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#2024080 - 06/30/15 12:09 PM Account Number Truncation
jef68 Offline

Registered: 01/10/11
Posts: 88
We recently had a loan close where a checking account was taken as collateral. A UCC 1 was filed on the collateral. The UCC was filed with the full checking account number in the collateral description. A question has been asked as to whether this is a compliance issue because the account number was not truncated when the UCC was filed. Its the first time I have ever came across this question and I can't find anything that discusses this. Can anyone offer an opinion as to whether this is a issue.

FYI - I know we don't need to file a UCC-1 on the deposit account. Our attorneys just do it.

#2024098 - 06/30/15 12:43 PM Re: Account Number Truncation [Re: jef68]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 66648
Loc: Galveston, TX
Since your legal beagles are so fired up about filing a worthless piece of paper, why don't you ask them that question?
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