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Darrell W. Pierce focuses his practice in the areas of commercial and corporate finance law. With offices in Chicago and Ann Arbor, he has earned a national reputation for handling sophisticated debt finance transactions, including structured finance transactions, securitization of financial assets and other significant secured transactions under Article 9 of the Uniform Commercial Code (UCC), including restructurings and workouts. Mr. Pierce is co-leader of the Firm's Lending Team and supervises its UCC Filing Team.

Mr. Pierce regularly represents lenders and their agents in connection with secured and unsecured loans, letters of credit and other bank products. He is familiar with the requirements for security interests in a wide variety of collateral, including collateral located abroad, and has extensive experience representing lenders and borrowers in connection with troubled credits. He works closely with Dykema bankruptcy attorneys to ensure a smooth transition and an appropriate outcome should a bankruptcy become necessary. He also represents leasing companies and issuers in public-finance transactions.

Article 9 of the Uniform Commercial Code (“UCC”) has become highly technical, reflecting the complexity of modern secured transactions and the intricate relationships of debtors, secured parties and others who have or may have interests in a debtor’s assets.  Some of its rules, however, seem relatively easy to understand and apply.

One of those is the rule that protects buyers who buy goods in the ordinary course of business, allowing such buyers to make purchases free and clear of security interests created by their sellers. UCC 9-320.  This relatively simple concept is consistent with everyday buyers’ expectations.  When one purchases at a store and pays for goods, one expects the secured party to follow the sales proceeds rather than unfairly repossess the purchased goods. 
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