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This book teaches students about secured transactions and the law that governs them, while simultaneously training students in the use and interpretation of statutes. Because of the focus on statutory interpretation, the book contains few judicial opinions. Instead, it contains 180 carefully sequenced problems for students to solve and which serve as the foundation for classroom discussion. The problems are preceded by textual discussion designed to help students understand the relevant statutory provisions and the transactions to which those provisions apply. Most of the problems require students to apply the law to specified facts but a few of the problems do the reverse: they challenge the students to describe a set of facts to which a statutory provision applies. Some other problems ask students to identify the reason underlying a rule and some ask students to draft language for an agreement or other plan a specified transaction.