Originally aired July 1, 2009. This program is directed at reviewing the problem loan file from the perspective of the Uniform Commercial Code. With this perspective, we will consider whether Article 9 applies to the loan transaction; the steps required for Attachment of a security interest in personal property; how to categorize your Collateral; the methods of perfecting your security interest, including filing office error and other issues; and the resulting priority consequences in a contest with other secured creditors, lien creditors and the trustee in bankruptcy.
We will walk you through the file review process and discuss the basics of Article 9 of the Uniform Commercial Code (UCC) on attachment, perfection and priority of security interests in personal property. The program will also offer practice tips to avoid being unperfected and your security interest being set aside by the trustee in bankruptcy. Finally, the program will consider the general evaluation of facts surrounding file review.
· A Guide to Thinking about Perfection
· Does Article 9 of the UCC apply?
· Attachment
· Categorize the Collateral
· Perfection
o Where to File
o Designing the Search
o Post Filing Changes
· Priority Consequences
· Evaluate Facts
Presented by: James Prendergast, General Counsel, First American Title Insurance Company
Jill Sharif, Vice President, First American Title Insurance Company