solutions,” and who “takes very good care of clients” (Chambers USA 2014).  He was named one of 50 Outstanding Asian Americans in Business by the Asian American Business Development Center.

Mr. Carl focuses on lender and borrower representation in financing transactions (both secured and unsecured), real property acquisitions, loan workouts, and bankruptcy. For the past 32 years, he has worked on financings and acquisitions in dollar amounts ranging from $1 million to over $4 billion involving entities in various industries, including aerospace, engineering, hospitality, gaming, food distribution, retail, entertainment, electronics, agriculture, homebuilding, and self-storage. He is the Co-Chairman of the State Bar of California Opinions Committee and a member of its Steering Committee, has extensive experience in bank regulatory matters, and frequently advises clients regarding California's usury prohibitions (and exemptions).

Mr. Carl received his J.D. from Harvard Law School in 1985. In 1982, he received his A.M. and A.B. (with honors), both in Economics, from the University of Chicago. He is a member of Phi Beta Kappa and is admitted to practice in California, New York, and Illinois.