Friday, March 27, 2009

An Evening with Former Senator George McGovern

I was privileged enough to meet George McGovern tonight. The first thing I noticed about the former senator was that he had extraordinarily large feet. These things become apparent while seated in the third row from the stage. 

McGovern is 86 years old and one of the funniest fucking people I have ever met albeit one of the most genuine politicians I have ever met too. You see, at 86 you have nothing to prove to the world- everything from that point is surplus. George McGovern has nothing to prove and yet we can learn so much from him. I am not sure if he is self aware of how funny he is, or even if he is aware that others might find him so witty. 

I admit that the only things I knew about McGovern prior to tonight was everything I learned from reading Hunter Thompson’s Fear and Loathing on the Campaign Trail of ‘72- a text that captures the accounts which took place while McGovern was running for president against incumbent Richard Nixon. McGovern lost that election by what is considered one of the greatest “landslides in American history,” but you should also note that no one has a worthier right to look back and say  “I told you so.” Laughingly he told the audience tonight, “see, there are worse things than losing an election” while alluding to Dick Nixon’s impeachment.

About a month ago I received an email about the event which took place tonight. The email indicated a deadline in which we would be allowed to submit questions, and only a select few of those questions would actually be chosen. I hurriedly submitted my question and earlier this week I was informed that my question was one of five selected to be asked tonight, and as it turns out, it was the first of only three questions which were actually asked tonight. 

The dean of the law school read my question after acknowledging me in front of the entire audience. He recited:

    Senator McGovern:

         In an interview conducted between yourself and Hunter Thompson, in Thompson’s Fear and Loathing: On the Campaign Trail ‘72, you mention that there was a divide in the democratic party in 1968-1972. That is, you say the divide occurred primarily because of the democrats at that time who were supporting President Nixon. My questions is specifically, after having lived through that event, are you able to see the same, if not a similar thing, happening to the republican party now? If so, do you think it is the end of the republican party as we have learned to know it throughout the later half of the twentieth century?

Eighty-Six year old McGovern responded “…I remember that exact interview you are talking about with Hunter…What I was referring to about the divide at the time was primarily because of the vietnam war….” While the rest of his response was important, it is not more important to me than the fact that this individual, who has met thousands of people, remembers a specific question asked to him almost 40 years ago in a particular interview. That’s classy.

After the event I briefly got to meet McGovern, I apologized to him for not having yet purchased his recent book Abraham Lincoln: The American Presidents Series but I asked him if he would mind signing my copy of Fear and Loathing on the Campaign Trail of ‘72. While signing my book for me he looked at me and said “…it’s an unfortunate thing that Hunter took his life….” I agreed with him and then it hit me how transcendental this situation was. Here was an individual who had a very casual relationship with an author that I had come to adore. I have never met anyone who was able to nonchalantly refer to Hunter Thompson by his first name.  

McGoverns political ideologies and theories might have been premature at the time when he tried to introduce them. I have no doubt now that this is an individual who thinks out his strategies, but unfortunately time is working against him, and it seems that it always has. I have never met anyone quite like him, and I am not sure that I ever will. George McGovern, while never having been president, exemplifies presidential candor- that is something I will never forget, and he is someone I will never forget meeting.

Posted by CoreyFriedman in 04:14:09 | Permalink | Comments (2)

Friday, March 20, 2009

Repo! The Genetic Opera, UCC 9-609, and Purchase Money Security Interests

Darren Bousman’s Repo! The Genetic Opera was meant to be an successfully unsuccessful movie. It paints the picture of a dark, zany, future where an “epidemic of organ failures” begins to kill off humans who cannot afford transplants. Out of reaction, a company, Gene Co., begins to make organ replacement accessible through financing. Unfortunately when  the debtor-in-possession/organ-replacement-recipient defaults, the creditor Gene Co., automatically pursues the individual without notice to recapture the organ/collateral. Oh, and did I mention this is a wicked rock opera too?  

