Specify Collateral by Type Using UCC Article 9 Definitions
Article 9 of the Uniform Commercial Code requires that a financing statement, to be effective, must indicate the collateral that it covers.
Multiple Secured Parties: Risks
Complications with Multiple Secured Parties: Part 3 – Risks Again, most people do not appreciate the potential complications involved when a search reveals multiple secured parties on a single financing …
Multiple Secured Parties: Amendments
Complications with Multiple Secured Parties: Part 2 – Amendments Most people do not appreciate the potential complications involved when a search reveals multiple secured parties on a single financing statement. …
Multiple Secured Parties: Terminations
Complications with Multiple Secured Parties: Part 1 – Terminations Most people do not appreciate the potential complications involved when a search reveals multiple secured parties on a single financing statement. …
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.
Do you say “P.M.S.I.” or “pimm zee”?: Part 3
Why allow a PMSI to disturb the relatively straightforward order-of- filing priority scheme? There are at least two reasons: Facilitating seller financing Limiting the power of existing secured parties. Sometimes …