One of the challenges for secured lenders to farming operations is sorting out the variety of public record filings related to these transactions. Unless a secured party regularly engages in farm lending the differences between UCC1 Financing Statements, Effective Financing
By Paul Hodnefield, Esq. A perfected security interest generally extends to proceeds of the original collateral. The term “proceeds” appears broadly defined by UCC Article 9, but there are limits. Exactly where those limits lie, however, is not always clear.