It struck me as interesting when thinking about the property interests an individual may have in their own anatomy, and that which might be acquirable in the anatomy of another. This raises problems with gift-law, expectancy rights, informed consent, and whether an individual actually has the right to sell his or her own organs. Certainly auto-reproduced bodily products can be sold, and currently there is no doubt that post death an individual may make a donative gift of his or her organs. 

The National Organ Transplant Act of 1984 strictly prohibits a “…person to knowingly acquire, receive, or otherwise transfer any human organ for valuable consideration for use in human transplantation if the transfer affects interstate commerce.” So absent a state law to the contrary, I suppose that means I am able to sell my organs to a willing purchaser within my state? This is good news for people whom only need the use of one arm who are a little tight in the pocketbook. But, it might present commerce clause/dormant commerce clause problems down the line.

But, ok- let’s assume for arguments sake that it was legal to make an inter vivos sale of your organs. Next, we have to deal with the issues of sale/lease and financing. The Uniform Commercial Code, adopted by nearly every state, sets the laws for things like: Sales of goods, Negotiable Instruments, Lease of Goods, Securities, Secured Financing, and more.  More specifically, the code sets out the rights and obligations to a sale/lease transaction, and the rights in a creditor/debtor relationship. 

Again, we are going to assume that Organs can be sold/leased as fungible goods, thus UCC Articles 2 and 2a would apply respectively. If you are unable to come up with cash on demand, the rights of finance transactions secured by collateral are governed by UCC Article 9.

Thats where Repo! comes in. What are the rights and responsibilities of a creditor when the debtor defaults? First, one would have to look and see if the transaction was secured or unsecured, that is, whether the debtor has the right to look to collateral for repayment in the event of the debtor’s default. Assuming that we are financing, and certain other factors are present we might be able to say that a Purchase Money Security Interest is created. That is, when a creditor lends money to an individual (or corporation) for the purchase/acquisition of a specific good, and further takes back a security interest in that good (the ability to recapture/replevin/reposess the good upon default).  Usually when dealing with secured financing, a creditor must attach the collateral and perfect the collateral in order for them to take rights in the collateral, and have priority against any interested third-parties. For purposes of this discussion, and when dealing with PMSI’s, we will assume the collateral was properly attached, and that there is no further action needed for perfection (Note that PMSI’s fall under Automatic Perfection). 

The PMSI now allows the creditor to look to the collateral in the event of debtor default. But note, that the creditor must follow certain procedures consistent with due process (ie. notice, etc.) before he may repossess the collateral. In Repo! there is no due process, so we don’t have to worry about this. 

Please note that PMSI’s are common in every day commerce. The next time you shop at Target and Target specifically lends you money (excluding line of credit) for the purchase of that new camera for instance, and you sign a valid security agreement, it is safe to assume that upon default Target is going to be knocking at your door (again, assuming that they have complied with due process). Yes, this also means that there is a hidden lien on the good that you purchased. And yes, depending on the amount of the debt, Target will come knocking at your door to avoid the reputation of being a nonreposessing creditor.

Upon repossession, a creditor may use self-help if: It provides so in the agreement, and does not breach the peace. Otherwise he must have the Sheriff repossess and pursue judicial remedies.

That is where Repo! comes in again. There are no notice requirements, and there are no sheriffs. If you default, you die. Simple. This is consistent with early Roman creditor law, which allowed creditors to satisfy an outstanding debt by cutting the debtor into pieces and dividing the flesh in pro rations among the creditors. 

Repo! is fun and sexy, but it is also fantasy, and that is ok because this movie does not present itself as fact. Movies now-a-days all tell the same love story, or drama, just with different actors. It is finally refreshing to see a film which presents a uniquity. Owning over 1300 movies myself, I cannot think of any other movie which poses the question of property interests in human anatomy. 

*PLEASE NOTE: I AM NOT AN EXPERT IN SECURED FINANCING OR SALES LAW. NONE OF THE ABOVE SHOULD BE RELIED UPON AS LAW.

Posted by CoreyFriedman in 13:21:24 | Permalink | Comments (1) »