The Understanding Series titles are treatises on a specific area of law. They provide an in-depth discussion of the area of law and could be called paperback hornbooks. This text provides law students with analysis of the underlying rationales of the codified provisions of the UCC and federal law critical for a true understanding of the law of secured transactions. The Official Comments to the UCC and the Historical and Revision Notes to the Bankruptcy Reform Act are helpful, but often lack sufficient clarity to provide adequate guidance to students. Understanding Secured Transactions helps students to not only learn the essence of each statutory section in isolation, but also to learn to interrelate multiple sections in a sophisticated manner to solve problems. In addition, each section of this edition contains a complete textual treatment of changes wrought by the 1998 revisions to Article 9 set in bold print to visually distinguish it from the pre-revision. Understanding Secured Transactions also discusses the essential aspects of the transactions themselves, to facilitate better, more practical comprehension of the law governing these transactions. This discussion is valuable since the law of secured transactions reflects business practices with which many students are unfamiliar. Students will find it easy to access the desired discussions. The Table of Contents includes the section numbers of the more fundamental provisions of the UCC and the Bankruptcy Reform Act discussed in each section. It is designed to aid students using the book as a supplemental text by enabling them to find the relevant discussion based on either the subject or the basic statutory section numbers.