Perfection

Question 1

Where to you filed for perfection for a railroad asset

Answer 1

federal, Vessels, Railroad cars and other rolling stock needs to be filed with the BOARD?

Question 2

where do you file for a Patent if it a used as a security interest

Answer 2

State

Question 3

where do you file for an airplane

Answer 3

Federal, FAA administrator

Question 4

Where do you perfect a trademark

Answer 4

state

Question 5

definition of Hypothication

Answer 5

pledging a security interest w/o delivery of title or possession

Question 6

where do you file a notice of the ASSIGNMENT OF a patent

Answer 6

patent office

Question 7

that is needed for filing

Answer 7

Dr’s name and address
SP’s name and address
indication of collateral
is SP individual or corporation

Question 8

what is needed for financing statement to be effective

Answer 8

Dr name
SP name
indication of collateral

Question 9

what are the two steps needed to inquire about the description of collateral on a financing statement

Answer 9

1. description must have a common meaning to strangers
2. the second inquiry is that how much work the researcher has to do to determine to link the collateral to the description on the financing statement .

Question 10

are wrongfully accepted claims

Answer 10

are valid againt everyone becasue they provide notice. a wrongully acctpted filing needs DR and SP name and address and whether the SP is a individual or corporation

Question 10

what is needed to be effective

Answer 10

you need SP adn DR name and description of collateral

Question 10

cases to support the description of collateral in a financing statement

Answer 10

1. in Schmidt: the description required the searcher to know were to look for a specific record and personally go there to find the record.
2. in Murphy, the reaseacher had to somehow find the records in a store and examine those records.
3. in Teel, the address was nonexistant, but the court held it to be fine becasue the reseacher know where the main office was.

Question 11

wrongfully rejected filings provided protection agains who

Answer 11

protected against lien creditors and bankruptcy trustees BUT NOT protected against purchasers who are prejudiced by the absence of the filing

Question 12

filier errors in the accepted filings

Answer 12

protected against lien creditors and bankruptcy trustees BUT NOT protected against purchasers who are prejudiced by the absence of the filing

Question 13

errors and ommission in financing statement

Answer 13

1. are allowed but must substantially satisfy article 9
2. not be seriously misleading

The basic test is if the filing puts a reasonable diligent searcher on notice

Question 14

errors that are fatal

Answer 14

in DRs name unless it would be reasonably discovered
2. mistakes in seriel number are mispellings are not fatal.
3. mistakes in the SPs name are less critical

Question 15

conditions that can make a financing statement ineffective

Answer 15

1. if you move out of state, 4 month grace period to file in new Jurisdiction.
2. if a name changes you have 4 months to make the name change, your are still perfected in the property that you used with the original name

Question 16

preferential transfer voidable by bankruptcy trustee

Answer 16

transfer made within 90 days of bankruptcy can be voidable

Question 17

termination statement

Answer 17

must be filed w/in 30 days from the loan ending or w/in 20 days if demaded by dr.

Question 18

perfection in proceeds

Answer 18

you get a free 20 days after,in which you have to file, however in cash it continues past the 20 days.