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#642204 - 11/25/06 04:06 PM Lapsed UCC-1
tandem Offline
New Poster
Joined: May 2006
Posts: 13
Situation: We unintentionally let a financing statement lapse. To perfect again, what is required in addition to a new original UCC-1? Is a new security agreement required, written authorization from the debtor (but not a new security agreement), or can we simply file a new original? The security agreement obviously gave us permission to file a financing statement, but does that cover us for a second original since the first lapsed?

Thanks for any help!

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Article 9
#642272 - 11/27/06 02:17 PM Re: Lapsed UCC-1 tandem
SavannahOne Offline
Diamond Poster
Joined: Sep 2005
Posts: 1,163
Georgia
Yes, the security agreement gives you permission to refile. It does not, unfortunately, protect you from any blanket UCCs that may jump your former position.

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#642514 - 11/27/06 06:54 PM Re: Lapsed UCC-1 SavannahOne
Tom at HOME Offline
Diamond Poster
Joined: Oct 2005
Posts: 1,139
The security agreement MAY be used to authorize a filing, but it is not the best way to go. If you use the security agreement as the authenticated record that authorizes the filing, you cannot:
[1] File a financing statement before a security agreement is made or a security interest otherwise attaches, as is allowed by 9-502.
[2] Be more broad in you filing then you were in your security agreement, as is authorized by 9-504.

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