Scribd
Upload
37 views2 pages

Floating Liens and UCC Financing Statements

This document discusses various aspects of secured transactions law including floating liens on after-acquired property and future advances. It addresses the requirements for perfecting a security interest through UCC financing statements, including properly identifying the debtor and secured party and describing the collateral. Minor errors or omissions in financing statements are allowed as long as they are not seriously misleading. The document also discusses how Article 9 of the UCC would trump the rights of an unpaid seller under Article 2 in a case involving a floating lien and sale of collateral where the seller retained title.

Uploaded by

Louis Perez
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
37 views2 pages

Floating Liens and UCC Financing Statements

This document discusses various aspects of secured transactions law including floating liens on after-acquired property and future advances. It addresses the requirements for perfecting a security interest through UCC financing statements, including properly identifying the debtor and secured party and describing the collateral. Minor errors or omissions in financing statements are allowed as long as they are not seriously misleading. The document also discusses how Article 9 of the UCC would trump the rights of an unpaid seller under Article 2 in a case involving a floating lien and sale of collateral where the seller retained title.

Uploaded by

Louis Perez
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Problem 343

04/19/2016
Floating lien after acquired property and future advances ( the loan coves
collatrieal)
Video wonder ( debitor) (creditor )
you would take fixture s and store.
inventory filing secretary of state
Accounts
resgistor of deeds
DMV
Perfected
UCC-1 ,
Financing Statement: memo filed in a public office saying that the
debtor has a security agreement
Financing statement must contain the names and addresses of the
parties, the debtors name, and description for the collateral.
UCC 9-502 Minimum Requirement Contents of a Filing
Statement
To be sufficient, a financing statement must have
The name of the debtor (not signature just name)
UCC 9-503 Sufficiency of Debtors Name
Name of the secured party
Indication for collateral
The requirements for a real property related financing statement
Must indicate that the statement covers real property related collateral
Indicate that the statement is to be filed for record in real property
records
Provide sufficient description fo real property to which collateral is
related
UCC 9-506 Errors/Omissions
A financing statement that substantially complies is effective, even
with minor errors or omissions which are not seriously misleading
you time smoking breaks
after acquired is going to win, she could have perfected. What she
could have done is
the UP could have say 9324 (a)
if dog was equipment then have 20 days to prevail but this is not what
it is about. Stict libability risk adaerable
she could have protected the dog as equipment and she would be
PMSI.
the way to look

this is a case with a floating lien and involves article 2 sale of dog from
shw to dog she retained title
9 trumps article 2. Cant repossession is an unpaid seller. If they are
unpaid seller. Unpaid seller dont have right to repossession .

You might also like