What compliance regulations apply to a loan to purchase a primary residence secured by vacant land titled in a business name?
There are many types of training that financial institutions are required to do. Some training is mandated by regulations, some by marketing, and some by good, old common sense.
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?
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?
Where would I locate information regarding "Right to Offset or set Off" Information such as what types of accounts can the off set be applied against and any other information.
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?
According to the NFIA, a previous flood determination may not be reused when making a new loan. However, if it is not new (i.e., involves increasing, extending, renewing, etc.) the original flood determination can be used if it is >7 years old, etc. Also, for home equity/second mortgage loans where the lender has a first mortgage and can provide evidence that adequate flood insurance is in place, the lender can rely on the original flood determination. The NFIA does not address whether a lender can rely on a previous determination, specifically, for home equity loans where the lender has the first mortgage and the security property is not in a flood zone and no coverage is in place. My question: Can a lender rely on a previous flood determination for home equity loans, where the lender has the first position, and when the security property is not in a flood zone?