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Status of Financing Statements

“Lapsed” or “Unlapsed,” and Perhaps “Active” or “Inactive,” but not “Terminated.”

The UCC’s recordkeeping requirement for filing offices (e.g., state Secretaries of State) is that the filing office must maintain records until at least one year after a financing statement would lapse.

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Do you say “P.M.S.I.” or “pimm zee”?: Part 2

If a secured party has a perfected security interest in purchasemoney collateral, the secured party should be able to acquire purchasemoney priority – and take advantage of an exception to the general rules of priority – by satisfying the technical requirements of § 9-324.

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