Securing an Interest in Raw Materials (Crops, Timber and Minerals)

Legal rights in crops, timber and minerals, are especially important to the Northwest. Firms producing these raw materials have recently experienced an economic double bind, because their income has decreased, while the costs of production have increased. The unsecured creditor of raw materials firms is in an unenviable position. Article 9 of the Uniform Commercial Code [hereinafter UCC or Code] may afford a creditor some protection against loss. It is significant that the 1972 version of the Code was recently enacted in Washington and became effective on midnight June 30, 1982. Furthermore, raw materials are interesting in an analytical way because their physical condition, use and legal definitions are not static. This Comment will focus on legal issues related to perfecting a secured interest in raw materials and will note any peculiarities in Washington law. Washington case law follows the majority of other jurisdictions. The Washington legislature adopted a version of the UCC similar to the official text of the Code.

Read more

Francis A. Malone, SECURING AN INTEREST IN RAW
MATERIALS (CROPS, TIMBER AND
MINERALS), 19 Gonz. L. Rev. 139 (1983).

Comments are closed.