I have a question regarding the Collateral Change field on a UCC Amendment. If the "Restate Covered Collateral" box is checked, does this intend to replace all prior collateral descriptions?
How would you respond to a borrower who insists he or she gets SCRA protection based on employment overseas with the State Department or one of the federal law enforcement agencies (e.g., FBI)?
Can a UCC-1 financing statement be subordinated?
We are having a debate at work about filing a UCC-1 in addition to the Lien on Titled collateral, i.e., car, boat, truck. Is it standard practice? Is it advisable to file a UCC in addition to the Lien perfection on titled collateral and why? Also doesn't the UCC need to match the note and security agreement?
When doing a farm loan and we take Government Payments & Crop Insurance do we file a UCC or UCC1F to perfect our lien or is a Agricultural Security Agreement showing the Government Payments & Crop Insurance as collateral enough to perfect the lien?
Are additional disclosures required if a lending institution elects to act as the seller of a repossessed automobile?
If a financing statement expires does anything preclude the filing of a new financing statement after expiration?
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?
In a community property state, in regards to married couples, do both spouses have to sign the UCC2 to perfect our lien or will one signature suffice as long as they both sign the security agreement?
In addition to filing a lien with FAA when taking an aircraft as collateral, would it also be prudent to file a UCC Financing Statement, or is that overkill?