CT Lien Solutions recently hosted a webinar on the July 2013 amendments to the UCC Article 9. With more than 1,500 attendees, our expert Tim Hall fielded a wealth of questions from the audience. Over the span of several weeks, we will address some of those questions here on our blog. Keep coming back for more answers.
Q: Is it necessary to file a UCC-3 when the secured party name changes, perhaps because of a bank merger or acquisition?
A: It just depends as to whether you’re going to consider that to be an assignment or a change. In a technical sense, no, amendments do not have to be made to secured party names because secured party names are not going to be considered seriously misleading if they are incorrect. It’s only if the debtor name is seriously misleading. The risk the secured party runs into if the secured party name changes and let’s say for example a bankruptcy trustee or someone who is foreclosing on property sends a notice or a PMSI notification for example to the secured party, and the name is wrong. Then the correct secured party doesn’t get it. But that’s kind of a risk of the secured party.
Tim Hall, Director of Government Relations, has been with CT Corporation for 15 years. He spent his first three years as a Team Leader for a UCC Service team, and has been with the Government Relations team for the remainder of his tenure. He is a graduate of The Ohio State University and the Northern Illinois University College of Law, and is a frequent speaker on Article 9 of the UCC.
CT Lien Solutions recently hosted a webinar on the July 2013 amendments to the UCC Article 9. With more than 1,500 attendees, our expert Tim Hall fielded a wealth of questions from the audience. Over the span of several weeks, we will address some of those questions here on our blog. Keep coming back for more answers.
Q: Does a county fixture filing have to be continued after five years, or does it continue until the deed of trust expires?
A: If it is a county fixture filing, it is treated as a financing statement and must be continued after five years. It does not relate to the deed of trust or any other mortgage lapse period. There are a few limited exceptions.
Tim Hall, Director of Government Relations, has been with CT Corporation for 15 years. He spent his first three years as a Team Leader for a UCC Service team, and has been with the Government Relations team for the remainder of his tenure. He is a graduate of The Ohio State University and the Northern Illinois University College of Law, and is a frequent speaker on Article 9 of the UCC.
CT Lien Solutions recently hosted a webinar on the July 2013 amendments to the UCC Article 9. With more than 1,500 attendees, our expert Tim Hall fielded a wealth of questions from the audience. Over the coming weeks, we will address some of those questions here on our blog. Keep coming back for more answers.
Q: Where do UCCs against Native American tribes get filed?
A: That depends upon the agreements between the tribe and the state, or whether there’s a reference in the security agreement. Tribes are considered to be insular possessions and fall within the definition of a state. But they do not necessarily all agree to abide by the law in that state. A lot of tribes in Minnesota have an agreement with the state of Minnesota to apply Article 9. Most lenders require it in the security agreement.
Tim Hall, Director of Government Relations, has been with CT Corporation for 15 years. He spent his first three years as a Team Leader for a UCC Service team, and has been with the Government Relations team for the remainder of his tenure. He is a graduate of The Ohio State University and the Northern Illinois University College of Law, and is a frequent speaker on Article 9 of the UCC.
CT Lien Solutions recently hosted a webinar on the July 2013 amendments to the UCC Article 9. With more than 1,500 attendees, our expert Tim Hall fielded a wealth of questions from the audience. Over the coming weeks, we will address some of those questions here on our blog. Keep coming back for more answers.
Q: For pre-filing, can you have a verbal agreement, or do you need something in writing?
A: It just has to be authorized. Having something in writing is helpful any time you’re talking about authorization of filing a financing statement, but there’s nothing in the code that requires it in writing.
Tim Hall, Director of Government Relations, has been with CT Corporation for 15 years. He spent his first three years as a Team Leader for a UCC Service team, and has been with the Government Relations team for the remainder of his tenure. He is a graduate of The Ohio State University and the Northern Illinois University College of Law, and is a frequent speaker on Article 9 of the UCC.
Click here to download our latest state-by-state breakdown outlining the individual states' adoption of the new amendments to Article 9 of the Uniform Commercial Code. Changes since our last matrix include:
We will periodically keep you updated as the legislation continues to change, so check back into the blog frequently.
*For more information about the various provisions of the model act, visit the “Legislation and Judgments” category of this blog.
Set forth below is the State Holiday List for the month of May 2013. As always, please bear in mind that these dates are accurate as of the date of publication, but subject to change as states often make last minute revisions to their holiday closing schedules.
|
State |
Holiday |
Date |
|
MO |
Truman Day |
May 8 |
|
SC |
Confederate Memorial Day |
May 10 |
|
MD |
Service Reduction Day |
May 24 |
|
ALL |
National Memorial Day (observed) |
May 27 |
Click here to download our latest state-by-state breakdown outlining the individual states' adoption of the new amendments to Article 9 of the Uniform Commercial Code. Changes since our last matrix include:
We will periodically keep you updated as the legislation continues to change, so check back into the blog frequently.
*For more information about the various provisions of the model act, visit the “Legislation and Judgments” category of this blog.
Set forth below is the State Holiday List for the month of April 2013. As always, please bear in mind that these dates are accurate as of the date of publication, but subject to change as states often make last minute revisions to their holiday closing schedules.
|
State |
Holiday |
Date |
|
CA |
Cesar Chavez Day |
April 1 |
|
DC |
Offsite Training Day |
April 11 |
|
ME, MA |
Patriot’s Day |
April 15 |
|
DC |
DC Emancipation Day |
April 16 |
|
AL, GA |
Confederate Memorial Day |
April 22 |
|
NE |
Arbor Day |
April 26 |
|
MS |
Confederate Memorial Day |
April 29 |
Click here to download our latest state-by-state breakdown outlining the individual states' adoption of the new amendments to Article 9 of the Uniform Commercial Code. Changes since our last matrix include:
We will periodically keep you updated as the legislation continues to change, so check back into the blog frequently.
*For more information about the various provisions of the model act, visit the “Legislation and Judgments” category of this blog.
Set forth below is the State Holiday List for the month of March 2013. As always, please bear in mind that these dates are accurate as of the date of publication, but subject to change as states often make last minute revisions to their holiday closing schedules.
|
State |
Holiday |
Date |
|
VT |
Town Meeting Day |
March 5 |
|
MA (Suffolk County only) |
Evacuation Day |
March 18 |
|
AK |
Seward’s Day |
March 25 |
|
HI |
Kuhio Day |
March 26 |
|
CT, DE, HI, IN, LA, NJ, NC, ND, TN |
Good Friday |
March 29 |