February 2015 Bar Exam Forum

[Holly Golightly]

[YibanRen]

Just making sure for the MEE:

Essay portion is morning, all six essays in a row, no stopping. We get to bring blue/black pens.

PT is in afternoon. Two PTs, no stopping. You get to bring blue/black pens.

If computer breaks, write with blue/black pens.

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Those who have taken MEE before: Is it a better strategy to take on the topics you know first (e.g., take more time on the 5/6 you have an idea on), and then BS the one you don't really fast. Or, can you gain significant points by putting in really nice fact analysis and form on the topic where you are making up crap?

[YibanRen]

Also, dude who knows a lot about secured transactions. What are the questions we are most likely going to be asked?

[numbertwo88]

I'm so annoyed with exam day policies

[cooperlaserpup]

I'm doing allll the practice essays, and ripping out pages of the most frequently tested topics to bring along with me. The way I see it, if I haven't had a wills essay before lunch, I KNOW I'm getting one after lunch, so I may as well leave the pages "before the security checkpoint" in my bag.

This is a great idea. I'm bringing my flashcards with me for this reason now. Thank you!

BTW, I did some scouting today and there's a Chipotle around the corner from the Armory, if you're into that sort of thing.

Oh god. If everyone has a burrito bowl for lunch the afternoon session is going to be one giant fart.

Thanks for the intell! I'm going to eat light- packing a granola bar, two string cheeses and a bunch of cashews. but I may need to get chips and guac for lunch or something!

[jarofsoup]

Also, dude who knows a lot about secured transactions. What are the questions we are most likely going to be asked?

Self help and priorities.

[cooperlaserpup]

Also, dude who knows a lot about secured transactions. What are the questions we are most likely going to be asked?

Self help and priorities.

I concur. Also I'm by no means good at secured transactions, but I have seen several examples for NY where it is blended with torts or crim in the context of self help repo and possible crimes or torts occurring during the attempt to repossess. For NY at least, it is one of those subjects that is sprinkled into other ones for the most part.

[jarofsoup]

Also, dude who knows a lot about secured transactions. What are the questions we are most likely going to be asked?

Self help and priorities.

I concur. Also I'm by no means good at secured transactions, but I have seen several examples for NY where it is blended with torts or crim in the context of self help repo and possible crimes or torts occurring during the attempt to repossess. For NY at least, it is one of those subjects that is sprinkled into other ones for the most part.

If it is a priorities question it usually involves a PMSI.

[jarofsoup]

for those taking ny is there a place to leave our bags outside?

[abogadesq]

Attachment and perfection basics are a must, I would think.

[cooperlaserpup]

for those taking ny is there a place to leave our bags outside?

so I called them. The woman I spoke with said that they want to discourage people from bringing anything more than necessary, but that they expect you to bring a laptop bag, coat, wallet, cellphone, keys, etc. These things can be left in a room that will have a person attending it. She recommended I stash my phone somewhere in my other belongings "while no one is looking"......um, okay??

I thought about just leaving my phone at home but I am taking an uber there in the AM and it will be useful to have it.

[Bigdoggetit]

The three key issues for secured transactions are 1. what type of collateral are you dealing with 2. was there attachment (there usually always is) and was it perfected (ver heavily tested) and 3. in a priority battle between holders of a security interest, who wins?

Remember, the FIRST thing you say in a secured transaction question is "Because this is deals with secured transactions, Article 9 of the uniform commercial code applies.

Types of Collateral

Tangible movable things like inventory, equipment and farm products (never tested)

Consumer Goods, this is exactly what you think they would be. Remember that a PMSI in consumer goods is the best form of perfection, but be careful, because the agreement must state that upon default, the goods return to the lender. A lot of times on the exam, they will present you with a scenario where the person has given the consumer goods on credit, and instead of saying that the goods return on default, it will say that the lender keeps title to the goods or retains a different security interest. This is NOT a PMSI!!!!!!

Real Property is another type of collateral, such as fixtures or as extracted collateral. For perfection of these goods, instead of the traditional financing statement that you would file for lets say inventory with the secretary of state, you must file a "fixture filing" at the mortgage recorders office where the property is actually located, and must include a more descriptive description of the collateral.

The final type of collateral are intangible property. these include accounts (promises to pay money back), deposit accounts (simply bank accounts) Instruments (I have no clue) chattel paper (a written promise to pay ) and Investment property (stocks and bonds). IMPORTANT, if you have a question concerning a deposit account or an investment account, think CONTROL.

[fslexcduck]

I think jarofsoup is taking in Buffalo IIRC, and all the test centers are different.

