CSC is excited to announce that our own Donna Christensen has been selected by MonitorDaily for the Equipment Leasing and Finance Association’s (EFLA’s) 2020 Top Women in Equipment Finance feature. This list honors women who are making an impact in
UCC Experts Corner: Court Refuses to Order Expungement of False Financing Statement
The filing of false or fraudulent Uniform Commercial Code (UCC) financing statements has long been a problem. Although the number of such records filed is relatively small, they can have a serious impact on the victim named as debtor. These false financing statements are used to intimidate, harass, or defraud another party. The victims are often government officials or those involved in legal proceedings against the filer, such as prosecutors, judges, and foreclosing creditors.
Court Finds UCC Debtor Name Incorrectly Extracted from Driver’s License
By Paul Hodnefield, Esq. It is sometimes not enough for a secured party to determine the correct name of a debtor for purposes of filing a UCC financing statement. The correct name must also be correctly provided or it could
Understanding UCC Security Interests in Fixtures
By: Paul Hodnefield, Esq. Secured parties sometimes get confused about the different options for perfecting a UCC Article 9 security interest in fixtures. Any confusion in the process can have significant repercussions, because the secured party’s choice of perfection method
UCC EXPERT’S CORNER: Debtor’s Ongoing Use Did Not Make Former Name Sufficient for Financing Statement
By Paul Hodnefield, Esq. Secured parties are generally solely responsible for providing the correct debtor name when filing a UCC financing statement. Failure to conduct thorough debtor name due diligence may inadvertently lead to filing under an incorrect debtor name,
What is Purchase Money Security Interest(PMSI)?
The UCC search and filing process can be tricky to navigate, with a lot of complexities and jargon to learn. One area that people new to UCC typically have questions around are purchase money security interests, specifically what they are
UCC Expert’s Corner: Do Not Overlook Assignee When Sending PMSI Notices
By Paul Hodnefield, Esq. The purchase-money security interest (“PMSI”) is a powerful tool that enables lenders to take priority over the holders of prior perfected security interests that cover the same collateral. Those lenders seeking to obtain a PMSI often
UCC Expert’s Corner: No Attached Collateral Description Means No Perfection
By Paul Hodnefield, Esq. | Associate General Counsel for CSC® Those who file UCC records often provide the required collateral description on an attached schedule or exhibit rather than the designated field on the financing statement. This well-established and accepted
Ambiguous Statement in Collateral Description Found Not Seriously Misleading
By Paul Hodnefield, Esq. Financing statement collateral descriptions often contain text that some searchers might find confusing, contradictory, or ambiguous. This is especially the case when a statement in the collateral description suggests that the record was filed for a
UCC Expert’s Corner: Court Finds Debtor’s Signature Not the Name “Indicated” on Driver’s License
Court Finds Debtor’s Signature Not the Name “Indicated” on Driver’s License Paul Hodnefield | Associate General Counsel for CSC® Since the 2010 Amendments to Article 9 took effect in 2013, those who file UCC records have largely relied on the