Based on specific customer input, it increases the efficiency and accuracy of UCC-1
and UCC-3 in-form document preparation and e-filing.
Thereafter, GM filed for Chapter 11 protection and its unsecured creditors' committee challenged the perfection of JPM's security interest in the term loan collateral because of the pre-petition termination of JPM's UCC-1 financing statement covering the term loan collateral.
Court of Appeals for the Second Circuit held that JPM's UCC-1 financing statement covering the term loan collateral was, in fact, terminated even though the UCC-3 termination referencing that UCC-1 was filed by mistake.
A creditor frequently perfects its security interest by filing a UCC-1 financing statement that includes certain specific information in the appropriate filing office.
A secured creditor can be instructed to terminate its UCC-1 financing statement when a debtor pays off its obligations to the creditor.
In such cases, the lender records a UCC-1 on ACRIS to evidence its security interest in the borrower's shares of stock in the cooperative corporation, which acts as collateral for the loan.
UCC-1 Financing Statements are short, standardized forms, that can
When a UCC-1 is fraudulently terminated, the correction process is cumbersome.
Once a UCC-1 is terminated, the New York City Department of Finance does not allow any subsequent amendments to the original filing.
In general, a lender must file a UCC-1 Financing Statement describing the collateral with the secretary of state of the state in which the borrower resides in order to perfect a security interest.
Thus, security interests should be perfected by recording UCC-1 Financing Statements.
Therefore, the proper method of perfecting a security interest in a trademark is through the filing of a UCC-1.