Credit Law

This course is designed to teach the student about the various legal aspects of business credit. Module topics include: Business Organizations, Commercial Transactions, and Government Regulation and Compliance. Each one of these topics is broken down into multiple modules to give in-depth instruction. Please click the "Handouts" tab to access the Credit Law course syllabus.

18 of the 23 modules have Quizzes after them and you are required to pass at least one of them before the next module unlocks. The two Quizzes after each module have different questions. The correct answer for Quiz questions is the answer which is "most right". Please email education_info@nacm.org if you are unable to pass either one of the Quiz attempts.

Some of our modules include guest speakers that provide additional valuable information to the course. Here are descriptions for our instructor and guest speakers:

Credit Law instructor: Rod Wheeland, Wheeland Consulting, LLC: Originally trained as an accountant, Rod became active in executive management and governance in the 1980's. For more than two decades, he served as President & CEO of NACM Commercial Services, one of the most successful trade associations in North America. During his tenure, in addition to the non-profit operations of the trade association and the for-profit operations of the service company, he was involved in mergers and acquisitions and the ownership and management of commercial office buildings. 

Prior to NACM, from 1990-1995, Rod was General Credit Manager for Pendleton Woolen Mills. From 1982-1990, he was a partner in the consulting firm of Dyrnes Wheeland (Portland, Oregon), where he focused on working capital management and effective credit, billing, and accounts receivable practices. 

During the 1980s, Rod began teaching college courses in business credit principles and financial analysis. In recent years, he's added classes on business law and credit law. He continues to enjoy teaching in adult education programs.

Rod has served on several Boards as a Director and as an Officer, including Cascade Employers Association, Oregon Society of Association Management, NACM Oregon and NACM National, and West Willamette Habitat for Humanity.

Rod received the Certified Credit Executive (CCE) designation from the National Association of Credit Management in 1991. He earned the Certified Association Executive (CAE) designation from the American Society of Association Executives in 2007. He has a BA from Eastern Washington University (Spokane) and an MA from York University (Toronto).


Module 6A and 7A: Bruce S. Nathan, Lowenstein Sandler LLP: With more than 35 years of experience in the bankruptcy and insolvency field, Bruce is a recognized leader nationwide in trade creditor rights and the representation of trade creditors in bankruptcy and other legal matters. He has represented trade and other unsecured creditors, unsecured creditors' committees, secured creditors, and other interested parties in many of the larger Chapter 11 cases that have been filed. Bruce also handles letters of credit, guarantees, security, consignment, bailment, tolling, and other agreements and legal credit issues for the credit departments of institutional clients.


Module 6A and 7A: Lowell A. Citron, Lowenstein Sandler LLP: Lowell's ability to find creative solutions to complex legal issues has led to successful   transactions for a wide range of commercial clients. His pragmatic approach to negotiating deals, coupled with an extensive background in finance and economics, gives him a keen understanding of the business issues involved in each transaction. Lowell's clients include hedge and private equity funds, large operating companies, large trade creditors, investment banks, and others. He advises on transactions ranging from acquisition financing, workouts, DIP financings, leveraged loans, and other forms of financing.


Module 9: Scott E. Blakeley, Blakeley LLP, Partner: Scott, founder of Blakeley LLP, advises companies around the United States and Canada regarding creditors' rights, commercial law, e-commerce and bankruptcy law. He was selected as one of the 50 most influential people in commercial credit by Credit TodayHe is a contributing editor for NACM's Manual of Credit and Commercial Law, American Bankruptcy Institute's Manual of Reclamation Laws, and author of A History of Bankruptcy Preference Law. Credit Research Foundation has published his manuals entitled The Credit Professional’s Guide to Bankruptcy, Serving On a Creditors’ Committee and Commencing an Involuntary Bankruptcy Petition. Scott has published dozens of articles and manuals in the area of creditors’ rights, commercial law, e-commerce and bankruptcy and speaks frequently to credit industry groups regarding these topics. 


Module 10: Raeann Binau, CICP: Raeann has just recently left the corporate Credit, Finance World after 35 years as a International Credit Manager.  Raeann has been a NACM member in various Industry Groups, 10 years on the NACM Oregon/NW affiliate Board and chaired 1 year during this time.

