Customer Jim Doe has existing accounts. Borrows money for a new car. We see his driver's license shows him as James A. Doe. So if I understand the new rules we have to file the lien statement on his new car as James A. Doe. Since he's been in our system for several years as Jim is our best option to now go and change any existing accounts to James A.? Same situation with John Smith who has gone by his middle name all his life and his account docs have him as Scott Smith. I'm talking about longtime customers established long before CIP, etc.

You file a UCC for a car loan?

Sorry, not thinking clearly. No. I've had title lien statements on my mind for this. Actually I'm the former compliance officer so I'm not as up to date and was just responding to a question I was asked based on a conversation I started.

I was thinking the same thing. I realize things vary from state to state, but most place a lien on the title following their own method.

Instead of a new car, say it was farm equipment.

Well, I'm by far an expert on the new UCC-9 and there are a plethora of articles on the internet written by actual attorneys. If you are going to rely on information from the internet on this issue, you might want to refer to them.

Personally, I would be sitting down with my own legal counsel to make sure the bank has their bases covered. This is too important of an issue to screw up.