[cooperlaserpup]

for those taking ny is there a place to leave our bags outside?

so I called them. The woman I spoke with said that they want to discourage people from bringing anything more than necessary, but that they expect you to bring a laptop bag, coat, wallet, cellphone, keys, etc. These things can be left in a room that will have a person attending it. She recommended I stash my phone somewhere in my other belongings "while no one is looking"......um, okay??

I thought about just leaving my phone at home but I am taking an uber there in the AM and it will be useful to have it.

sorry I should add I'm taking it in manhattan. But I assume it is similar for every location.

[fslexcduck]

Word up, that secured transactions description is very helpful.

I think cars (or anything statutorily requiring title) also require the title instrument to reference the security interest in order for there to be attachment... but not 100% sure.

that being said, as was mentioned already, i have never seen a secured transaction that's not about self help, where you say "no breach of the peace!" or where they tell you something is perfected, ask about priority, and you just have to say "uh, whichever was perfected first, what a stupid question."

I'm, like, actively mad that I had to learn so much secured transactions considering how little of it we actually need to know, how boring it is, and how annoying and bad the themis lecturer was.

[Bigdoggetit]

Sorry, got cut off for characters. Control is the exclusive method of perfection for commercial deposit accounts, and is the Best method of perfection for investment property. Control works exactly how you think it would. A bank has control over a commercial deposit account if: (1) The bank is the place where the deposit account is located (2) You have assigned the bank control in a security agreement, or (3) you placed the banks name of the deposit account. For investment property it works the same way, essentially with the added caveat that they also have control if you give them physical possession of the docs.

Perfection normally is simple. You traditionally file a financing agreement with the debtors name as last seen on his drivers license, your name, and a description of the collateral. Remember fixture filings for rights in real property, and the pmsi rule for consumer goods and the deposit account/investment property stuff. Also, if it involves a commercial vehicle, note that the only way to perfect is to place a lean on the certificate of tittle with the dmv. This is only for commercial vehicles on the road, not cars in inventory at a dealership.

Priority values are rather easy. Perfected vs. perfected= first in time, perfected vs. unperfected equals perfected. Note that if you have a question concerning a judgment lien, a judgment lien operates as a perfected security interest. Important to note is that a buyer in ordinary course beats all. A buyer in ordinary course purchases the collateral, almost always consumer good or equipment/inventory, for value, in good faith and without knowledge of any prior attached security interests.

The last issue is default and repossession. default is never determined by the court, always determined between the two parties. You as the creditor may retake that property by any means so long as it does not breach the peace. You then can have a foreclosure sale where you must give notice to the debtor, any other creditor that has an interest, and any other party that may have an interest, within a reasonable amount of time. please note that the debtor has the right to redeem the property if before the foreclosure sale or in most states a certain time after, pays the full value of the collateral, plus the expenses accrued in repossession/ resale.

Humble brag, did that off the top of my head.

[cooperlaserpup]

Word up, that secured transactions description is very helpful.

I think cars (or anything statutorily requiring title) also require the title instrument to reference the security interest in order for there to be attachment... but not 100% sure.

that being said, as was mentioned already, i have never seen a secured transaction that's not about self help, where you say "no breach of the peace!" or where they tell you something is perfected and you just have to say "uh, whichever was perfected first, what a stupid question."

I'm, like, actively mad that I had to learn so much secured transactions considering how little of it we actually need to know, how boring it is, and how annoying and bad the themis lecturer was.

I feel exactly the same. Those are the only two scenarios I've encountered and I'm pissed at how stressed and upset I was attempting to "learn" secured transactions.

KNOCK ON ALL THE WOOD I HOPE WE DIDN'T JINX IT

[Bubbles 4 Life]

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[cooperlaserpup]

I think this is Gus Gus' way of telling me I need to stop reading old essays.

[minnbills]

Done studying, now just want to make sure I actually sleep tonight

[Holly Golightly]

Done studying, now just want to make sure I actually sleep tonight

I'm still frantically trying to learn things. sigh

[minnbills]

Done studying, now just want to make sure I actually sleep tonight

I'm still frantically trying to learn things. sigh

I hear ya, at this point though I think I am better off trying to relax and calm down.

I am hoping to crush the MPTs and then survive the essays, which are only worth 35% of the grade in MN.

MBE is 50%, and I feel well prepared there

[Holly Golightly]

Oh yeah I should prob glance at an MPT at some point.

[minnbills]

You got this, didn't you already pass the bar once? Piece of cake

[cooperlaserpup]

Oh yeah I should prob glance at an MPT at some point.

MPTs are nothing. I don't know my score on my other bar, but I think it was high. The only thing I COMPLETELY forgot when doing a practice MPT for themis this time around is to do those stupid memo headings. Its a free point and requires no brain power, so my only tip is don't forget the stupid headings!