She is currently chairing the NACM Oregon/NW/CMA International Industry Group for which she has been a member and chairperson for over 25 years. For the NACM International membership she has been a coach, mentor and teacher for various International Credit Topics.  Currently she is a Director for the NACM CMA Foundation Board and on the Scholorship committee.  She is a member in the ITCF (International, Trade, Credit and Finance) association. 


Module 13A: Jeffrey Cohen, Lowenstein Sandler LLP: A trusted advisor to unsecured creditors, creditors' committees, and distressed companies, Jeff's tenacious counsel adds steady momentum to a growing client base in retail bankruptcy and is a strong resource to distressed clients in the technology sector. His practice centers on Ch. 11 bankruptcy reorganizations and related litigation. Jeff often provides advice to private equity-sponsored and venture capital-backed distressed investors, representing boards of directors and management in the out-of-court wind down or distressed M&A process.

Module 15A: Michael Klein, Cooley LLP: Michael Klein's practice focuses on both the transactional and litigation aspects of Chapter 11 bankruptcy reorganizations and liquidations across a wide range of industries, including retail, technology, health care and life sciences. He frequently represents creditors’ committees and debtors, purchasers of distressed assets, landlords, individual creditors and secured lenders in chapter 11 cases. Michael regularly advises clients regarding a variety of contested matters, including, among other things, Rule 2004 investigations, post-petition financings, section 363 sales and plan confirmation issues.


Module 16A: Wanda Borges, Borges and Associates, LLC: Wanda Borges, Esq. is the principal member of Borges & Associates, LLC, a law firm based in Syosset, New York. For more than thirty   years, Ms. Borges has concentrated her practice on commercial litigation and creditors’ rights in bankruptcy matters, representing corporate clients and creditors’ committees throughout the United States in Chapter 11 proceedings, out of court settlements,   commercial transactions and preference litigation. She is a member and Past President of the Commercial Law League of America. She is a member of the American Bar Association, the American Bankruptcy Institute, the Hispanic National Bar Association, the International Women’s Insolvency and Restructuring Confederation, the Turnaround Management Association and is an associate member of the International Association of Commercial Collectors.

She is a nationally recognized lecturer and author on various legal topics including the Bankruptcy Abuse Prevention and Consumer Protection Act, the Uniform Commercial Code, ECOA, FCRA, antitrust law, and the Red Flags Rule of the FTC.

Key:

