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: 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
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
Text Added to Debtor Name Text Rendered Financing Statement Seriously Misleading
Text Added to Debtor Name Text Rendered Financing Statement Seriously Misleading By Paul Hodnefield, Esq. Filers sometimes use the debtor name field on a UCC financing statement to communicate information about the debtor, such as debtor’s capacity or other facts
Unauthorized UCC3 Termination Statement did not Support Tortuous Interference Claim
Unauthorized UCC3 Termination Statement did not Support Tortuous Interference Claim By Paul Hodnefield, Esq. Nothing gives a secured lender heartburn faster than learning that someone has allegedly terminated its financing statement without permission. The lender will often assume that the
UCC Expert’s Corner: Court Finds Debtor Ratified Unauthorized UCC Financing Statement
The effectiveness of any filed UCC record depends on whether it was filed by a party that was authorized to do so under UCC § 9-509. In the case of an initial financing statement, the debtor must authorize the secured
UCC Expert’s Corner: Certificate of Title Perfected Lien Despite Truncated Secured Party Name
By Paul Hodnefield, Esq. In general, UCC Article 9 requires security interests in motor vehicles not held as inventory to be perfected under state certificate of title law. Normally, this means the secured party must have its lien noted on
Virginia – State Corporation Commission system is not available
The Virginia State Corporation Commision computer system will not be available October 21.
July 1 Update to the 2010 Amendments to Article 9 of the Uniform Commercial Code
With July 1 upon us we wanted to update you on the developments with the 2010 Amendments to Revised Article 9. Alabama: The 2010 Amendments take effect on July 1st. The new law provides Alternative A for individual debtor name