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Professor Margit Livingston on Mishaps Involving a Termination Statement, a Correction Statement, and a Last-Minute Financing Statement Under U.C.C. Article 9

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...

Professor Margit Livingston on Priority Between Accounts Financers and Lien Creditors Under U.C.C. Article 9

If a secured party properly perfects its security interest by filing a financing statement in the appropriate public office, it can normally be assured that it will prevail over a lien creditor (including the trustee in bankruptcy) in a fight over the debtor's accounts. In a recent bankruptcy...