Perfection Flashcards

1
Q

Where to you filed for perfection for a railroad asset

A

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

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2
Q

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

A

State

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3
Q

where do you file for an airplane

A

Federal, FAA administrator

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4
Q

Where do you perfect a trademark

A

state

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5
Q

definition of Hypothication

A

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

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6
Q

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

A

patent office

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7
Q

that is needed for filing

A

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

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8
Q

what is needed for financing statement to be effective

A

Dr name
SP name
indication of collateral

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9
Q

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

A
  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 .
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10
Q

are wrongfully accepted claims

A

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

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10
Q

what is needed to be effective

A

you need SP adn DR name and description of collateral

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10
Q

cases to support the description of collateral in a financing statement

A
  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.
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11
Q

wrongfully rejected filings provided protection agains who

A

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

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12
Q

filier errors in the accepted filings

A

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

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13
Q

errors and ommission in financing statement

A
  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

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14
Q

errors that are fatal

A

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

15
Q

conditions that can make a financing statement ineffective

A
  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
16
Q

preferential transfer voidable by bankruptcy trustee

A

transfer made within 90 days of bankruptcy can be voidable

17
Q

termination statement

A

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

18
Q

perfection in proceeds

A

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