Complete
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Available
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Module 1: Business Organizations
Open to view video.
Open to view video. You will learn about Proprietorships, Partnerships, LLC, and other forms of business. Please click the "Handouts" tab to view supplemental reading material.
Module 1 Quiz 1
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please take Quiz 2. You may attempt Quiz 2 even if you pass Quiz 1.
Module 1 Quiz 2
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please email education_info@nacm.org to ask for additional attempts so that you can continue your course.
Module 2: The Corporation
Open to view video.
Open to view video. You will learn how a corporation is formed and the certain right that it has. Rod will also go over the different types of Corporations, the powers of shareholders, board meetings, and more.
Module 2 Quiz 1
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please take Quiz 2. You may attempt Quiz 2 even if you pass Quiz 1.
Module 2 Quiz 2
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please email education_info@nacm.org to ask for additional attempts so that you can continue your course.
Module 3: The Corporation (continued)
Open to view video.
Open to view video. This module will teach you about corporate mergers, as well as their acquisition and terminations. You will learn about different Corporate Laws, and Rod will also compare and review the other forms of business that were discussed in Module 1.
Module 3 Quiz 1
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please take Quiz 2. You may attempt Quiz 2 even if you pass Quiz 1.
Module 3 Quiz 2
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please email education_info@nacm.org to ask for additional attempts so that you can continue your course.
Module 4: Business Organizations (continued)
Open to view video.
Open to view video. In this module, Rod will wrap up the topic of Business Organizations. You will learn about Fictitious names, agency relationship, and professional liability.
Module 4 Quiz 1
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please take Quiz 2. You may attempt Quiz 2 even if you pass Quiz 1.
Module 4 Quiz 2
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please email education_info@nacm.org to ask for additional attempts so that you can continue your course.
Module 5: Commercial Transactions
Open to view video.
Open to view video. In this module, you will learn about sales and lease contracts. By the end of this module, you should know about The Perfect Tender Rule, implied warranties, and certain UCC Article 2 rules, among other information.
Module 5 Quiz 1
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please take Quiz 2. You may attempt Quiz 2 even if you pass Quiz 1.
Module 5 Quiz 2
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please email education_info@nacm.org to ask for additional attempts so that you can continue your course.
Module 6: Establishing a Customer Relationship
Open to view video.
Open to view video. The bulk of this module will be about the credit application which includes the terms of sale and the terms and conditions. Rod will go over the type of information that is necessary in a credit application and the different factors that go into sale terms.
Module 6 Quiz 1
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please take Quiz 2. You may attempt Quiz 2 even if you pass Quiz 1.
Module 6 Quiz 2
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please email education_info@nacm.org to ask for additional attempts so that you can continue your course.
Module 6A: Establishing a Customer Relationship (Guest Speakers)
Open to view video.
Open to view video. This Module is an extension of Module 6, as Rod will speak with two lawyers about the credit application. Mr. Bruce Nathan and Mr. Lowell Citron will help answer certain questions by using their expertise and experience.
Module 7: Credit Enhancements
Open to view video.
Open to view video. Rod will cover three different devices which provide protection to the credit grantor: guaranties, secured transactions, and liens. You will learn about the requirements that the creditor must have in order to gain a security interest in collateral, as well as the scope of these security agreements and the order of priority.
Module 7 Quiz 1
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please take Quiz 2. You may attempt Quiz 2 even if you pass Quiz 1.
Module 7 Quiz 2
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please email education_info@nacm.org to ask for additional attempts so that you can continue your course.
Module 7A: Credit Enhancements (Guest Speakers)
Open to view video.
Open to view video. Rod will ask our guest speakers questions in order to gain further insight into credit law, specifically about credit enhancements. In this module, you will hear from Mr. Bruce Nathan and Mr. Lowell Citron as they answer questions about credit insurance, letters of credit, and security agreements.
Module 8: Payment Methods
Open to view video.
Open to view video. In this module, you will learn about negotiable instruments such as certain types of checks, and electronic payment methods like EFT, ACH, and credit cards.
Module 8 Quiz 1
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please take Quiz 2. You may attempt Quiz 2 even if you pass Quiz 1.
Module 8 Quiz 2
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please email education_info@nacm.org to ask for additional attempts so that you can continue your course.
Module 9: Credit Cards and Surcharging
Open to view video.
Open to view video. This module will cover “Credit cards and surcharging” and will feature a guest speaker, Mr. Scott Blakeley. Scott is lawyer and works for Blakelely LLP. Rod will ask Scott about the legal aspects of surcharging and also touch on the use of specific credit cards, international customers, and state privacy laws.
Module 9 Quiz 1
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please take Quiz 2. You may attempt Quiz 2 even if you pass Quiz 1.
Module 9 Quiz 2
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please email education_info@nacm.org to ask for additional attempts so that you can continue your course.
Module 10: Doing Business Internationally: Letters of Credit
Open to view video.
Open to view video. This module will be instructed by Raeann Binau, ICCE and she will discuss the different types of Letters of Credit and why to use them, as well as important documentation and some more international concepts like Incoterms and Interactive Tools.
Module 10 Quiz 1
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please take Quiz 2. You may attempt Quiz 2 even if you pass Quiz 1.
