Eyes Wide Open: Avoiding Nightmare Scenarios in Secured Transactions.LexisNexis® white paper (March 27, 2014)

Eyes Wide Open: Avoiding Nightmare Scenarios in Secured Transactions.LexisNexis® white paper (March 27, 2014)

Highlights:

    • Most states have enacted 2010 amendments to Article 9 of the Uniform Commercial Code (UCC), which governs secured transactions.
    • The amendments are significant given the importance of perfecting security interests, particularly in commercial lending, and the amount of litigation that occurs in matters relating to incorrect information included in UCC financing statements.
    • For lawyers, a malpractice suit is at the extreme end of possible outcomes when a security interest in challenged.
    • Financial institutions and their legal counsel need to be aware of the amendments to ensure they have the strongest possible position with respect to both perfection and priority of their security interests.
    • Altogether, the Article 9 amendments create a significant new compliance challenge.

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