For many years, anti-government and anti-tax protestors have used the UCC filing system to harass, intimidate, and defraud certain targets, primarily government officials. Increasingly, the same theories and tactics used by this anti-government movement serve as the basis for fraudulent
UCC Expert’s Corner: Court Finds Lease Arrangement was Disguised Security Interest
The parties to a lease, consignment, sale, or other arrangement may not realize that the transaction is governed by UCC Article 9. Article 9 applies to any transaction, regardless of form, that creates a security interest in personal property by
Effective December 1: Delaware UCC Paper Filing Change
Let CSC help you through Delaware’s new paperless process. Effective December 1, 2015, the Delaware Division of Corporations will modify the acceptable methods of communications for the filing of Uniform Commercial Code (UCC) records. The Division will no longer accept
UCC Expert’s Corner: Court Finds Lack of Due Diligence Prevents Fraud Claim Based on UCC Records
The UCC search is an essential part of many commercial transactions, and with good reason. A party’s failure to conduct an adequate search, or perform sufficient due diligence into the status of the disclosed UCC records can carry harsh consequences.
UCC Expert’s Corner: The Risks of Too Much Information on a UCC Financing Statement
A record filed under UCC Article 9 provides notice to interested parties that a security interest may exist. As a mere notice, the UCC financing statement is a simple record. It generally requires little more than the party names, addresses,
UCC Expert’s Corner: Court Finds Department of Revenue Improperly Levied Without a Lien
Nothing ruins a secured party’s day faster after a debtor goes into default than the discovery of an unknown prior tax lien. Tax liens can be intimidating for secured parties and it’s tempting to believe they always win in a
UCC Expert’s Corner: Post-Transfer Lapse Prevented Enforcement of Security Interest Against Transferee
A secured party relies on its properly filed financing statement to allow enforcement of its security interest against a transferee when the debtor disposes of collateral. Generally, the security interest remains effective against the collateral following a transfer, unless the
UCC Expert’s Corner: Terminations, Continuations, and Bankruptcy
Secured parties tend to be cautious about filing any UCC records after a debtor files for bankruptcy. Violations of the automatic stay or discharge injunction can have serious consequences for the offending secured party. However, secured parties may file certain
Georgia – UCC Article 6, Bulk Sales Transactions, Repealed Effective July 1
On May 6, 2015, the governor signed Georgia Senate Bill 65, which made changes to several areas of the state’s commercial law. One of these changes was the repeal of UCC Article 6, Bulk Sales Transactions. The repeal becomes effective
Oklahoma – UCC Article 9 2010 Amendments Enacted June 4
In early 2012, Oklahoma was one of the very first states to introduce legislation to enact the 2010 Amendments to UCC Article 9 (the “2010 Amendments”). Ironically, the state was almost the very last to enact the 2010 Amendments. Finally,