Can you expand on this answer any? Is it because of the tax consequences or the fact that the account is owned by the minor, and that the minor cannot sign to pledge the collateral, or something else?Using an UTMA Account as CollateralAnswer by Randy Carey, Question: Can a child's UTMA-WI savings be used to secure the parents' loan? Answer: It would be based totally on state law, however in most states it would not be allowed.
Can borrowers pledge a checking account (transaction account) as collateral on a loan? If not, what UCC provision applies to this prohibition?
Loan A to John Doe is secured by a UCC filing for inventory and accounts. Loan B made to John Doe a year later is cross collateralized with the same collateral. Loan A has the original security agreement and Loan B does not get a new security agreement. We reference the original security agreement from Loan A in the Promissory Note of Loan B. Is this correct or should we prepare a new security agreement with Loan B even though the UCC was filed a year prior to Loan B being made? If Loan A pays off and we move the security agreement over to Loan B are we perfected?
Is it necessary to have a chattel mortgage on a mobile home loan when you have filed the lien perfection?
I have some questions regarding the UCC and mobile home lending:<ol><li>When we make a mobile home loan, and take the real estate that the mobile home is setting on as collateral, do we need to file a fixture filing? <li>Do we ever need to file a UCC on a mobile home if we have the title? <li>If it is an older mobile home and there is no title does the UCC help perfect our collateral or are we basically unsecured? </ol>
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?
We have a loan to John Smith secured by a CD in the name of John Smith and John Smith dies. Can we lose our lien position to other governing laws concerning the estate of the deceased person, sole survivorship rights, or the Will of the deceased?
We are considering filing our UCC statements online, and the state charges a $2.00 surcharge for the service, which we would pass on to the borrower. I'm wondering if on a consumer transaction the $2.00 charge would need to be part of the APR?
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?