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COMMERCIAL LAW AND PRACTICE GUIDE
Copyright 2015, Matthew Bender & Company, Inc., a member of the LexisNexis Group.
3-41 COMMERCIAL LAW AND PRACTICE GUIDE 41.syn
Title
Non-U.C.C. Recorded, Unrecorded and Hidden Security Interests under Article 9 of the Uniform Commercial Code
Author
Matthew Bender Editorial Staff
Chapter Summary
ABSTRACT TEXT:
This chapter of Commercial Law and Practice Guide (Matthew Bender) catalogues various common and uncommon forms of security interests.
The chapter discusses non-U.C.C. recorded security interests, which are security interests that are recorded somewhere other than in the Article 9 filing system. It examines national or international registration pursuant to federal law, covers the perfection of a security interest in property subject to state certificate of title statutes or state central filing statutes other than Article 9, and provides examples illustrating non-U.C.C.-recorded-security-interest scenarios.
The chapter also covers the perfection of valid security interests that are not recorded in any filing or certificate of title system, state or federal. It examines permanently unrecorded security interests, which are either possessory security interests or automatically perfected security interests. It then discusses temporarily unrecorded security interests, which are those that permit a grace period for filing. Further, it provides numerous examples that illustrate the perfection of unrecorded security interests.
The chapter concludes with a discussion of hidden security interests, which are security interests that are recorded in the Article 9 filing system but which may not be discovered by a reasonably diligent file search. It covers the six general categories of hidden security interests, which are as follows: different name security interests; change-of-use security interests; change-of-place security interests; misindexed security interests; semi-hidden security interests; and second in time, first in right security interests.
Commercial Law and Practice Guide (Matthew Bender) provides article-by-article analysis of the Uniform Commercial Code, as well as strategies for applying the Code in specific transactions. It contains a unique combination of in-depth substantive analysis and practical guidance for handling commercial transactions, including sales transactions, leasing transactions, negotiable instrument transactions, letters of credit, and secured transactions.
The chapter discusses non-U.C.C. recorded security interests, which are security interests that are recorded somewhere other than in the Article 9 filing system. It examines national or international registration pursuant to federal law, covers the perfection of a security interest in property subject to state certificate of title statutes or state central filing statutes other than Article 9, and provides examples illustrating non-U.C.C.-recorded-security-interest scenarios.
The chapter also covers the perfection of valid security interests that are not recorded in any filing or certificate of title system, state or federal. It examines permanently unrecorded security interests, which are either possessory security interests or automatically perfected security interests. It then discusses temporarily unrecorded security interests, which are those that permit a grace period for filing. Further, it provides numerous examples that illustrate the perfection of unrecorded security interests.
The chapter concludes with a discussion of hidden security interests, which are security interests that are recorded in the Article 9 filing system but which may not be discovered by a reasonably diligent file search. It covers the six general categories of hidden security interests, which are as follows: different name security interests; change-of-use security interests; change-of-place security interests; misindexed security interests; semi-hidden security interests; and second in time, first in right security interests.
Commercial Law and Practice Guide (Matthew Bender) provides article-by-article analysis of the Uniform Commercial Code, as well as strategies for applying the Code in specific transactions. It contains a unique combination of in-depth substantive analysis and practical guidance for handling commercial transactions, including sales transactions, leasing transactions, negotiable instrument transactions, letters of credit, and secured transactions.
CORE TERMS:
UCC,Uniform Commercial Code,hidden security interest,security interest,Article 9,national registration,international registration,certificate of title,central filing,state central filing,perfection,unrecorded security interest,recorded security interest,grace period,different name,change-of-use,change-of-place,misindexed,semi-hidden,second in time,first in right
RELATED CHAPTERS: (View)
For treatment of the scope of Article 9, see Chapter 28.
For coverage of the creation of security interests, see Chapter 29.
For discussion of the perfection of security interests, see Chapter 30.
OTHER RELATED PUBLICATIONS:
For examination of every facet of secured lending and U.C.C. Article 9, including an overview of secured financing, perfection and priority of security interests, default and bankruptcy, real estate related collateral, and particular financing devices, see Secured Transactions under the Uniform Commercial Code (Matthew Bender).
For the complete text and Official Comments of Revised Article 9 of the U.C.C., with section-by-section analysis describing how the law has changed and explaining what practitioners will need to know to practice successfully under the new Article 9, see Uniform Commercial Code: Analysis of Revised Article 9 (Matthew Bender).
For a how-to approach to structuring a loan transaction, monitoring the security underlying the loan, and proceeding in case of default, with coverage of such topics as U.C.C. Article 9, real estate aspects of asset-based financing, guaranties, letters of credit, interest and usury, lender remedies, bulk sales, and financing in particular industries, see Asset Based Financing: A Transactional Guide (Matthew Bender).
For compilations of key information about important legal issues across all fifty states and/or international jurisdictions which cover such topics as adjustable rate mortgages, consumer protections under states' versions of U.C.C. Article 9, consumer reporting statutes, express and implied warranties, deceptive trade practices, and state debt collection statutes, see Commercial Multi-Jurisdictional Surveys with Analysis (Matthew Bender).
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