(B) the performance of the obligations guaranteed by the security interest or the agricultural pledge right under which forfeiture or execution is carried out; and in accordance with paragraph a bis 3, the insured party is not required to apply the reference or its value to the current undertaking, unless its non-compliance is economically unreasonable. However, if the insured party applies the note to the outstanding undertaking, it must do so in an economically reasonable manner. The parties may agree on the method of applying non-payment products if the method is not manifestly inappropriate. See 9-603. This section does not specify when the non-use of cash would be economically unacceptable; it leaves this determination to the case law on a case-by-case basis. In the example, the secured party appears to have accepted the deposit obligation in order to increase the likelihood of payment and reduce the likelihood that the debtor will challenge its commitment. In these circumstances, it may be economically defensible for the insured party to accept its debtor`s obligations only if the cash receipts are recovered by the debtor, particularly in view of the uncertainty that exists in the debtor`s final payment. An example of non-payment by an insured party for which it may be economically unreasonable for the insured party to delay the credit of its debtor`s bonds with the value of the non-payment proceeds, see section 9-615, Comment 3. 10. Accounts, Papers, Payment Intangibles and Promisorys Notes. Where security is an account, a chat account, an immaterial means of payment or a debt title, the acceptance of collateral by an insured party constitutes a sale to the insured party. This sale would normally result in a new interest in securities (participation in the property) under sections 1-201 (37) and 9-109.
In the case of Chatl`s accounts and paper, the new security interest would remain enhanced by a repository that was effective in perfecting the secure party`s initial security interest. In the case of immaterial obligations or payments, the security interest would be enhanced at the time of the schedule. See 9-309. However, the procedures for accepting guarantees in this section are all necessary and a new guarantee contract certified by the debtor would not be required. In Chapter 4 (Article 9), we found that the new Article 9 provides a security interest to a “commercial right to an unlawful act” within the meaning of the new section 9-102, point a) (13), within its scope. According to the new section 9-108 (e) (1), the designation “commercial claim” is not sufficient and what is described only on the basis of the species is necessary. However, the description should not be specific and a description of all the rights to the unauthorized act resulting from the explosion of the debtor factory is sufficient. See comment 5 on new 9-108. On the other hand, because, as explained in Chapter 9 (The Specifics of Enforceability After-Acquired Property, Future Advances, Transferred Collateral and Proceeds and the New Debtor Problem) under the new section 9-204 (b) (2), a security interest cannot be linked to an illicit commercial claim that does not exist at the time of the execution of the security contract, a description of the claim with some specificity is quite achievable. For example, for a capital company, a creditor could participate in a sufficient number of shares that constitute the ownership of the company to give the creditor control of the company. The same should apply to a limited liability company (SARL).
However, with respect to a single limited partnership, it would appear that a creditor could not obtain control without the ouster of the company`s partner, which seems to require a compromise agreement, and it is not clear how that would be done.