Bio:
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.
Contact info:
You can contact Sam by email at sam@dapape.com or by telephone at 405-364-3346.
Questions Answered
08/12/2002
How often should you send a Notice of Security Interest to a buyer of farm products in a state that does not have central filing for farm products? As we are surrounded by states that are not EFS states, we send Notice of Security Interest or Direct Notifications to feedlots, but we're not sure if continued notification is annual or 18 months or something else
08/12/2002
In making a loan to someone who cannot read nor write, should I have someone sign as P.O.A., or just have him/her place an 'X' for their signature?
08/12/2002
I'm a new IT auditor. My institution is planning to offer Internet banking. I have been asked to set up a system of controls. Where can I find some helpful documentation about the subject?
07/15/2002
Would you please clarify IOREBTA ACCOUNTS - are they the same as IOLTA?
07/15/2002
I noted on your Roadmap that you indicated a transaction subject to RA9, with security interested perfected under old A9, perfected by filing, in the correct state, with the correct filing, should be continued prior to the normal lapse date by an initial financing statement. I was under the impression that a correctly filed security interest subject to a UCC1 filing under old A9 that meets all the requirements of RA9 should be continued by virtue of a UCC-3 continuation within the window period prior to the normal lapse date, not by an initial filing statement. Please clarify the need for an initial filing statement. Up to this point, I had understood that the initial filing statement was the means to maintain your lien position at the same time you were "correcting" or bringing into compliance with RA9 a filing not meeting the requirements of RA9, but for which you had been perfected under prior A9.
07/01/2002
I'm concerned about the Lopez social security offset case decided by the 9th Circuit. Does the 9th circuit court of appeals have jurisdiction overall all banks in all states? If not, how do you findout who has the jurisdiction over your state?
07/01/2002
Once a vehicle securing a delinquent loan is repossessed, how long legally do the personal contents have to be held before they can be disposed? Our repossession letter allows the customer ninety days to pay off the loan before it is sold. However, the letter does not mention personal contents.
07/01/2002
I'm a new IT auditor. My institution is actually planning to implement internet banking and I am asked to set up a system of controls. Where can I find some helpful documentation about the subject?
06/17/2002
Our bank has a fully operational imaging system. Since this system is in place, are we still required to hold physical copies of items? For example, instead of holding official checks the required 6 years, could we determine our own timeline for retaining physical copies and use the digital images to meet statutory requirement?
06/03/2002
I have an old mortgage loan file that has a mobile home and land as collateral. The mortgage specifically lists the mobile home and all of its identifying information, however, we don't have a recorded UCC-1 on the mobile home itself. Are we considered a true lienholder on the mobile home or would we need a recorded UCC-1?
Pages