The Uniform Commercial Code
itself, scholarly articles, and judicial decisions have long emphasized the
importance of the debtor's name on an Article 9 financing statement. The
debtor's name is one of only three pieces of information absolutely required on
a filed financing statement...
Generally, the law of the
debtor's location governs perfection issues under Article 9 of the Uniform
Commercial Code. In other words, the debtor's location controls the place of
filing of financing statements giving notice of Article 9 security interests.
U.C.C. § 9-301 (1) (Official...
Failure to correctly identify a
debtor on a financing statement can be fatal to a creditor's attempted filing
of a security interest. Newly adopted amendments to Uniform Commercial Code
Article 9 are designed to clear up some areas of confusion regarding how
debtors' names appear on financing...
There are any number of
potential pitfalls along the way to properly setting up a secured transaction,
but perhaps the most bedeviling stems from the failure to set forth the
debtor's name correctly on the financing statement. As a recent bankruptcy court
decision reveals, even sophisticated creditors...
Although Article 9 of the
Uniform Commercial Code has attempted to make perfection an easily attainable
goal for secured parties, mistakes still occur, and many of them prove fatal to
the secured creditor's perfected status. The secured party in a recent
bankruptcy case found itself in danger of...
Public filing of a financing
statement is the common method of achieving perfection of a security interest.
Article 9 is unforgiving towards debtor name errors because the debtor's name
is the gateway to the filing system. A recent federal district court case
reveals that more than a decade after...
The debtor name issue has been
a troublesome one for decades. Legislative and judicial attempts to grapple
with it have not been entirely successful. Once again, the drafters are hoping
that this latest round of amendments will finally resolve this key question and
make the public record system even...
The 2010 Amendments to UCC Art.
9, effective July 1, 2013, do not make sweeping changes to the overall
structure and rules of existing Article 9, but in a few key areas, the drafters
have significantly altered the current statutory provisions to simplify and
clarify the law. One of those areas involves...
In Regions Bank v. Official Comm. of
Unsecured Creditors ( In re Camtech
Precision Mfg., Inc. ), 471 B.R. 293 (S.D. Fla. 2012) [ an enhanced version of this opinion is available to lexis.com
subscribers ], the District Court for the Southern District of
Florida discussed the...
The 2010 Amendments to Article
9 (Secured Transactions) of the Uniform Commercial Code modify or clarify
certain key provisions of the statute. One of the provisions so modified
involves changes of the debtor's location. The 2010 Amendments do not change
provisions regarding the debtor's...