Module 10 Quiz 2
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please email education_info@nacm.org to ask for additional attempts so that you can continue your course.
Module 11: Collections, In-House
Open to view video.
Open to view video. Rod will focus this lesson on the relationship between a creditor and a customer. This includes going over the sales transaction, delinquency, and of course the remedies to collect what is owed to you. You will also learn the legal aspects of collections, such as Extortion, defamation, and privacy.
Module 11 Quiz 1
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please take Quiz 2. You may attempt Quiz 2 even if you pass Quiz 1.
Module 11 Quiz 2
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please email education_info@nacm.org to ask for additional attempts so that you can continue your course.
Module 12: Third-Party and Legal Collections
Open to view video.
Open to view video. In this module, you will learn about the creditor taking legal action against the debtor for failure to pay. Rod will explain the different types of remedy options, such as writ of execution, garnishments, and debtor examination.
Module 12 Quiz 1
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please take Quiz 2. You may attempt Quiz 2 even if you pass Quiz 1.
Module 12 Quiz 2
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please email education_info@nacm.org to ask for additional attempts so that you can continue your course.
Module 13: The Distressed Debtor
Open to view video.
Open to view video. Rod will explain how this is a type of debtor who cannot meet their obligations, and then you will learn about the options that the Creditor is left with to remedy this situation.
Module 13 Quiz 1
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please take Quiz 2. You may attempt Quiz 2 even if you pass Quiz 1.
Module 13 Quiz 2
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please email education_info@nacm.org to ask for additional attempts so that you can continue your course.
Module 13A: The Distressed Debtor (Guest Speaker)
Open to view video.
Open to view video. Rod will speak with attorney Jeffrey Cohen of Lowenstein (Lowestine) Sandler, LLC. Our two speakers will discuss the topic of a Distressed Debtor and Out of Court Reclamation. Some questions that will be posed to Jeff include but are not limited to the topics of adequate assurance, administrative claim provisions, and return of goods.
Module 14: Bankruptcy
Open to view video.
Open to view video. Rod will teach you about the purpose of Bankruptcy, as well as the Court system, the bankruptcy process and the various chapters. You will also learn about the Order of Relief, secured property, and the distribution of property.
Module 14 Quiz 1
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please take Quiz 2. You may attempt Quiz 2 even if you pass Quiz 1.
Module 14 Quiz 2
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please email education_info@nacm.org to ask for additional attempts so that you can continue your course.
Module 15: Bankruptcy & Creditor Issues
Open to view video.
Open to view video. Rod will teach you about the steps that an unsecured trade creditor can take to minimize potential loss. Rod will suggest that you to use a “bankruptcy checklist” which will help the creditor work through bankruptcy matters. You will also learn about placing orders on hold and the stoppage of shipments, as well as preference defenses and filing a proof of claim.
Module 15 Quiz 1
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please take Quiz 2. You may attempt Quiz 2 even if you pass Quiz 1.
Module 15 Quiz 2
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please email education_info@nacm.org to ask for additional attempts so that you can continue your course.
Module 15A: Bankruptcy (Guest Speaker)
Open to view video.
Open to view video. Guest speaker Michael Klein, Esq. from Cooley LLP will join Rod in a discussion on Bankruptcy. Previous modules have taught you about the bankruptcy process, the court system, and the steps a creditor should take to minimize risk, but Michael will talk about putting these concepts into actual practice.
Module 16: Administrative Law, Federal Antitrust Laws
Open to view video.
Open to view video. When teaching about Administrative Law, Rod will explain the four sources of US law and the two types of administrative agencies. You will also learn about the powers that these agency’s have, as well as various Act’s that are important in Antitrust.
Module 16 Quiz 1
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please take Quiz 2. You may attempt Quiz 2 even if you pass Quiz 1.
Module 16 Quiz 2
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please email education_info@nacm.org to ask for additional attempts so that you can continue your course.
Module 16A: Antitrust (Guest Speaker)
Open to view video.
Open to view video. This is a joint discussion module between Rod and our guest speaker, Wanda Borges, Esq of Borges & Associates, LLC. Wanda has over 30 years of experience in commercial litigation and creditors’ rights in bankruptcy matters. In this lesson, the two speakers will speak on a variety of Federal Antitrust topics. Rod will ask Wanda about Antitrust violations, industry credit groups, and other aspects regarding different Antitrust Acts.
Module 17: Consumer Credit Protection Act
Open to view video.
Open to view video. Rod will discuss four of the Acts that apply to Consumer Credit Protection, which includes: Truth in Lending, Fair Credit Reporting, Equal Credit Opportunity, and Fair Debt Collection Practices Acts.
Module 17 Quiz 1
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please take Quiz 2. You may attempt Quiz 2 even if you pass Quiz 1.
Module 17 Quiz 2
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please email education_info@nacm.org to ask for additional attempts so that you can continue your course.
Module 18: Unclaimed Property and Escheatment
Open to view video.
Open to view video. In this module, Rod will teach you about what to do when there is unclaimed property of the debtor. You will learn about the steps to take in order to enforce escheatment and minimize issues for you, the creditor.
Module 18 Quiz 1
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please take Quiz 2. You may attempt Quiz 2 even if you pass Quiz 1.
Module 18 Quiz 2
10 Questions  |  1 attempt  |  7/10 points to pass
10 Questions  |  1 attempt  |  7/10 points to pass If you do not score 7/10, please email education_info@nacm.org to ask for additional attempts so that you can continue your course.
Credit Law certificate
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