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?
02/05/2001
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.
02/01/2001
01/15/2001
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?
01/15/2001
We have an application for a loan to purchase a residence which is secured by another dwelling owned by the applicant. What do we record in the property location section of the HMDA LAR?
01/01/2001
by Barbara E. Hurst, Editor
It's the beginning of a brand new year and I'm going to take time out to pat a few of you on the back.
Here's a toast to:
07/01/2000
Coming Up BANKERS' HOTLINE
7th Annual Security Officers Workshop
Philadelphia, PA, May 8-10, 2001
Info: (800) 660-0080
AMERICAN BANKER
01/01/2000
The storm-related flooding that occurred in the late summer and fall of 1999 in the Eastern United States was so severe that areas in the 100-year flood plain and even the 500-year flood plain were