Revised Article 9, the Proposed Bankruptcy Code Amendments and Securitizing Debtors and Their Creditors

Lois R. Lupica, University of Maine School of Law


This Article is a result of a Conference, appropriately titled Two Shocks to the Bankruptcy System.' The Conference title recognizes that the revisions made to Article 9, and the proposed changes to the Bankruptcy Code, if enacted, will have a significant impact on firms and their creditors in bankruptcy. The Panel I participated in further recognized the impact these revisions and proposed changes will have on securitization originators in bankruptcy, as well as on their creditors. Indeed, many of these statutory changes are specifically designed to enhance the rights of secured creditors, as well as the rights of securitization transaction participants, once a debtor files for bankruptcy.