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. …
“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.
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 …
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.
Start by establishing a concentration baseline through peer analysis to know where you stand. Be sure to include acquisition development and construction loans as well if applicable.
Credit Culture and Corporate Culture are very closely tied. As both evolve they must continually be well established, communicated, and enforced. In properly doing so your organization’s credit risk appetite should be made to align with your organization’s values.