Perfection Flashcards
Where to you filed for perfection for a railroad asset
federal, Vessels, Railroad cars and other rolling stock needs to be filed with the BOARD?
where do you file for a Patent if it a used as a security interest
State
where do you file for an airplane
Federal, FAA administrator
Where do you perfect a trademark
state
definition of Hypothication
pledging a security interest w/o delivery of title or possession
where do you file a notice of the ASSIGNMENT OF a patent
patent office
that is needed for filing
Dr’s name and address
SP’s name and address
indication of collateral
is SP individual or corporation
what is needed for financing statement to be effective
Dr name
SP name
indication of collateral
what are the two steps needed to inquire about the description of collateral on a financing statement
- description must have a common meaning to strangers
- 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 .
are wrongfully accepted claims
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
what is needed to be effective
you need SP adn DR name and description of collateral
cases to support the description of collateral in a financing statement
- in Schmidt: the description required the searcher to know were to look for a specific record and personally go there to find the record.
- in Murphy, the reaseacher had to somehow find the records in a store and examine those records.
- in Teel, the address was nonexistant, but the court held it to be fine becasue the reseacher know where the main office was.
wrongfully rejected filings provided protection agains who
protected against lien creditors and bankruptcy trustees BUT NOT protected against purchasers who are prejudiced by the absence of the filing
filier errors in the accepted filings
protected against lien creditors and bankruptcy trustees BUT NOT protected against purchasers who are prejudiced by the absence of the filing
errors and ommission in financing statement
- are allowed but must substantially satisfy article 9
- not be seriously misleading
The basic test is if the filing puts a reasonable diligent searcher on notice
errors that are fatal
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
conditions that can make a financing statement ineffective
- if you move out of state, 4 month grace period to file in new Jurisdiction.
- 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
preferential transfer voidable by bankruptcy trustee
transfer made within 90 days of bankruptcy can be voidable
termination statement
must be filed w/in 30 days from the loan ending or w/in 20 days if demaded by dr.
perfection in proceeds
you get a free 20 days after,in which you have to file, however in cash it continues past the 20 days.