With the new revisions to article 9 of the uniform commercial code, the county filings are eliminated. Do theexisting county filings need to be renewed going forward?
I have attended various Revised Article 9 Seminars. I also have read Revised Article 9 extensively. Here is myquestion, Section 9-616(c) states how the secured party must present the accounting to the debtor or consumer obligor. This provision states that the secured party's debt is credited first, then add the fees incurred during the process to the amount to calculate the surplus or deficiency. "9-616(c) seems to directly contradict 9-608(a)(1) which states that fees are paid first, then the collecting secured party and finally subordinate secured party (ies) and lienholder(s)." I understand that practically speaking the figures will come out the same. However, I still am confused. Is this in fact a contradiction or am I reading it incorrectly? What do you suggest? Thank you for your help.
My question concerns the filing of a UCC1. We have had a UCC search performed by an attorney in a farmer's county of residence, which doesn't show anything outstanding other than our lien, but the farmer listed another lender as lienholder on some of his equipment on his financial statement. I think the other lender may have filed in the wrong county. UCC law states that a filing made in good faith in an improper place is effective against any person who has knowledge of the contents of such financing statement. Do you know of any court cases that address this issue?
Can I get a clarification on the filing requirements under the new Article 9 for a continuation. I was under the impression that if a continuation was filed PRIOR to the July 1st effective date that it would be filed in accordance with the current Article 9 rules and thatit would be effective. Basically, do we have to file an "in lieu of" financing statement prior to the effective date or do we file the same way we have in the past?