This book covers comprehensively both the basics of secured transactions under UCC Article Nine and some of the most complex modern transactions such as “repos” and “securitizations.” To offset the complexities of the subject matter, this text is extremely user-friendly. Every chapter has ample introductory material to help the student get oriented. This manageably sized book is organized by transaction (e.g., loans on equipment, on inventory, etc.), rather than by code section (e.g., attachment, perfection, etc.), so that students can see how various transactions develop, rather than learning about sections of the code out of context. A course on Article Nine offers the opportunity for the student to acquire an extensive and vitally important commercial law vocabulary, and this book maximizes that opportunity. In addition to extensively revising all of the former chapters, this edition includes new materials on practice skills, on international secured transactions, and on emerging technologies. It includes a revised and re-situated chapter on the history of secured transactions, followed by a revised, cutting-edge concluding chapter on the theory of Article Nine. The book tracks modern curricular trends, including increased interest in courses on (i) legislation and more detailed consideration of methods of statutory interpretation, and (ii) practice skills such as reviewing contracts and preparing closing opinion letters. Finally, the new edition concisely presents blockchain technology and how it implicates secured transactions and UCC Article Nine.