This Understanding treatise provides students with an analysis of the underlying rationales of Article 9 of the Uniform Commercial Code, the federal Bankruptcy Code as it relates to Article 9, and other relevant state and federal legislation. Familiarity with these rationales is critical for a true understanding of the law of secured transactions. The Fifth Edition was necessitated by a significant set of amendments to revised Article 9 promulgated by the sponsors in 2010. The amendments have been enacted in over half the states, with a deferred effective date of July 1, 2013.