Sam D. Ott is an attorney who specializes in banking and is of counsel with Phillips Murrah P.C. Prior to entering into private practice, Sam was Executive Vice President of Glia Group, Inc., the originator of BankersOnline.com. He was previously General Counsel and Secretary of the Board of BancFirst Corporation and BancFirst. Before his association with BancFirst, Sam served as Assistant General Counsel for The First National Bank and Trust Company of Oklahoma City and General Counsel for both First Interstate Bank of Oklahoma and Boatmen's Bank of Oklahoma.
You can contact Sam by email at email@example.com or by telephone at 405-364-3346.
In regards to the following Guru Q & A: <a href="http://www.bankersonline.com/lending/gurus_ldng120202b.html">UCC, Refinancing, & Termination</a>, Sam Ott answered: "The Revision to Article 9 of the UCC does allow terminations...If the filing is not made by an authorized party, it is not effective even though it is filed of record." Here's my question: If it is filed of record, how do you reverse the unauthorized termination?
Can you take a security interest in a Radio Station? If so, how do you perfect your interest?
To perfect a lien on crops, where should we file? Several seminars have said to file at the state; however, our bank does not feel comfortable not filing a lien at the county level.
The filing period of a financing statement is 5 years and one of the exceptions is "Cooperative Filing - effective 50 years." For example, if we (the bank) had granted a 15-year co-op mortgage loan to the customer several years ago and filed a UCC-1 on the unit at that time, would this UCC filing be effective for 50 years and would we not have to file a continuation every five years?
Borrower files Chapter 7 bankruptcy. Filing states intent to reaffirm. Borrower/attorney fail to execute reaffirmation and borrower is discharged. Borrower continues to make payments. Did borrower reaffirm by continuing to pay?
Where will I find the Regulation Z Commentary? I've looked in FDIC and Federal Reserve and I can't seem to locate it.
I'm looking for guidance on developing written polices and procedures for flood compliance from both origination and servicing standpoints. I need something that includes training and monitoring procedures, how to determine coverage amounts and forceplaced procedures. Any suggestions on where I can find a similar policy template?
Do you know of anyone that sells the CIP notices for the looby area and new accounts? We wanted a professional made poster. We would be interested in purchasing several if someone has them and would like to also see brochures that you have available for the customers to take.
What action do we take if we are holding a garnishment during the 10-day period, and we receive notification that a hearing has been scheduled in 15 days? Are we to hold the garnishment pending the outcome of the hearing, or do we process the garnishment as usual?
With all the counterfeit cashier's checks being given, how should we handle verifying that they are good and giving immediate credit on new accounts or for deposit?