07/15/2002
If a bank provides a right of rescission but disburses a loan before the 3-day cooling off period ends, what are the consequences to the bank if the customer then rescinds within the 3-day cooling off period (after disbursement and assuming no special emergency waiver)? Does this represent the cancellation of the contract itself or just the cancellation of the security interest? If the contract is still valid, though unsecured, can the bank charge interest on the loan while trying to collect? (Basically, what is the bank's legal recourse in regards to the improper disbursement?) Also, what are the possible regulatory penalties for such a violation?
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?
06/03/2002
With regard to a closed end home equity loan requiring a right of recission, can interest begin to accrue on the date the loan documents are signed or does interest accrual have to begin at disbursement of the proceeds?
06/03/2002
On a home equity loan, if there is anyone over the age of 18 living in the home at the time the loan is approved, do they have to sign the deed of trust even though they are not on the original deed of trust?
04/01/2002
On occasion, we have had customers who want to substitute collateral (such as wanting to sell the car that is being held as collateral and substitute with another car of same or greater value). We use a substitution form which is signed by the customer. I'm questioning if that is enough. Should the customer sign a new security agreement? Also, we have a difference of opinion when it comes to filing the new lien. Some people use the date of the collateral substitution as the security agreement date and some use the original security agreement date. If the latter is used, what about the 20 days to perfect our lien?
02/11/2002
If I have a matured line of credit secured by a UCC filing on inventory and accounts receivable and my customer files bankruptcy, assuming my collateral is now under the jurisdiction of the court, is my collateral protected? If not, is there anything I can do to protect it?
02/11/2002
When making a loan to a sole proprietorship can you list the 'DBA' under the individuals name and SSN?
03/05/2001
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?
03/05/2001
If we renew a consumer loan that has an auto as collateral and give the customer new money do we have to re-file our lien on the auto?
02/05/2001
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?